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A HELOC from Wells Fargo is best for those with credit 700 or better to get the best rates. It also looks for DTI of 43% or less. It's possible to apply with a credit score as low as 620, but rates can get expensive.
As of May 2022, Wells Fargo temporarily put its home equity line of credit (HELOC) program on pause due to the uncertainties in the housing market during the coronavirus pandemic. Wells Fargo stopped accepting new applications after April 30, 2020.
The only current option for Wells Fargo customers to access their home’s equity is through a cash-out refinance. The bank hasn’t indicated when this pause will end.
| Loan products offered | Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA |
| Minimum credit score | 620 |
Hopefully, the benefits Wells Fargo HELOCs came with will still be available once HELOC accounts are reinstated.
But the program also had some drawbacks, such as limitations on how you access your credit line in specific states. The bank has also been subject to government action recently due to the bank’s conduct and business policies. The effects of those policies have resulted in poor customer reviews.
Wells Fargo lays out the eligibility requirements on its website. To take out a home equity line of credit, you’ll need good to excellent credit of 700 or better. The lender said it considers people with fair credit, but charge more expensive rates.
Credit aside, Wells Fargo accepts a debt-to-income ratio of 43% or less, and a loan-to-value ratio up to 85%.
For example, if your home is worth $100,000 and your mortgage balance is $60,000, that means you have $40,000 in home equity. You may be able to borrow up to $34,000 of that equity.
Wells Fargo is recovering from a few years of government actions and scandals. During this time, the bank was accused of opening fake accounts to meet sales targets and mistakenly foreclosing on homeowners. Its most recent settlements were in February and June of 2020 with the Attorneys General of California and Maryland.
These incidents have clearly damaged consumer trust. Despite being in business for 167 years, as of July 2022, the bank is not accredited by the Better Business Bureau (BBB). It has a customer rating of 1.08 stars out of 5 based on 573 reviews and has accumulated over 4,500 complaints in the past three years.
On Trustpilot, Wells Fargo has a 1.3-star TrustScore based on 749 reviews.
It’s worth noting that these comments and reviews reflect the bank in its entirety and not only its home loans division.
Wells Fargo is a lending giant that opens HELOCS between $25,000 and $500,000 for eligible borrowers. It offers these benefits to borrowers:
These drawbacks may matter to you:
Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.
If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.
In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.
The quickest way to apply is online. Follow these steps:
If everything checks out, they’ll open your home equity account. You should be able to access your funds three days after closing.
To apply over the phone, call 800-777-9888 weekdays from 7 a.m. to 9 p.m. or Saturday, 8 a.m. to 6 p.m. CT. Otherwise, fill out the contact form on the website to have a loan officer contact you.
The lender will request the following:
Manage your HELOC with these tips:
Monitor your loan. Once you’ve applied for a HELOC, register for yourLoanTracker. The online portal works as a bridge between you and your mortgage consultant. Review disclosures, sign documents and work your way through your part of the to-do list.
Access your credit. There are a few ways to tap into your credit:
Contact customer service. Questions? You can reach the home equity team by:
When can I convert my credit line to a fixed-rate balance?
Switch from a variable-rate to a fixed-rate balance any time during the draw period.
How much can I borrow?
Depending on your borrower profile, you can take out a line of credit between $25,000 and $500,000.
What is the minimum draw?
The minimum draw is $300 everywhere except Texas, where it’s $4,000 for lines attached to homestead properties.
How long does it take to open a HELOC?
Typically, the process takes 30 to 90 days with Wells Fargo.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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Katia Finder
Writer
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