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Wells Fargo Home Mortgage Equity APPROVED!!!

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mariasoccermom11
Contributor

Wells Fargo Home Mortgage Equity APPROVED!!!

I have a second home up in the catskills... I been wanting to take a equity for home improvements... It was approved through Wells. The first mortgage is with wells fargo. The amount of the loan is $100,000 and its under the 7 year fixed rate with interest at 5.40% and payment is roughly 1.5k/monthly... 1 st mortgage balance is 96k... Hopefully going to close on the equity by May 1.

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eagle2013
Established Contributor

Re: Wells Fargo Home Mortgage Equity APPROVED!!!

Why not a HELOC (home equity line of credit)? Seems like that would better suit your needs (home improvement) relative to a loan. HELOCs can also come fixed rate too. Anyway, congrats !
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Turbobuick
Established Contributor

Re: Wells Fargo Home Mortgage Equity APPROVED!!!

Congrats on that great deal on a fixed rate! That is an equity line and not a 2nd mortgage, right?  Smiley Very Happy

 

Sorry to resurrect this thread, but just applied at Wells Fargo for an equity line/loan. The variable is for equity line is currently 5.375, but the fixed rate loans are above 8%.   I will decline their offer as I have credit cards lower rates than Wells Fargos current fixed rate. Smiley Wink

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