Still house hunting? Now may be the perfect time to arrange your home financing. Understanding your mortgage options now can give you an advantage as you negotiate your home purchase. We can help you through either of these two convenient services:
- A preapproval letter from your Wells Fargo Home Mortgage consultant. This makes you a PriorityBuyer® which tells real estate agents and home sellers that you have been preapproved for a specified mortgage amount based on a preliminary review of your credit information.Footnote number 11
- A free mortgage prequalification. This lets you know roughly how much you can borrow to buy your new home, based on basic financial data you provide.
Preapproval vs. Prequalification
A preapproval indicates that a lender has taken a detailed look into your credit information and has issued a preliminary credit review, pending specific property and documentation. Because a preapproval includes a credit check, it's more powerful than a prequalification letter, which generally only estimates what you may be able to borrow, based on information you've provided.
What are the advantages of a PriorityBuyer preapproval?
- Meets the expectation of real estate agents and home sellers, who are increasingly relying on preapprovals to identify serious offers
- Helps you shop confidently because you know your buying range
- Can help give you an edge over other buyers who haven't been preapproved
- Lets you find out about and address possible qualification problems early in the homebuying process
- May allow for a faster closing, since much of the work has already been done
Enter the real estate market with confidence – get a PriorityBuyer preapproval today.
Footnote number 11
A PriorityBuyer® preapproval is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report. Preapprovals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preapprovals are not available on all products. See a home mortgage consultant for details.