Home Equity Line of Credit – Prime Rate for the Life of the line. 10 year Draw/10 Year Repayment. 5.50%. Apply Now. Draw Period: 10 years. Repayment Period: 10 years, following the end of the draw period. Monthly Payments: During the draw period, payments will be 0.5% of the outstanding balance plus the interest due at Prime Rate.
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APR and Fees: The APR for a wells fargo home Equity Line of Credit is variable and based on the highest prime rate published in the Western edition of The Wall Street Journal "Money Rates" table (called the "Index") plus a margin. The index as of the last change date of December 20, 2018, is 5.50%.
As of August 7, 2019, the variable rate for Home Equity Lines of Credit ranged from 4.65% APR to 8.35% APR. Rates may vary due to a change in the Prime Rate, a credit limit below $100,000, an LTV above 70%, and/or a credit score less than 730.
The primary advantages from a home equity line of credit are lower payments monthly, because only the interest is due for the portion of the line that you accessed. The other benefit with an equity line of credit is that the interest rate is lower in most cases than the credit card rate.
However, the prime rate, which is the foundation for the interest you’re charged on home equity lines of credit, is a bit more transparent. The Federal Reserve establishes short-term rates – and indirectly the prime rate – in an effort to reach economic targets.
A home equity line of credit (often called HELOC, pronounced Hee-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower’s equity in his/her house (akin to a second mortgage).
Home Equity Loan Vs. Line of Credit Calculator. With a home equity loan, you get a lump sum. A HELOC provides you a revolving credit line, much like a credit card. This calculator will help you determine whether a home equity loan or a HELOC is right for you.
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Home Equity Line of Credit (HELOC) A HELOC amounts to an open checkbook for people with equity in their home. However, there is a huge risk – foreclosing on your house – if you can’t repay the loan when it comes due.