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Wells Fargo HELOC review

Wells Fargo
Minimum credit score

Our verdict

New applications are no longer being accepted.

A HELOC from Wells Fargo is best for those with credit 700 or better to get the best rates. It also looks for DTI of 43% or less. It's possible to apply with a credit score as low as 620, but rates can get expensive.

In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Ask a question

As of May 2022, Wells Fargo temporarily put its home equity line of credit (HELOC) program on pause due to the uncertainties in the housing market during the coronavirus pandemic. Wells Fargo stopped accepting new applications after April 30, 2020.

The only current option for Wells Fargo customers to access their home’s equity is through a cash-out refinance. The bank hasn’t indicated when this pause will end.



Loan products offered Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Minimum credit score 620

Wells Fargo offered some unique HELOC terms

Hopefully, the benefits Wells Fargo HELOCs came with will still be available once HELOC accounts are reinstated.

  • Principal-reducing payments. Eligible customers can pay down the principal during the draw period, which reduces the total amount of interest you’ll pay.
  • Interest rate caps. Your variable interest rate won’t increase by more than 2% annually, and you’ll never pay more than 7% over the loan’s lifetime. Also, opt to convert all or part of your balance to a fixed rate during the draw period.
  • Customer discounts. The best rates are reserved for customers who set up automatic payments from their Wells Fargo checking account.
  • No closing costs or annual fees. The lender also covers the closing costs, and charges no annual or early payment fees.

But the program also had some drawbacks, such as limitations on how you access your credit line in specific states. The bank has also been subject to government action recently due to the bank’s conduct and business policies. The effects of those policies have resulted in poor customer reviews.

Do I qualify for a loan with Wells Fargo?

Wells Fargo lays out the eligibility requirements on its website. To take out a home equity line of credit, you’ll need good to excellent credit of 700 or better. The lender said it considers people with fair credit, but charge more expensive rates.

Credit aside, Wells Fargo accepts a debt-to-income ratio of 43% or less, and a loan-to-value ratio up to 85%.

For example, if your home is worth $100,000 and your mortgage balance is $60,000, that means you have $40,000 in home equity. You may be able to borrow up to $34,000 of that equity.

Wells Fargo reviews and complaints

Wells Fargo is recovering from a few years of government actions and scandals. During this time, the bank was accused of opening fake accounts to meet sales targets and mistakenly foreclosing on homeowners. Its most recent settlements were in February and June of 2020 with the Attorneys General of California and Maryland.

These incidents have clearly damaged consumer trust. Despite being in business for 167 years, as of July 2022, the bank is not accredited by the Better Business Bureau (BBB). It has a customer rating of 1.08 stars out of 5 based on 573 reviews and has accumulated over 4,500 complaints in the past three years.

On Trustpilot, Wells Fargo has a 1.3-star TrustScore based on 749 reviews.

It’s worth noting that these comments and reviews reflect the bank in its entirety and not only its home loans division.

What are the benefits of taking out a HELOC with Wells Fargo?

Wells Fargo is a lending giant that opens HELOCS between $25,000 and $500,000 for eligible borrowers. It offers these benefits to borrowers:

  • No closing costs. Wells Fargo takes care of the closing costs, and you won’t need to bring cash to the table.
  • Payments to reduce principal. Pay down the principal during the draw period, which means you’ll rebuild equity faster and pay less interest over the course of the credit line.
  • Low interest rate caps. Choose this lender, and your variable interest rate will never increase more than 2% annually, or more than 7% over the life of the loan.
  • Flexibility with fixed-rate advances. During the draw period, you can convert all or part of your variable-rate balance to a fixed rate.
  • Customer discounts. If you set up automatic payments from your Wells Fargo checking account, you may qualify for a relationship discount.
  • Live chat. Wells Fargo offers real-time help online. When we tested the live chat feature, we were connected to a rep within two minutes.
  • Savvy online tools. Apply for a loan online, and then sign into your LoanTracker to monitor your application, upload statements, and e-sign documents. The site also has a handy rate calculator and eligibility checklist.

What to watch out for

These drawbacks may matter to you:

  • No physical presence in Vermont. Wells Fargo has loan officers in 1,000 branches across all states except Vermont.
  • High draws in Texas. The minimum draw in almost all states is $300. In Texas, it’s $4,000 for lines attached to homestead properties.
  • Limitations on accessing credit. Texas customers can’t use checks, and the Enhanced Visa credit card isn’t available in Connecticut, New York or Texas.
  • Poor customer reviews. In recent years, the bank has been dealing with government actions and scandals that have directly affected customers.

Compare interest rates for home equity loans, HELOCs and cash-out refinancing

Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.

If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.

In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.

Searching for the best rates...

How do I get started?

The quickest way to apply is online. Follow these steps:

  1. Go to the Wells Fargo website.
  2. Hover over Personal. Select Loans and Credit > Home Equity Lines.
  3. Tap Apply Now.
  4. Scan the credit, home equity and debt-to-income requirements to make sure you’re eligible for a loan. Select Continue Online.
  5. Choose between an Individual or Joint Loan, and check the box if you’re a Wells Fargo customer. Hit Continue.
  6. Enter your personal and contact details, income, financial assets, property type and value, and how much you’re hoping to borrow.
  7. Submit your application. A home loan officer will review it, verify your identity and confirm your home’s value via a drive-by or a professional appraisal.

If everything checks out, they’ll open your home equity account. You should be able to access your funds three days after closing.

To apply over the phone, call 800-777-9888 weekdays from 7 a.m. to 9 p.m. or Saturday, 8 a.m. to 6 p.m. CT. Otherwise, fill out the contact form on the website to have a loan officer contact you.

Required documentation

The lender will request the following:

  • Social Security number for you and your coborrower, if you have one
  • Details about your income and financial assets
  • Debt obligations, such as child support
  • Property type and location
  • Estimated value of the property
  • Mortgage balance
  • Driver’s license or government-issued photo ID

I got the HELOC. Now what?

Manage your HELOC with these tips:

Monitor your loan. Once you’ve applied for a HELOC, register for yourLoanTracker. The online portal works as a bridge between you and your mortgage consultant. Review disclosures, sign documents and work your way through your part of the to-do list.

Access your credit. There are a few ways to tap into your credit:

  • Online transfers. Sign in to your Wells Fargo account to make instant transfers at any time.
  • Over the phone. Call 866-820-9199 to access your account. Any advances made outside business hours will be available the next business day.
  • Home equity line of credit checks. Unless you live in Texas, you can use the checks you received when you opened the account.
  • Enhanced Access Visa credit card. Withdraw your available credit anywhere that accepts Visa. This option isn’t available in Connecticut, New York or Texas.

Contact customer service. Questions? You can reach the home equity team by:

  • Phone. Dial 866-820-9199 on weekdays from 7 a.m. to 10 p.m., or Saturday 8 a.m. to 2 p.m. CT.
  • Online form. Request a callback by filling in the contact form.
  • In person. Go the Wells Fargo website, and choose Locator > Mortgage Branch Locations. From there, you can search for a loan officer near you.
  • Live chat. Speak to a Wells Fargo rep online during business hours. Know that you may be redirected to someone who specializes in HELOCs.

Frequently asked questions

When can I convert my credit line to a fixed-rate balance?

Switch from a variable-rate to a fixed-rate balance any time during the draw period.

How much can I borrow?

Depending on your borrower profile, you can take out a line of credit between $25,000 and $500,000.

What is the minimum draw?

The minimum draw is $300 everywhere except Texas, where it’s $4,000 for lines attached to homestead properties.

How long does it take to open a HELOC?

Typically, the process takes 30 to 90 days with Wells Fargo.

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