Wells Fargo Heloc Rental Property – By Alison Martin By Alison Martin Arrow, right Alison Martin’s work began over a decade ago as a digital content strategist and has since been featured in several major financial publications, including The Wall Street Journal, MSN Money, MoneyTalks News, Investopedia, Experian and Credit. . .com LinkedIn LinkedIn Connect with Alison Martin with Alison Martin
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Wells Fargo is a financial institution that provides personal, small business, commercial, corporate and investment banking solutions to its clients. Currently there are more than 4,900 branches and 12,000 ATMs nationwide
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Founded in 1852, Wells Fargo was founded by Henry Wells and William G. Fargo to help customers develop money management habits and establish a profitable business. It has since transformed into one of the largest financial institutions in the United States, and customers can now take advantage of its many services to improve financially.
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— Information correct as of September 12, 2022. Editorial Disclosure: Any analysis, opinion or recommendation expressed herein is solely the author’s and has not been reviewed or endorsed by Wells Fargo.
Alison Martin’s work began over a decade ago as a digital content strategist and has since appeared in several major financial publications, including The Wall Street Journal, MSN Money, MoneyTalks News, Investopedia, Experian and Credit.com.
Editor Brian Beers Editor Brian Beers Arrowright Editor Brian Beers is Editor-in-Chief of the Wealth Team at Arrowright. He oversees editorial coverage of banking, investments, economics and all finance. Connect with Brian Beers on Twitter Connect with Brian Beers on Twitter Connect with Brian Beers on LinkedIn Brian Beers Manage Editing You are reading a free article whose views may differ from The Motley Fool’s premium investment service. Become a Motley Fool today and get instant access to top analyst picks, in-depth research, investment resources and more. Learn more
Wells Fargo (WFC 1.11%) announced Thursday that it will no longer accept home equity line of credit (HELOC) applications.
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It’s the latest move by major US financial institutions to tighten mortgage lending practices. JPMorgan Chase (JPM 0.98%) previously announced it would stop approving new HELOCs and also announced stricter credit standards for new mortgage customers.
This should come as no surprise. Recessions increase loan defaults, and borrowers with low credit ratings become more delinquent in tough times. It is not uncommon for banks to withdraw loans they deem risky in response to economic downturns. We said this during the financial crisis of 2008-09 and in subsequent years.
A home equity line of credit, or HELOC, allows homeowners to obtain a line of credit backed by the equity in their home. If your lender uses a mortgage ratio of 80% (the most common ratio) and you owe $100,000 on a $200,000 home, you can get up to $60,000 in a HELOC. $160,000 is 80% of $200,000.
From a bank’s perspective, a HELOC is a much riskier loan than a mortgage, even for borrowers with the highest credit standards.
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The reason? A HELOC is a secondary collateral position If a borrower defaults on their mortgage and HELOC and the home is foreclosed on, the mortgage lender will collect the money owed before the HELOC lender receives anything. In a market where real estate prices could potentially decline (such as during a severe economic downturn), there is a real possibility that HELOC lenders could experience significant losses.
To be clear, Wells Fargo and JPMorgan Chase still have out-of-pocket refinance loans that allow borrowers to leverage their assets. However, in the near future, HELOCs may become increasingly difficult to find.
Matthew Frankel, CFP has no positions in the listed stocks. Motley Fool has no position in the stocks mentioned. Motley Fool has a revealing policy.
Wells Fargo may seem cheaper, but I wouldn’t buy it here. Why Wells Fargo Can Continue to Raise Its Dividend 3 Bank Stocks I’m Buying More Now .Past scandals continue to plague Wells Fargo, but I still love the stock.
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