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Refinancing your mortgage can allow you to access available equity by taking cash out. Start with our refinance calculator to estimate your rate and payments.
Consolidate debt, pay for home improvements, or make a major purchase. Fixed interest rates and relationship discounts for qualified customers.
Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple debts means you will have a single payment monthly, but it may not reduce or pay your debt off sooner. The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both. By extending the loan term, you may pay more in interest over the life of the loan. By understanding how consolidating your debt benefits you, you will be in a better position to decide if it is the right option for you. New credit accounts are subject to application, credit qualification, and income verification.
To qualify for a customer relationship discount, you must have a qualifying Wells Fargo consumer checking account and make automatic payments from a Wells Fargo deposit account. To learn which accounts qualify for the discount, please consult with a Wells Fargo banker or consult our FAQs. If automatic payments are canceled, for any reason at any time, after account opening, the interest rate and the corresponding monthly payment may increase. Only one relationship discount may be applied per application.
If you extend your loan term, you may pay more interest over the life of your loan.
If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.
Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
LRC-0524
The amount you owe on your loan divided by your home's original value, which is either the price you paid for it or the appraised value at closing, whichever is less. This number is always expressed as a percentage.
The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.
The amount displayed is based on the interest rate shown. The rate on a home equity line of credit is variable so your monthly payment may vary. If a fixed-rate advance option is selected, your rate and payment will remain the same during the fixed-rate advance term.
Maximum lendable equity is the maximum amount available to borrow, typically up to 80% of a home’s value after subtracting any existing mortgage balance.
The length of time during which you can access funds from your account.
A fixed-rate advance 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 each month.
The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.
Charges paid to the lender voluntarily by the borrower or seller to permanently reduce the interest rate. One discount point is equal to 1% of the principal amount of the mortgage; however, 1 point will typically reduce the interest rate by less than 1%.
A financial obligation a borrower pays to either the FHA or a private insurer to insure the mortgage lender against loss from a borrower’s default. Upfront and monthly mortgage insurance is required on FHA and monthly mortgage insurance is typically required on conforming loans when the down payment is less than 20%.
Also known as annual real estate tax, the amount paid to a municipal or county taxing authority for a specific property. If you're buying a home, you can usually find an estimate of the property tax on the property listing information.
Also known as hazard insurance, a real estate insurance policy that provides protection against loss caused by fire, vandalism, some natural disasters, personal injury, and theft. If you're buying a home, you can contact an insurer for an estimate.
Money paid by, or on behalf of, the borrower in connection with the closing of a mortgage loan. General examples include but are not limited to an origination charge, discount points, and fees for required third-party services, taxes, and government recording fees.
The amount of principal and interest, taxes, and insurance (PITI) if escrow is included in your loan payment, paid each month on a mortgage loan.
The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.
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