SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The Residential Real Estate Crash Index
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: nextrade! who wrote (6242)10/25/2002 9:56:07 AM
From: Les HRead Replies (2) of 306849
 
If the home value decreases, your credit line remains unchanged.

Tap equity immediately

The Home Asset Management Account, a new offering from Wells Fargo Home Mortgage, allows borrowers to initiate simultaneously a first mortgage and a home equity line of credit. Nothing unusual about that. But elements of this deal make it unique. Using a computerized model, Wells Fargo will recalculate your home value annually. If the home value goes up, your credit line automatically increases. If the home value decreases, your credit line remains unchanged.

The account also permits refinancing of the first mortgage and gives the borrower the option to lock in a favorable interest rate on equity borrowing. Annual fee for the account: $75.

Joe Rogers, a Wells Fargo executive from Columbia, Md., says the offering responds to what he says is a growing view that homes are a source of wealth to be managed.

Caution: The account provides a seamless transition from one mortgage to two, making it very easy to run up debt and put the house at risk.

Wells' Rogers says the company understands the credit risks and therefore provides the management account only to "financially sophisticated borrowers."

usatoday.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News