Wells Fargo Home Equity Line of Credit and Loans

Accessing your home’s equity is often a smart way to help you get the funds you need, even to help you buy a house.

Situations: Homebuying. It might be beneficial for you to take out two smaller loans to buy your home rather than one larger loan for the combined amount. In certain circumstances, a home equity loan can “piggyback” on your primary mortgage loan so that you can avoid paying:

 -- A higher jumbo mortgage rate that you might get with a single larger loan.

 -- Private mortgage insurance on a primary mortgage loan that’s greater than 80% of the property's market value. Funds for home improvements.

Looking to finance a remodeling project? Home equity financing allows you to access the equity you’ve built up in your home.

Down payment on a second home

As a homeowner, you probably already realize the benefits of owning real estate. You can extend your real-estate investments by buying a second home or an investment property using funds borrowed against the available equity in your primary residence.

Financing for other expenses

Because mortgage interest is potentially deductible1, home equity financing is often a low-cost source of the funds you need to pay for big-ticket items, such as college tuition or car purchases. With potential tax advantages and lower interest rates than most other types of credit, a home equity loan or line of credit can be an important financial resource for meeting large expenses. Give me a call or request a consultation, and I’ll be glad to discuss your financing options with you.

Contact Michael Campanaro of Wells Fargo Home Mortgage at NJMortgages@gmail.com for more information about a Wells Fargo Home Equity Line of Credit and Loans.

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