Wells Fargo is a lending giant that opens HELOCS between $25,000 and $500,000 for eligible borrowers. It offers these benefits to borrowers:
No closing costs. Wells Fargo takes care of the closing costs, and you won’t need to bring cash to the table.
Payments to reduce principal. You can pay down the principal during the draw period, which means you’ll rebuild equity faster and pay less interest over the course of the credit line.
Low interest rate caps. Choose this lender, and your variable interest rate will never increase more than 2% annually, or more than 7% over the life of the loan.
Flexibility with fixed-rate advances. During the draw period, you can convert all or part of your variable-rate balance to a fixed rate.
Customer discounts. If you set up automatic payments from your Wells Fargo checking account, you may qualify for a relationship discount.
Live chat. Wells Fargo offers real-time help online. When we tested the live chat feature, we were connected to a rep within two minutes.
Savvy online tools. You can apply for a loan online, and then sign into yourLoanTracker to monitor your application, upload statements, and e-sign documents. The site also has a handy rate calculator and eligibility checklist.