Does the equity line of credit have any standard costs?
The line of credit has a standard $75 annual fee, which is waived for the first year. There is no additional charge if you don’t use your line. Your money is there when you need it. If you close your equity line of credit within the first three years of getting a Home Asset Management Account, there is a deferred origination fee of $500 unless you obtain another Wells Fargo mortgage or equity loan. After three years, this fee no longer applies. There is a $50 fee for each loan conversion.
