Second mortgage and home equity loan

Every home is different. Every family is unique. That's why our home mortgage consultants and personal bankers will recommend a home mortgage or equity loan that's particularly right for you.

We have a variety of loans with features and benefits that range from simple to sophisticated financial plans.

But whichever home financing plan you choose, trust that all of our loans have competitive rates, flexible terms and affordable payment options.

Wells Fargo can help you turn home ownership into a foundation for wealth building. And if you already have a home that has built up equity, then we can construct a plan to turn your home into a working asset. The bottom line is you are the architect. And your home is your financial base. So, let's talk. Please join us at a Wells Fargo Wealth Building Strategies Seminar near you. Together, we can determine the home financial plan that's right for you.

As the nation's leading home mortgage lender to African Americans *, Wells Fargo helps families reach their goals with home ownership and smart management of their home asset.

Helping First-Time Home Buyers

When Tracy Allen contacted Wells Fargo Home Mortgage, the nation's leading retail mortgage lender, she had no idea she could purchase a home with no money down. Like most renters, she thought she was years away from owning a home. But, that didn't stop her from researching her options. She explained her financial situation to Ken Beckles, a Boston Wells Fargo Home Mortgage branch manager, and together they embarked on the road to home ownership. "Ken educated me about the home-buying process. He was wonderful."

Educating the home buyer is key to helping consumers understand the various mortgage options available to them. Ken explained the products and services within Wells Fargo's National Homeownership Program [SM], such as the Wells Fargo no-money down loan program that allows customers to finance 100% of the cost of the home. individuals with credit concerns or who have not accumulated savings for a down payment can learn more about Wells Fargo's flexible programs and loans. All first-time home buyers are encouraged to read our Homeownership Guides, speak with a mortgage consultant and attend our home buyer's seminar.

The no-money-down mortgage feature was the right strategy to help Tracy purchase a late-1800s, two-unit home for $192,000. She was only required to pay closing costs, which were approximately $1,000. Ken helped Tracy go from renting to owning rental property. Now, she uses her rental income to supplement her mortgage.

Helping Homeowners Renovate Homes

When Michelle Jones-Boxley first saw her three-bedroom, 1940s row house, she realized she found a diamond in the rough. Like many older homes in the Washington, D.C. area, the row house needed renovations. Michelle wasn't deterred. She knew that improving her new home would positively impact her community.

But Michelle had to figure out how to pay for the $25,000 in home improvements. After unsuccessfully reaching out to several lenders, a friend recommended Wells Fargo, the nation's leading home mortgage lender. Michelle contacted Yvonne Gipson, a home mortgage consultant/renovation specialist, and together they created a financial plan that fit Michelle's particular needs.

Yvonne recommended that Michelle refinance her existing mortgage with a renovation loan. A renovation loan is a mortgage product that allows a customer to get everything they need with one loan, making it easier for people to purchase the home of their dreams as well as make repairs. And, the buyer can borrow an amount based on the improved value of the home.

"Yvonne asked me what I wanted to do and I created a list--new hardwood floors, a Jacuzzi, a new bathroom and vanity, a new roof and a new AC system." Now, Michelle's 1940s row house reflects her contemporary lifestyle and her commitment to the community.

Homeowners Build Wealth

When Hans and Lisa Kappel bought their home, they knew they were taking the first step to wealth building. "The biggest advantage of home ownership is equity."

After their second child arrived, the Kappels wanted to make home improvements and have a readily available source of cash to meet any unexpected family needs. They contacted Wells Fargo, the nation's leading home mortgage and home equity lender. They worked with Vincent Samson, a branch manager in Atlanta and were able to access the equity in their home with a home equity loan from Wells Fargo. Now the Kappels have a nest egg they can access for home repairs, improvements or simply to meet the needs of their growing family.

And for homeowners who have built up equity and want to diversify their portfolios with real estate, purchasing a second home is a smart investment opportunity. Since it's an investment, the objective is for the value of the property to increase.

With potential tax-deductible interest ** and flexible terms and payment options, home equity financing helps all homeowners gain more control over their finances and enables families to build wealth. According to a study conducted by the Joint Center for Housing Studies of Harvard University ***, more than $1.5 trillion in home equity wealth could pass from one generation to another in the next 20 years.

* Based upon internal analysis of 2002 HMDA data.

** Please consult your tax advisor.

*** Reprinted from the "2003 State of the Nation's Housing" with permission from the Joint Center for Housing Studies of Harvard University.

Learn more about homeownership. Attend a Wealth Building Strategies Seminar near you.

For more information call: Home Mortgage Financing 800-557-4790. Home Equity Financing 866-439-7704.

In addition, Wells Fargo provides FREE Homeownership Guides available at www.wellsfargo.com/mortgageguides