Home Equity Line of Credit (HELOC)

Our home equity line of credit is designed to help you use the equity in your home. If you're considering a home renovation or planning for a major expense, we can help.

Annual and lifetime interest rate caps

Home equity interest rates are tied to the prime rate, a standard index used as a basis for determining the rate charged on borrowed money. If the prime rate increases, so does the APR on the line of credit. But with our rate caps, the variable rate on your line of credit will never increase more than 2% annually based on the date you signed your line of credit agreement. The rate will also never be more than 7% higher than where you started.

Fixed-rate advances

Our line of credit can adapt as your needs change. During the draw period, you can convert all or part of your variable-rate balance into a fixed rate.
Learn more about fixed-rate advances  


A home equity line of credit is a revolving form of credit that uses your home as collateral. If you're a qualified homeowner with available equity, a home equity line of credit can provide you with:

  • Secured financing based on the equity in your home, which typically results in lower interest rates than many unsecured forms of credit.
  • A revolving source of funds that you can borrow against and pay back as many times as you'd like during the draw period.

You will have monthly payments which include both principal and interest.

  • Your minimum payment will be the lesser of $100.00 or the amount needed to repay your balance with interest.
  • If you withdraw additional funds during the draw period or the variable-interest rate changes, your monthly payment may change.
  • Your payments are recalculated monthly to repay your principal balance over the remaining months of your draw period and your repayment term. 

Understanding the phases of a home equity line of credit

  • Draw period. The draw period is the fixed length of time during which you can access funds from your home equity line of credit. It runs for 10 years plus 1 month from the date you open the account. Unless you choose to take a fixed-rate advance your annual percentage rate (APR) during the draw period is typically variable and tied to the prime rate.,
  • End of draw. End of draw refers to the date your draw period ends and you can no longer access funds from your home equity line of credit.
  • Repayment period. After your draw period ends, you'll enter the repayment period. Your access to funds will end, but you'll keep the same payment structure as in the draw period — principal-plus-interest payment tied to the variable rate.

When you're ready to apply, your home mortgage consultant can help.

Get started with a personal consultation

Tablet showing yourLoanTracker application status Tracking the status of your application has never been easier

After you apply for a home equity line of credit, use your LoanTracker SM to complete important tasks and check your application status — any day or time, from any computer, smartphone, or tablet.   your LoanTracker is not available with all loans; talk to a home mortgage consultant for details.

Learn more

What to expect during the application process

Step 1: We'll work with you to complete your application , and help with any questions you may have regarding the process. We'll also review any specific documentation that we'll need from you and update you every step of the way.

Step 2: We'll confirm your information. We'll make every attempt to let you know what we'll need at the beginning of the process, but we may need additional information as we move forward.

Step 3: We'll confirm your home's value, either through a drive-by or similar assessment or an in-person inspection of your home. If we need a personal inspection, we'll have a licensed real estate appraiser or broker contact you directly.

Step 4: We'll ask for your signature, if your application is approved. Each borrower will need to sign the documents, and some of them will also need to be notarized. Please bring proper identification when you're ready to sign.

Step 5: Congratulations! Your home equity account is now open. Depending on your transaction and property type, there may be a 3-day waiting period before you can access your funds. For your convenience, we're pleased to provide you with several options for accessing your funds.

Our home equity lines of credit give you a number of ways to access funds, including checks and phone transfers.

Transfer funds online

Make immediate transfers from your account at any time by signing on to Wells Fargo Online® and going to the Transfer tab.

Transfer funds over the phone

Use our toll-free number with any-day, any-time automated access to your account. Advances made outside of business hours will become effective on the next business day.

Home equity line of credit checks

Use checks you receive when you open your account (if requested).

Enhanced Access® Visa® credit card

Access your available credit anywhere that accepts Visa credit cards (if requested). Worry less with Zero Liability protection so you're not held responsible for unauthorized use of your card (or number) if reported promptly.

 Relationship Discount 

Ask us about a relationship discount that may be available when you open a home equity line of credit account. Terms apply.
Want to learn more? Contact Us

Draw period

The length of time during which you can access funds from your account.