In order to make sellers know that you are a serious buyer, you need to get preapproved for a mortgage. The preapproval will show you that you might be able to manage certain home price range and loan amount. It will of course guarantee the sellers that you can afford them. To begin with, knowing how much price range and loan amount you can manage beforehand can give you confidence when shopping for a home. Here are the options of Wells Fargo mortgage pre approval to find out the amount of loan to borrow.
- Free Mortgage Prequalification
The first option of Wells Fargo mortgage pre approval is to get prequalification, of course. You don’t need to worry about the cost since it is free of charge. With this option of mortgage pre approval, what you can find out is rough estimation of loan amount to buy new home. The prequalification is done by considering your basic financial information. This option of Wells Fargo mortgage pre approval also does not require credit check and commitment. Remember that this is just the tool to estimate the loan amount to begin with.
- Priority Buyer Mortgage Approval
The second option of Wells Fargo pre approval would be none other than Priority Buyer preapproval itself. By getting preapproved by this, you will get the exact estimate of the loan amount you might be able to qualify for as well as the home price range you might want to consider. This can be done by having your credit checked and doing automated credit review. That being said, this option of Wells Fargo mortgage pre approval is subject to change. Be sure to consult this with your mortgage consultant if you want to inquire it further.
- WF Mortgage Loan Credit Approval
The third option we have here is actually the highest standard of Wells Fargo mortgage pre approval. Since it is the highest standard of all, there are more things to be done or requirements to be made. For this approval option, your credit will surely be checked. What’s more? You will also be credit approved for certain amount. It does not stop only with that. Your information will have to be reviewed by underwriter. Then, he/she has to make initial decision on your application before you get Wells Fargo mortgage pre approval.
Those are the three options of WF mortgage pre approval that can help you ensure the sellers. That being said, they are only the helper tools when you are shopping for home to buy. Final decision on your application must be made if you are looking for commitments to lend. To do so, the application has to be finalized. Of course, the lender needs to have your information and verified, financial documents reviewed, and property requirements met. Still, those options of Wells Fargo mortgage pre approval above would be helpful if you want to know just how much you can manage yourself.