https://www.wellsfargo.com/equity/line-of-credit-details/
Due to current market conditions, we are temporarily suspending new applications for home equity lines of credit. Please consider one of the borrowing options below.
6 replies (most recent on top)
Old news. HELOCs were suspended in April 2020. Please try to keep up.
SH-t is gonna burst again, it is coming. Keep buying your overpriced homes and refinancing you dummies.
The consent order is turning out to be a blessing in disguise.
"A banker is a man who lends you an umbrella when the weather is good and takes it back when it rains."
Three years ago someone I know was laid off. After a three-month climb to find a new job, they vowed to put together an emergency fund. After a sudden drop in rates, they took out a small cash-out refinance. Luckily they still have a job, but the fact that they now have that cushion puts their mind at ease.
Lesson learned: take advantage of cheap credit while you can.
Yep. Layoffs and COVID = risk.
It's also the fun part about credit.
When you don't need it, it is real easy to get.
When you need it, it is real hard to get.
This is why $1 in the bank is worth so much more than $1 in credit that you can maybe draw on. Especially lines of credit that can be called in.