Wells Fargo Renovation Loan and Loan’s Components

Wells Fargo & Company is a financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance for more than 9,000 stores, 12,000 ATMs and the online shop in North America and internationally. Headquartered in San Francisco, but also decentralized in every local Wells Fargo store everywhere. Wells Fargo’s vision is committed to being responsible in every community in which it does business, integrates environmental responsibility into its business practices and procedure. Wells Fargo is a national leader in financing commercial real estate with more than $20 billion in 2004. Provides lending, servicing, advisory, intermediary, secondary market, and structured solutions to the commercial real estate industry.

Wells fargo accommodates you to remodel and renovation your house, increasing the value of your property by renting it after renovation or buying a house that more suitable for you and your families. After all your application is finished wells fargo will call you in business day then confirmed you to do verification, this process generally held about 45 days, after that you can get access up to your approved credit limit, receive a home equity access credit card and the monthly payment will change based on how much you spend.

If you want to keep track and close your credit on timeyou can check it yourself by using wells fargo’ your application status, for closing credit on time you just need to sign relevant documents, notarized it if needed then send back to wells fargo as soon as possible. It’s about steps when you applied home equity financing in wells fargo. Maybe there’s some different steps and program comparing with other service company.

What benefit makes peoples want to take loan to fulfill their dream.

  1. You can get higher loan amount based on value of property after doing renovation.
  2. Lower interest rate.
  3. Lower monthly payments
  4. Tax deductible interest
  5. When you get your loan, you can doing renovation as soon as possible.
  6. Simple and flexible, just fill one application.

Some suggestion while considering to take a loan :

make sure that your plan don’t contract a contractor, estimate first the improvements project then compare with your equity loan, is it make sense or not. For a market value estimate, you can get some advise from Realtor sales or subscribe to Wells Fargo Home Sales Monitor to get free equity analysis. If your equity not sufficient, ask the loan sales if there’s a program that may you borrow fund according the home estimated value after remodeling completed, prepared for an unexpected things like costs.

You should know about some component of financial basic when you obtain a home loan, the components are: Interest rate, it’s based on current conditions, down payment, credit score and what kind of loan do you choose.

Interest rate is percentage your loan amount to borrow money. Discount Points, usually 1% of your loan amount. Origination Charge, all charges include document preparation, fees, and underwriting costs, etc. Loan Term, amount of time to you to pay off your loan balance. More short means more payment in a month but sometimes with lower interest rates.