Wells Fargo Goes Beyond Funding With New Home Equity Program

2007-04-23 14:40:19 -

SAN FRANCISCO, April 23 /PRNewswire/ -- Why would a homeowner look to a financial institution for guidance on their home improvement project? In an industry-changing move, Wells Fargo is introducing a first-of-its-kind offering that combines home equity financing with tools and services for consumers' home remodeling needs.

The Wells Fargo Home Improvement Program is designed to assist homeowners in getting the most of their home improvement dollars by providing planning and budgeting tools and professional resources for their remodeling projects. The program offers these extra benefits -- a value

of more than $1,000 -- at no added cost with their home equity financing account:

-- Special discounts from leading home improvement retailers and appliance manufacturers.

-- A Home Improvement Kit with tips from industry professionals and guidance on project decisions like the Cost vs. Value Report.

-- Toll-free or online access to a network of third-party local contractors.

-- Toll-free access to experienced third-party tradesmen for tips and answers to general home improvement questions.

-- Warranty coverage extensions for qualifying appliance purchases when a Wells Fargo home equity access card is used. (Not available in New York or Texas.)

-- A new online resource center for home improvement (at http://www.wellsfargo.com/homeimprovement) for helpful home improvement information, budget/project management tools, and access to program benefits to help with every stage of a home improvement project.

-- Green remodeling tips and resources from the nonprofit organization Build It Green.

"This is about banking in the 21st Century," said Doreen Woo Ho, president of Wells Fargo Consumer Credit Group, one of the largest providers of home equity loans and lines of credit. "It's not enough to just offer good financial products any longer. Customers want us to provide simple solutions that ensure they get the most from their financing."

According to a recent Harvard Joint Center for Housing Studies report, "Improving America's Housing 2007," the amount consumers spend on home improvement is rapidly approaching $300 billion a year, and home improvement is the primary reason people obtain and use home equity loans and lines of credit. While the percentage of homeowners making improvements has declined since 1995, top home improvement spenders have increased their spending levels from an average of $5,800 in 1995 to $9,300 in 2005, according to the report.

Wells Fargo's own research conducted in 2006 revealed that home improvement is rarely a one-time project: almost two-thirds of people considering home improvement plan a series of remodeling projects. Their most frequently cited reasons for pursuing renovations were to make their home more comfortable and attractive, followed by wanting to increase the value of their home.

Wells Fargo also established from its research that while most homeowners who intend to improve their homes are confident they can achieve their envisioned outcome, they were not certain they could complete them on time and within the budget they planned. "We found that those who had past experience in home improvement were even less confident that they could get them done on time and on budget than those with no experience," said Woo Ho. "Our goal is for our customers to get the most of their home's equity dollars and feel comfortable with their financial decisions about what's likely their biggest asset -- their home."

For more information about the Wells Fargo Home Equity Home Improvement Program, visit http://www.wellsfargo.com/homeimprovement or call Wells Fargo at (866) 432-4010.

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

Source: Wells Fargo