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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(NAPSI) - More than 8 million homes are expected to change hands this year. Homebuyers spend an average of seven weeks looking at 10 different properties before making a buying decision, according to the National Association of Realtors. As they search for the perfect property, they may feel that each falls short of their expectations. To help remedy this problem, financial institutions offer home-financing options that enable homeowners to transform their new house into the home of their dreams.
By making specific home improvements such as updating the kitchen, adding a bathroom, installing new flooring, building a porch or redoing the landscaping, a not-quite-so-perfect house can become a buyer's model home.
"To simplify the process of improving a new home, consumers should consider financing options that allow for the successful management of not only the home, but a variety of important expenses," says Cara Heiden, Division President of National Consumer and Institutional Lending for Wells Fargo Home Mortgage, one of the nation's leading mortgage lenders.
One such product is the Wells Fargo Home Asset Management Account, which enables homeowners to finance their home and conveniently access their home's equity. This financial tool combines a first home mortgage and a home equity line of credit and requires only a one-time approval for access to the estimated growing equity in the home.
"It allows homeowners the ability to manage their new home like an asset through quarterly and annual reports, which track the available home equity as the estimated value increases," says Heiden. "They can also lock in the prevailing fixed rate on the line of credit balance for a fixed monthly payment during the draw period."
Homeowners may benefit from improved cash flow with potentially tax-deductible interest paid on the line of credit or a fixed-rate advance. (Homeowners should consult a tax advisor). That means more funds may be available for those important improvements. Additionally, there is access to available equity by writing convenience checks or using an EquityLine Platinum card.
Offering security as well as potential for financial gains, the Home Asset Management Account can provide the resources and means to help Americans create their perfect home.
For more information, visit Wells Fargo at www.wellsfargo.com or call 1-800-222-3408 for the nearest neighborhood banking store.
The Wells Fargo Home Asset Management Account is not available in New York and Texas. Home equity financing is provided by Wells Fargo Consumer Credit Group, a division of Wells Fargo Bank, N.A. Wells Fargo Home Mortgage is a division of Wells Fargo Bank. N.A. Wells Fargo Bank, N.A. is an Equal Housing Lender.
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