Wells Fargo Your Mortgage
Wells Fargo has a variety of options for home loans. You may be interested in learning more about a jumbo loan or a home equity line of credit, or you might be interested in their COVID-19 program and closing cost credit for low-income borrowers. Regardless of your situation, you can use Wells Fargo’s online resources to explore loan options and explore payoff scenarios. In this article, we’ll cover some of the features of Wells Fargo’s online tools.
Wells Fargo offers a jumbo loan
A jumbo mortgage loan is a type of non-conforming mortgage that allows borrowers to borrow more than $453,100 on a single property. Depending on the type of loan and the loan amount, Wells Fargo offers a fixed-rate and adjustable-rate jumbo mortgage loan. These loans allow homeowners to cover the high monthly payments on expensive properties. Fixed-rate jumbo mortgages from Wells Fargo are ideal for those who need a low down payment option.
The lender’s mortgage application process is easy, and the company offers numerous benefits, including a forgivable loan program and a down payment assistance program. Customers who qualify can often take advantage of a 20% down loan and avoid the requirement of mortgage insurance. However, buyers with higher DTIs may have fewer options when it comes to lenders. Despite this, borrowers should remember that jumbo mortgage loans generally have higher interest rates than conventional loans. Thankfully, Wells Fargo offers competitive rates and a convenient online application process.
Offers a home-equity line of credit
If you’re looking to add extra cash to your home to make renovations, a home equity line of credit from Wells Fargo may be the solution. These loans are flexible and offer competitive rates, and you can receive tax-deductible interest on them. You may also qualify for a joint loan with your spouse. Applying for a home equity line of credit from Wells Fargo is simple. Follow these steps.
A home equity line of credit from Wells Fargo works similarly to a credit card, with one major difference. You only pay interest on the amount you use. Because the line of credit is revolving, you can use it as you need it without having to pay interest on the money you don’t use. The good news is that the interest rate on a Wells Fargo home equity line of credit is predictable and capped at a certain level.
Offers a COVID-19 program
If you are in the midst of a financial hardship, you may be wondering if Wells Fargo offers a COVIG-19 program for your mortgage. The company has recently agreed to take measures to support COVID-19 homeowners. This program suspends foreclosure activity and evictions and offers three-month payment suspensions for home equity and mortgage customers. In this time, the company will not report your payment status to consumer reporting agencies. In addition, well-served customers will not be charged late fees during this time.
If you are unable to make your mortgage payments and have no way of paying off your current balance, a COVID-19 program may be able to help. With this option, your mortgage servicer will allow you to defer forbearance payments until you can make the payments again. The lender will not charge interest on the forbearance amounts. Instead, they will be due when the loan matures. That maturity can be when you sell your property or refinance. During this period, you may have to pay off the principal amount or escrow the payments.
Offers a closing cost credit for low-income borrowers
Low-income borrowers can benefit from a closing cost credit when buying a new home. Most borrowers are responsible for paying for appraisals, title insurance, and other closing costs, but Wells Fargo offers low-income borrowers a closing cost credit when closing on a home. And because they offer mortgage services, Wells Fargo can help you take care of all of your financial needs in one place.
The closing cost credit is available to eligible borrowers who have combined incomes of 80% or less of the county median family income. The credit is only available on primary residences, and borrowers must qualify for a conventional/conforming mortgage, Department of Agriculture or Veterans Affairs fixed-rate loan. According to Kristy Fercho, head of Wells Fargo Home Lending, this program is aimed at increasing homeownership rates.
Offers interest-free loans
If you want to save money on your home loan, you should consider a Wells Fargo interest-free mortgage loan. These loans can be used to finance large purchases like a new home or renovating an existing property. The rates vary, but they can be as low as zero percent. The loan term is usually up to 30 years, and you can choose between adjustable and fixed-rate mortgages. It may be worth your while to shop around for the lowest interest-rate mortgage.
Applying for a personal loan through Wells Fargo is fast and easy. You can apply by phone, in person, or online. They say the credit decision may take as little as a few minutes. Then, they will disburse the funds on the next business day. If you have a stable income, Wells Fargo may be the best choice for you. This bank also offers a variety of unsecured loans for a variety of purposes, including buying a car.