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Wells Fargo in the United States has been embroiled in a series of scandals and missteps for at least half a decade. See the Wells Fargo Account Fraud Scandal for some details. It got to such a point where the Federal Reserve in Feb 2018 froze Wells Fargo's asset level. Assets for a bank are loans and other obligations where the bank makes money. Savings &...


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"That is, is there a point in paying down the loan where that $20/month outweighs the higher interest rate on the HELOC?" Yes - the reason for this is that your fixed PMI increases as a % of your outstanding loan balance, as your loan balance decreases. If PMI is a fixed $20 / month ($240 / year), then it starts out as 1.2% of $20k, but when your ...


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Check the closing costs. Generally three things happen: you pay them in cash; they get rolled into the loan; or the lender pays them and charges a higher rate. Under your plan you will have an extra set of closing costs. Who will make the 2nd loan? If you go back to the same lender they might allow you to skip some expenses, but they also might not allow you ...


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We're talking U.S. mortgage market here, true? And this is an owner-occupied property? A HELOC is usually not the best way to pay down an existing first lien because all things being equal the HELOC interest rate will not be as favorable as the first lien. If however there's not much unpaid principal balance left on the first, it may be convenient to refi ...


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