Despite the housing boom in Canada, there are still many Canadians who experience difficulty qualifying for their first home purchase, or are blocked from borrowing because of past financial setbacks. Wells Fargo Financial has launched its line of mortgage products aimed at helping responsible people make home ownership a reality - now.

"Our target market may be a person who has not yet established credit, had financial set backs or they may be a self-employed individual," said Richard Valade, Wells Fargo Financial Canada President. "Our goal is to take people who currently have the capacity to meet a mortgage obligation and get them into a home they can afford."

"In mortgage lending one of the approval criteria we look at in a borrower is 'character', defined as - the desire and ability of the borrower to make payments on their home. We think some of the conventional rules can be too restrictive and are keeping too many good people out of the housing market," explained Mr. Valade.

Wells Fargo Financial removes many of the traditional barriers to qualifying for a mortgage with unique features such as:

- Up to 100% available on a home equity loan.

- 40 year amortization period.

- No requirement for mortgage insurance which adds up to 3% on top

of the home's purchase price.

"We believe the mortgage consumer benefits when there is the widest range of competitive options for home ownership. With our new mortgage product Wells Fargo Financial is filling a demonstrated need in the marketplace," adds Mr. Valade.

Wells Fargo offers Canada's most flexible home equity financing product to homeowners who want to improve their lifestyle by paying down debt and lowering their monthly payments. Others may use the proceeds to pay for their children's education or renovate their home. It is possible for home owners to access fully 100% of their home equity with Wells Fargo. Increased flexibility ensures customers can manage their financial commitments with affordable payments.

About Wells Fargo Financial Corporation Canada

Headquartered in Mississauga, Ontario, Wells Fargo Financial Corporation Canada is a leading national provider of financial products and services, including mortgage financing and personal loans to Canadian consumers. Wells Fargo Financial offers retail financing programs to national and local retailers through a network of more than 3,400 merchants. With 165 stores in all 10 provinces and 2,700 team members across Canada, Wells Fargo Financial Corporation Canada, a $4.50 billion (Cdn) corporation, is part of Wells Fargo & Company (NYSE: WFC - News). More information about Wells Fargo Financial Corporation Canada is available at www.wellsfargofinancial.ca

Wells Fargo Financial Corporation Canada is associated with Wells Fargo &

Company, a company that is not regulated in Canada as a financial

institution, a bank holding company or an insurance holding company.

For further information: Sébastien Charbonneau, Corporate Communications, Wells Fargo Financial Corporation Canada, T: 1-866-384-3127, C: (905) 334-7709, SebastienCharbonneau@financial.wellsfargo.com

Source: newswire