![]() ![]() Low down payment home loans may require private mortgage insurance (PMI) or a mortgage insurance premium (MIP), increasing the cost of your monthly payment.Wells Fargo does not disclose its fees associated with a purchase or refinanced mortgage, making it difficult to compare to other lenders.> Read more: How to Calculate Your Home Equity Pros & cons of Wells Fargo Mortgages Wells Fargo offers HELOCs with no application, annual, or prepayment fees.Ī HELOC could help you avoid putting additional debt on credit cards, but it also puts your home on the line if you’re unable to pay, so only borrow what you know you can afford to repay. HELOCs allow you to tap into your home’s equity to pay for things like home improvements or major expenses other than your house. Home equity lines of credit (HELOC)Ī home equity line of credit (HELOC) is different than a mortgage loan. Mortgage refinancing through Wells Fargo has repayment terms of 15, 20, or 30 years. Refinancing can be beneficial if you want to lower your monthly payment by extending the repayment term lowering your interest rate.Ĭurrent homeowners may have the option of refinancing with up to 97% loan-to-value ratio on their home, depending on their credit history and income. > Read more: Best VA Lenders: 0% Down for Veterans Mortgage refinancing Department of Veterans Affairs, are designed for active duty and veteran borrowers and their families, and they do not require a down payment. Federal Housing Administration, are designed to meet the needs of borrowers with a low down payment to contribute, typically at least 3.5%. FHA and VA loansįHA and VA loans are government-backed loans that require smaller down payments and fixed repayment terms that are typically 30 years.įHA loans, backed by the U.S. Jumbo loans from Wells Fargo are available for 15 or 30 years. ![]() Jumbo loans are available for high-priced homes that cost more than the maximum conventional amount covered by Fannie Mae or Freddie Mac. These loans may be a good option for people who only plan to live in their home for a few years before reselling. The total repayment terms for ARMs from Wells Fargo extend up to 30 years. These introductory fixed interest rates are often lower than what you’d pay on a conventional fixed-rate loan.īut after the fixed period expires, the rate reverts to an adjustable rate that can go up or down every year with the market index it is tied to. With a Wells Fargo ARM, you have a set interest rate for the first few years. Wells Fargo mortgage also offers adjustable-rate loans, known as ARMs. It offers the following ARM terms: 5/1 or 7/1. ![]() Wells Fargo fixed-rate mortgage options are an excellent choice for home buyers who want predictability with their principal and interest payments over the life of the loan. These mortgages come with a fixed interest rate that does not change over time, and repayment terms of 15, 20, or 30 years. Here’s a list of the home loans Wells Fargo offers to qualified borrowers:įixed-rate loans are conventional home loans offered by Wells Fargo. One positive thing about Wells Fargo home loans is that there are several options available for home buyers and those looking to refinance.
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