Wells Fargo is a well known financial services company in America. It offers banking, insurance, investments, mortgage, consumer finance etc. It has nearly 6,000 stores across North America and internationally. Its headquarters is located in San Francisco. It has approximately 540 billion in assets and 158,000 employees across its 80 plus businesses.
Wells Fargo always tries to satisfy all of its customer’s financial needs and leads to their financial success. It is offering various types of mortgages, which are useful to the home loan borrowers.
Types of Mortgages
- Fixed-rate mortgages
- Adjustable-rate mortgages
- Renovation loans
Fixed-rate mortgages: Fixed-rate mortgages have fixed interest rates which remains same for entire duration of the loan. It offers comfortable monthly payments during entire period of the loan, protects from all the rising rates and during low rates it is the better refinance option.
Adjustable-rate mortgages: Interest rates of
Wells Fargo Adjustable-rate mortgages depend on the market situations and will be adjusted periodically. The initial rate of interest is fixed for the period introduced usually seven years or ten years, and is normally less than the fixed-rate mortgage. After that the rate of interest adjusts annually depend on the market conditions. ARMs are the better option for refinancing due to its lower initial rate when rates are not low.
Renovation loans: Renovation loans are best alternative for borrowers who are decided to make home improvements. The total amount borrowed depends on the home value after the renovation and can also finance the repayment of the additional mortgages. For the improvement of the project you can get extra amount.
Home Opportunities Program: If you are in such a condition like lack of adequate funds for a down payment or the increasing cost of housing, then
Wells Fargo’s Home Opportunities program is really fit for you. The main features of it are income limits may be waived for public employees, no income limitations in designated underserved areas and the Interest-Only payment feature with a 10-year term only for 30-year fixed and 5/1, 7/1 and 10/1 Treasury and LIBOR ARMs.
Home Equity Lines of Credit features are repayment flexibility, no Closing Cost option available, open-end, revolving second mortgage line of credit, monthly statement or
Auto-Debit payment methods, variable rate tied to prime, 10-year maturity etc.
Home Equity Loans provides fixed-payment, installment loan, coupon book or auto-debit payment methods, eligible products include fixed-rates and balloons, no Closing Cost option available, 5-25 year loans available or balloon terms etc. Different insurances offered by
Wells Fargo are life Insurance, health insurance, home insurance, auto insurance, renters insurance, pet insurance, credit insurance etc.
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