Wells Fargo's Mortgage Knowledge: How They Know Your Loan

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. that offers a range of services to help customers manage their home mortgage accounts. Customers can enrol in Wells Fargo Online to access their account information, make payments, view their statements, set up alerts, and more. The bank also provides a personalized mortgage dashboard that offers tools and resources to help customers achieve their homeownership goals, understand market trends, and make informed buying or selling decisions. In addition, Wells Fargo offers prequalification services, low down payment options, and educational content to assist customers in the homebuying process.

Wells Fargo Online® account management

To enrol, you will need to complete a brief, one-time process. If you are an existing Wells Fargo customer, you can sign in with your username and password. Once enrolled, you can schedule one-time and recurring payments, as well as set up automatic, electronic withdrawals timed to your payday cycle. You can also use the website to make a payment, view your statements, set up alerts, and access a variety of tools to help you understand market trends and explore loan options.

Additionally, as a Wells Fargo customer, you have exclusive access to a one-stop real estate tool that allows you to track neighbourhood estimated home values, learn ways to increase your home's value, and explore renovation opportunities. You can also use their refinance tool to calculate potential savings with today's rates and access resources to guide you through the homebuying process.

Wells Fargo Online® provides a convenient way to manage your mortgage account, offering various tools and resources to help you make informed decisions about your loan and home ownership goals.

Prequalification and prefilled application details

A mortgage prequalification is a quick and simple way to find out how much you could borrow and what your estimated rate and payment would be. It uses your income, debt, and credit information to let you know how much you may be able to borrow. Getting prequalified before you shop for homes can help you focus your search by establishing your price range upfront. It can also help you move forward confidently, knowing that you can back up your offer with proof of financial capability.

To get prequalified online with Wells Fargo, you need to provide some basic information, including your contact information, income, and monthly spending. Wells Fargo will then use this information, along with your credit rating and monthly debt, to calculate the loan amount, interest rate, and monthly payment you could qualify for. This process is quick, simple, and free, and it does not affect your credit score.

If you are already a Wells Fargo customer, you can use your Wells Fargo Online® username and password at the start of your application, and Wells Fargo will prefill some of your information, making it easier to complete the application.

It is important to note that prequalification is not a commitment to lend. It is a preliminary review of your financial information to give you an estimate of how much you could borrow. A loan commitment depends on the verification of the mortgage application information, review of financial documentation, and property acceptability and eligibility, including the appraisal and title report.

Low down payment options

Wells Fargo offers a variety of low down payment options for mortgages. These include conventional loans, which are not backed by a government agency and can be obtained with a down payment as low as 3%. FHA loans are also available with a minimum down payment of 3.5%. With a low down payment, mortgage insurance will be required, which will increase the cost of the loan and your monthly payments.

There are also various down payment assistance programs (DAP) and grants available to help with closing costs. The Homebuyer Access Grant, for example, provides a $10,000 grant for a down payment, subject to eligibility requirements. There are also government programs that offer low and no-down-payment options for eligible homebuyers.

It's important to note that the size of your down payment can impact your mortgage amount and loan options. A larger down payment can lower your loan costs and overall interest paid. However, a low down payment does not mean you cannot buy a house. Wells Fargo offers several options for homebuyers with limited savings.

To determine the best option for your finances and eligibility, it is recommended to speak with a Wells Fargo home mortgage consultant, who can provide personalized advice and walk you through the application process.

Interest rate lock options

Interest rates can fluctuate daily and even multiple times within the same day. As such, choosing when to lock your interest rate is an important part of the home financing process.

Wells Fargo offers rate lock options to protect you from market changes. When you lock your interest rate, you're protected from rate increases due to market conditions. If rates decrease before your loan closes and you want to take advantage of a lower rate, you may be able to pay a fee and relock at the lower interest rate. This is called "repricing" your loan.

Rate lock fees vary based on the length of your rate lock period and the interest rate chosen. Wells Fargo will refund the rate lock fee if your application is denied. If you withdraw your loan application or it is canceled, the upfront extended rate lock fee may not be refunded unless the application is for a VA loan.

You may qualify for a rate discount based on the balance of your eligible assets at Wells Fargo Bank, N.A. and/or Wells Fargo Advisors. Not all assets qualify, and the discount is not eligible with FHA and VA loans. Refer to your Customer Rate Discount Disclosure in your initial disclosure package for additional details on the Asset-Based Relationship Discount.

Other risk factors that Wells Fargo considers when determining your interest rate and costs include previous bankruptcies, foreclosures, or unpaid judgments. You may be able to lower your interest rate by making changes that lower your risk factors. Some things to consider include putting more money down, clearing any errors on your credit report, and adding a co-signer with additional income and/or a higher credit score to support the loan.

Homebuyer grants

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. The bank offers a range of services to help customers manage their mortgage accounts. This includes online services, such as the ability to make payments, view statements, set up alerts, and access a personalized mortgage dashboard.

Wells Fargo also offers a range of programs and resources to help make homeownership more accessible. This includes low down payment programs, such as conventional loans with a down payment as low as 3% and FHA loans with a down payment of 3.5%. Wells Fargo also offers the Dream. Plan. Home.® closing cost credit, which provides eligible buyers with up to $5,000 to apply towards one-time closing costs when buying a primary home in an eligible area.

In addition, Wells Fargo offers the Homebuyer AccessSM grant, which provides $10,000 in down payment assistance to eligible borrowers who earn up to 120% of the area median income. This grant cannot be used in connection with the financing of a Wells Fargo real estate-owned (REO) property purchase, and the full $10,000 must be applied towards the down payment.

In 2019, Wells Fargo also offered a $20,000 grant program for homebuyers in Essex County, New Jersey. This program was administered by New Jersey Community Capital and was available to eligible homebuyers who were pre-approved for financing and earned 100% or less of the area median income.

Overall, Wells Fargo offers a range of tools, programs, and resources to help customers manage their mortgage accounts and make homeownership more accessible.

Frequently asked questions