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Applying For a Home Loan
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Be prepared prior to starting an application for a Home Loan, take a peek at the following information:
Ways to Apply
Wells Fargo Home Mortgage offers convenient ways to start the application process. Regardless of the method that you select, our mortgage consultants can provide the guidance you need.
1. Applying over the phone or in person allows you to give your information directly to a mortgage consultant. This person will walk you through the application and complete it for you based on your answers.
2. Starting an application online lets you enter your financial and property information. A mortgage consultant reviews this data and contacts you to discuss your potential next steps. If you decide to apply, they will submit the application on your behalf.
No matter which option you select, you’ll be able to make changes to your loan request, adjusting such features as your loan type, points paid, and, if you’re buying a home, the amount of your down payment. Your home mortgage consultant will answer any questions about your loan or the mortgage process and ensure that you’re comfortable with the loan features you’ve selected.
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Information Checklist
- Regardless of how you start your application, you’ll need to gather the following information about each borrower. This includes:
- Social Security Number
- Gross income amount, including secondary income sources, if applicable
- Name and address of your employer, and of your previous employer if you’ve been at your current job for less than two years
- Previous address, if you’ve been in your current residence for less than two years
- Asset information, including the value of your banking, investment, and other accounts
- Current expenses, including housing, credit card and loan payments, child support, and other obligations
- Estimated purchase price and down payment amount (if you are purchasing a home)
- Estimated property value and loan amount (if you are refinancing)
Print a detailed checklist of the information you’ll need to provide.
If you don’t have all of this information readily available, don’t worry. Some of it can be gleaned from your credit report. Your home mortgage consultant will work with you to ensure that we have the necessary information.
What Happens Next?
A mortgage consultant will contact you to provide a tailored mortgage consultation. You’ll have the opportunity to update information and review your financing options. You can also decide whether or not you want to have your mortgage consultant prepare and submit a financing application for you. That’s when your credit report and other financial information will be reviewed.
You will likely have to send supporting documents (such as account statements and paycheck stubs) to your mortgage consultant. In some cases, you may receive a copy of the completed application for you to sign and return with the outstanding documentation.
If you’re eligible for a preapproval, we’ll provide you with a commitment letter for a certain mortgage amount, down payment and interest rate, subject to certain terms. The loan commitment letter can be finalized after information about the property is submitted, which may include an appraisal.
If your loan is approved, your mortgage consultant will contact you about what’s needed to close your loan. It’s important to communicate regularly with your mortgage consultant throughout the period leading up to your closing date. This will allow you to be prepared in the event additional information is needed to finalize the loan.
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