Wells Fargo redesigns HELOCs to save borrowers

What the Wells Fargo settlement means for mortgage borrowers. On April 20, the bank said it would pay $1 billion to federal regulators that fined it for allegedly engaging in foul practices that impacted mortgage and auto loan customers. One of the agencies penalizing the bank is the Consumer Financial Protection Bureau (CFPB),

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A home equity line of credit, or HELOC, is a type of credit line that lets you borrow against the equity in your home. If your home is worth more than the current balance on your mortgage, you’ve got equity. For those looking to obtain a HELOC, Wells Fargo offers some unique benefits.

Wells Fargo changing requirements for home equity lines of credit. The goal is to eliminate the interest-only payment period, which is common among this type of loan. HELOCs have a payment period, generally 10 years, where the borrowers only pay the interest. After that, the loan is then amortized. Wells Fargo’s plans could result in borrowers paying more, as they will have to make both payments at the same time.

Wells Fargo Is Ending Interest-Only on HELOCs. The bank noted that it reaches out to borrowers facing a reset to lessen the blow of a payment increase. The san francisco-based bank accounted for about 14% of all home-equity lending in 2013, making it the nation’s largest first and second mortgage lender.

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The Offer. Currently, Wells Fargo Bank is offering a new HELOC or home equity loan to customers with a 0.50% interest rate deduction for new accounts opened between January 1, 2015 and April 3, 2015. The home equity line of credit offered through Wells Fargo provides customers with the following long lasting benefits:

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Wells Fargo (WFC) is restructuring how it does home equity lines of credit, requiring most new customers to pay principal and interest over the life of the loans.

borrower on active duty, or the surviving spouse of a member. Savings/money market funds/ $ Certificates of Deposit (CDs) $ Stocks and bonds (only include $ non-retirement accounts) $. Wells Fargo Mortgage Assistance Application