Home prices continue to soar from time to time due to limited land availability. Therefore, you who do not have a home can instantly find a solution to purchase it. If it is not possible to purchase a house in cash, you should consider a Wells Fargo pre-qualify home loan.
This home loan is a lifesaver because you can soon purchase a house before the price keeps going up. Keep reading the article below to get a comprehensive insight into the pre-qualified home loan offered by Wells Fargo.
A Glimpse of Wells Fargo
Henry Wells and William G. Fargo were founders of an American multinational financial services company. They founded this financial company in 1852 which continues to survive and thrive to this day. Wells Fargo is spread across 35 countries and has served more than 70 million customers from all over the world.
Its journey of more than 1.5 centuries proves that Wells Fargo is a credible financial company. In addition, Wells Fargo is also one of the biggest banks in the United States. Its existence will not make you rethink about choosing it as a home loan lender.
What is Wells Fargo Pre-Qualify Home Loan?
Pre-qualifying a home loan is an evaluation to determine your eligibility to obtain a home loan. Bank officers will formally evaluate your creditworthiness, finances, and ability to repay the loan. Next, the officer will also explain and illustrate how much you can borrow.
The bank will provide you a pre-qualification if the evaluation results show that you can pay based on the loan amount and excellent credit score. You can utilize this pre-qualify document to purchase a house through real estate.
Since the bank issues this document, the real estate officer will assess you as a serious and potential buyer. Simply put, pre-qualify is a formal document issued by the bank after evaluating your finance as a condition for loan eligibility.
Key Benefits of Pre-Qualifying A Home Loan from Wells Fargo
After getting pre-qualify for a home loan from Wells Fargo, you can get its four benefits. Get a closer look below!
1. Estimated Budget
Before purchasing a home you have to set a budget first. Ensure the budget range is realistic for your financial condition because it is closely related to your ability to pay the loan. Budget making process for purchasing a house will be effortless if you have received pre-qualification from Wells Fargo.
Since the pre-qualification document informs you of a range of loan amounts you will receive, ensure you apply for a loan that does not exceed the recommended amount. Hence, this pre-qualify is a quick and effective guide to finding the right budget based on your finances.
2. Improve Negotiation Power
Wells Fargo pre-qualify home loan is useful for enhancing negotiation power. Having a pre-qualify home loan document means you meet the eligibility to purchase a house. This will lead the real estate officer to respond and prospect you to find a house that suits your budget and needs.
Given that you are a potential buyer, don’t hesitate to negotiate with real estate officers to obtain the best offer. Negotiate confidently and explain house specifications you want to purchase. To illustrate, you have a budget of around $450,000.00 and want to have a house that can accommodate up to 4 people.
Real estate officers definitely won’t miss this opportunity, so they will try to find recommendations for a suitable house for you. In fact, you also have the chance to get house recommendations that are affordable and meet your needs.
3. Quick Loan Processing
Getting pre-qualification documents is useful if you want to buy a home soon. Home loan lenders will handle the loan process quickly because you have proof of eligibility to borrow.
4. Streamline the Loan Application Process
Last but not least, the benefit of Wells Fargo pre-qualify home loans is to streamline the loan application process. While applying for pre-qualification, bank officers will evaluate your finances thoroughly, so if there are any problems they will be identified.
As a result, you can resolve the problem quickly so it doesn’t hinder the smooth process of applying for a home loan.
How to Prequalify at Wells Fargo
Good news from Wells Fargo for you who want to get pre-qualify because it can be accessed online. Please follow the steps as follows:
- Open the browser and visit the Wells Fargo official website.
- To calculate the estimated loan amount you will get, you must enter the city and state of the house you want to purchase.
- Next, set an estimated down payment that you can afford.
- Complete your personal information such as your full name, date of birth, address, and contact information.
- Also, you have to complete other data such as interest rates, your monthly debt, and credit rating.
- Wait a few seconds because the mortgage qualification calculator will process the data you have completed.
- Finally, you can also find out the range of loans you will receive and the amount of the monthly installments.
What Affects Wells Fargo Pre-qualification Eligibility?
Before applying to pre-qualify to Wells Fargo, ensure you know four factors that affect pre-qualify eligibility. Check them out below!
- Improve your credit score because the higher your credit score, the greater your chances of getting pre-qualify.
- The second factor that influences pre-qualification is employment and income because they are closely related to the ability to pay loans.
- The debt-to-income ratio or DTI is also a factor that can influence the process of obtaining pre-qualification. Banks will find it easier to pre-qualify if your debt ratio is low.
- Paying a higher down payment than recommended will also make the process of getting pre-qualified smoother because it will reduce the amount of loan.
Let’s Apply for a Wells Fargo Pre-Qualify Home Loan!
Once and for all, pre-qualify is a document issued by the bank after evaluating the customer’s finances. This document will serve as proof of eligibility to apply for a home loan. To get a Wells Fargo pre-qualify home loan, you can follow the suggestions in the article above.
Along with that, fulfill the eligibility criteria for getting pre-qualify so the process runs smoothly. Thus, ensure to prepare every requirement and get the home loan with ease.
