Home Equity Account Basics

If you have a home equity line of credit, you can manage your accounts online, almost anytime at Wells Fargo Online^®.

Wells Fargo Online^® allows you to view account activity and statements, make payments, transfer funds, pay your bills and much more. 

Online statements

• Easily manage your finances — Access up to two years of statements
• Fight identity fraud — Help reduce the risk of mail fraud that comes with paper statement delivery
• Save paper — Switch to electronic statements to reduce paper usage
• Simplify record keeping — Access your annual tax documents 

Mobile banking

• Enjoy secure banking on the go — Access your account, make payments and more

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Not enrolled? Enroll now.

Enrolled but don’t see your account? Add your account for online access.

Your line of credit gives you convenient access to available funds at an interest rate that's typically lower than many other forms of credit.

Viewing your account

You'll receive monthly statements in the mail. And you can view your account online with Wells Fargo Online^®. You can set up recurring payments so that you don't forget to make a payment, or switch to paperless statements to help prevent fraud.

Accessing your funds

Access credit when you need it. Your revolving line of credit allows you to access your available credit as you pay down your principal balance.

• Transfer funds to your other Wells Fargo accounts with Wells Fargo Online^®.
• Activate your Enhanced Access^® Visa^® credit card now to access your funds.
• Link your line of credit to your Wells Fargo ATM Card so you can make transfers and payments from any Wells Fargo ATM.
• Request or reorder Home Equity Access Checks.

Using your line of credit

Your home equity line of credit is an easy and convenient way to obtain financing for a variety of situations, including:

• Home Improvements. Use your home equity line of credit to finance home improvements that may boost your home’s value and make your home more enjoyable.
• Large purchases or unexpected expenses. Finance important purchases, or be prepared for unexpected expenses.

Your Home Equity financing may provide tax advantages if it’s used to improve, buy, or build a home. Talk to a tax advisor for details. Interest may be tax deductible.

 If you’d like a fixed-interest rate, a fixed-rate advance option may be the right choice for you. It’s an easy way to manage your monthly payment and protect yourself as interest rates rise. Many Wells Fargo home equity lines of credit already have this feature as part of the account.

How It Works

The fixed-rate advance option gives you the flexibility to secure a fixed-interest rate on any or all of your outstanding line balances during the draw period so your payments remain the same month after month.

Benefits of a Fixed Rate

In addition to securing a fixed rate, this option gives you the power to:

• Choose the amount of your outstanding variable-rate line of credit balance that you want to move to a fixed-rate option.
• Change your fixed-rate advance back to a variable-interest rate at any point during your draw period. The transferred funds will be charged the variable-interest rate that’s in effect at the time of your transfer.
• Plan for your future monthly payments with a fixed-interest rate on specified balance(s).
• Choose the term of your fixed-rate option.

Use your line of credit in the way that works best for you

Your home equity line of credit gives you the flexibility to configure your balance in the way that best meets your needs. Call 1-866-834-9761 to review your needs with a Wells Fargo Home Equity Specialist.

Example: $50,000 Home Equity Line of Credit With An Outstanding Balance of $30,000

• $25,000 of the outstanding balance is transferred to a fixed rate option
• $5,000 of the outstanding balance remains at the variable interest rate
• $20,000 remains as available credit during the draw period

Paying down your home equity line of credit doesn't mean you have to close your account. In fact, there are significant long-term benefits to keeping your line of credit open, even at a zero balance. You’ll:

• Retain quick access to available credit for unexpected expenses or major purchases.
• Spare yourself the need to reapply and be approved again in the future.

Of course, you may arrange to pay off and close your entire line of credit at any time. Please call us at 1-866-404-3149 to discuss your options.

Refinancing your home mortgage?

Depending on the current interest rates, homeowners may choose to refinance their first mortgages. Typically, the bank refinancing your first mortgage will pay off and close your home equity line of credit account.

You can call us at 1-800-667-5852 to have checks mailed to you.

You can use a wire transfer to make a regular payment or an additional principal payment on your line of credit; you can also pay your line down to zero or pay it off so that it can be closed.

Before paying off your line of credit, please call our Customer Care team at 1-866-275-9138.

See wiring instructions

Most home equity lines of credit have 10- or 15-year draw periods from the date that your line of credit was opened.

• Principal plus interest. Each month, you make principal and interest payments on your account.
• Principal only. In addition to regular principal and interest payments, you can choose to make additional principal payments to reduce your balance faster. You can do this without penalty so long as you don't close your account.

Our home equity specialists are here to help you understand your payment options so you can find the right one for you. Please call 1-800-667-5852 to learn more.

For a home equity line of credit, end of draw is the point at which the draw period ends and you can no longer access funds. Most lines of credit have a 10- or 15-year draw period and then move into the repayment period, when you’ll repay your outstanding balance with principal-and-interest payments (also known as fully amortized monthly payments). Depending on your contract terms, the interest rate may change from a variable rate during the draw period to a fixed rate during the repayment period. The combination of the fully amortized monthly principal-and-interest payments and the fixed interest rate may increase your monthly payments substantially, especially if you made interest-only payments during the draw period. Some home equity lines of credit include a balloon payment, which requires you to pay the outstanding balance in one lump sum at the end of the draw period.

Learn more about planning for the next phase of your home equity financing.

It's a good idea to plan for end of draw when you first open your home equity line of credit. Making principal-and-interest payments from the beginning will help you when your line of credit enters the repayment period or when you have to make a balloon payment. We recommend that you pay particular attention at least two years before your financing reaches end of draw.

Learn more about planning for the next phase of your home equity financing.