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The Mortgage Process

Transcript: Mortgage process video

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Buying a home ... it's exciting, right? You're ready to put down roots and start building some equity. But then it hits you ... to get a house, you have to get a mortgage. And you've heard about that ... a lot of steps, a lot of paperwork, a lot of unknowns.

But at Wells Fargo, there's a better way to get a mortgage. You've got a team and a guide, a home mortgage consultant, who will take you all the way to closing.

We even give you a simple way to manage the process. yourLoanTracker lets you upload documents, get status updates and receive and sign important disclosures ... all online. From any computer, smartphone, or tablet, you'll see what's going on with your loan in real time. It's available for most loans, and you'll get access through your home mortgage consultant if yours is eligible. That's how we make the home loan process easier, your team and yourLoanTracker.

There are 4 main steps in the mortgage process, and the first is to Complete Your Application.

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Start by connecting with a home mortgage consultant, who will help you understand and compare your loan options. Wells Fargo's exclusive Priority Buyer preapproval letter gives you an estimate of how much you can borrow and a price range you're comfortable with. When you've found the right house, your home mortgage consultant will help you finish your application.

yourLoanTracker makes the next part a breeze. You'll have disclosures in minutes instead of waiting days to get them by mail. Right away you'll be able to see the terms and fees of your loan. Plus, you can send us supporting documents electronically: pay stubs, W2s, bank statements. Simply upload or take a picture, and it's all secure.

This brings us to Step 2, the Financial and Property Review. Your home loan processor and the rest of your team will look over your supporting documents to verify your application. If we need anything else from you, we'll let you know right away. We'll also order an independent appraisal to make sure the property value backs up the purchase price. Then, we send everything to the home loan underwriter.

Use yourLoanTracker to stay plugged into the process or see if there's anything you need to follow up on.

When everything's complete and you're approved, you'll get your final commitment letter from us, and be ready for step 3: Preparing to Close.

You're almost there ... just a few more things to take care of.

You'll need homeowners insurance, so be sure to check with your insurance company. We'll review your property title to make sure it's correct and schedule your closing date. At least three days before you close, check yourLoanTracker for your closing disclosure. You'll sign this later, so look it over carefully. It will tell you things like your final interest rate, monthly payment, and how much money you may need to bring to your closing. Your home mortgage consultant is available to answer any questions.

Now you're ready for step 4: Closing!

There will be three main players at your closing: you, your settlement agent, and a whole lot of documents. No worries, though; you've seen some of these in yourLoanTracker. And your settlement agent is there to walk you through them. When all the paperwork is done and you've paid any closing costs, you'll get your keys.

Congratulations, you did it! You're free to throw the biggest house party ever. Crank the volume up to 11. Do whatever you want. It's your home.

We continue to support you even after the boxes are unpacked. Like it's really easy to manage your mortgage account online. View your loan balance, make payments and manage your other Wells Fargo accounts too.

We know the mortgage process can feel like a giant leap into the unknown, but remember, it's really just 4 basic steps: 1. Complete Your Application; 2. The Financial and Property Review; 3. Preparing to Close;  and 4. Closing. And, from start to finish, you can count on yourLoanTracker and the guidance of your home mortgage consultant.

Thanks for thinking of us for your home loan. For more information, talk to your home mortgage consultant. 

Wells Fargo—we'll be there for you when you take the big step to buy your own home ... and all the steps after.