Think you already know what this subject is all about? Chances are that you dont, but by the end of this article you will! Wells Fargo offers a revolving credit line for homeowners called Home Equity Lines of Credit, or HELOCs. This line of credit is an open-ended, revolving loan that allows future advances up to the approved credit limit.
You can use the money for home improvements, debt consolidation, medical expenses, investment opportunities, starting a business, education, a new car or boat, or any other major expense. Since Wells Fargo’s Home Equity Lines of Credit are revolving loans, you can use only the money you need when you need it, much like credit cards.
This credit is available at any time during your draw period with convenient access through your Wells Fargo credit card, checking account, ATM, online banking, or local bank. The draw period of a Home Equity Line of Credit is the amount of time the line of credit is open, usually ten years, after which the line of credit is closed and repayment starts.
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