Frequently Asked Questions

Mortgage prequalifying and applying

How can I start my mortgage application?

Get started through any of these convenient ways:

Does Wells Fargo require a property inspection?

If you're buying a home, it's highly recommended that you obtain a property inspection and make your purchase offer contingent on the findings of the inspection.

There is a difference between a property inspection and an appraisal. An appraisal is required by most mortgage lenders in order to support the value of the real estate and the terms of the mortgage agreement.

Do I need an attorney?

While there are many areas of the country where attorneys are not typically used in real estate transactions, some states do require an attorney. If you're not sure of the state requirements, you can check with your home mortgage consultant.

What is the minimum down payment for conventional, FHA, and VA loans?

Wells Fargo offers several low down payment options, including conventional loans (those not backed by a government agency).

  • Conventional fixed-rate loans are available with a down payment as low as 3%.
    • Keep in mind that with a low down payment mortgage insurance will be required, which increases the cost of the loan and will increase your monthly payment. We'll explain the options available, so you can choose what works for you.
    • Talk with your home mortgage consultant about loan amount, loan type, property type, income, first-time homebuyer, and homebuyer education requirements to ensure eligibility.
  • FHA loans are available with as little as 3.5% down.
    • FHA loans have the benefit of a low down payment, but you'll want to consider all costs involved, including up-front and long-term mortgage insurance and all fees. Be certain to ask your home mortgage consultant to help you compare the overall costs of all your home financing options.
  • VA loans offer low- and no-down-payment options for eligible veterans and other eligible borrowers.

How do I know if my mortgage is assumable?

Not all mortgages are assumable, but you can tell if you have one by the language in your note and mortgage.  You can also find out by speaking to one of our assumption specialists at 1-800-340-0570.

If you have an existing assumable mortgage, you may be able to add or remove borrower(s) through an assumption loan.

Common reasons for an assumption loan include divorce, legal separation, death, or direct purchase. In these situations, it may make sense to get an assumption loan instead of a traditional purchase or refinance if the terms of the existing mortgage are more favorable than those of a new loan.

Potential benefits:

  • May enhance the property's marketability, especially if interest rates are rising
  • May not need a new appraisal, lender title policy, survey, and inspection


  • There are fees to assume a loan, including closing costs that must be paid separately from the mortgage.
  • The buyer or person assuming the loan must meet credit and income qualifications and provide requested documentation.

For more information or to determine eligibility, call the Wells Fargo Assumption Department at 1-800-340-0570.


Mortgage rates and terms

How are interest rates determined?

Interest rates are influenced by the financial markets and can change daily – or multiple times within the same day. The changes are based on many different economic indicators in the financial markets.

What's an interest rate lock?

Mortgage interest rates may change many times every day. Choosing when to lock your interest rate is an important part of the home financing process. Learn more about interest rate lock options.

Mortgage approval and closing

If I've already been preapproved for a mortgage loan by Wells Fargo, how long does it typically take to close?

The number of days from application to approval will vary for purchase and refinance home loans. The timeline is generally 30-90 days.

If I have a Wells Fargo mortgage and want to refinance, will I have to pay closing costs again?

Yes. There are costs related to processing any new loan application; they can include fees paid to third parties, such as an appraiser, the title company, and other closing expenses.

What is an origination charge?

The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination. Learn more about closing costs

Can I close my loan at a Wells Fargo location?

Each state has its own specific closing requirements, so check with your closing representative for the details. Typically, closings can be held at Wells Fargo locations or at an attorney's office. Some states permit "mail away" - or "mail out" - closings. If you're able to obtain a "mail away" closing, we will send you the documents using overnight delivery.

How much money will be required at closing?

The amount you'll need to close your loan includes your down payment, closing costs, and prepaid escrow amounts for property taxes and insurance. Prior to closing, you'll be informed of the final amount.

 Wire Transfer Fraud 

Before you wire funds, be sure to verify all instructions and contact information to avoid real estate scams. Learn more

Mortgage and homeowners insurance

What is the difference between mortgage insurance and homeowners insurance?

Mortgage insurance is required if you have less than 20% equity (or down payment) in your home and protects the mortgage lender from losses if a customer is unable to make payments and defaults on the loan. There are two types of mortgage insurance, Private Mortgage Insurance (PMI) and Mortgage Insurance Premium (MIP). Learn more about PMI and MIP.

homeowners insurance (or hazard insurance) policy covers loss from damages to your home, your belongings and accidents as outlined in your policy. Learn more about homeowners insurance.

What's mortgage insurance premium (MIP) and private mortgage insurance (PMI)?

MIP and PMI are 2 types of mortgage insurance. They add a premium to your monthly mortgage payment but allow you to borrow a larger percentage of your home's value. The type of mortgage insurance you have depends on the type of loan you have. Learn more about how mortgage insurance works.

How do I know if I have MIP or PMI?

  • You may have MIP if you have an FHA loan, which is a type of government loan.
  • You may have PMI if you have a conventional loan (non-government loan) and your down payment was less than 20%.

You can also sign on to Wells Fargo Online® and visit the Escrow Details page of your mortgage account to learn which type of mortgage insurance you have.

When can my MIP be removed?

Depending on when you either applied for or closed on your loan, you may be able to request early MIP removal or qualify for a premium end. Learn more about removing MIP.

When can my PMI be removed?

You may have options to remove your PMI based on the original value of your home or by ordering a new appraisal. Your loan’s investor may have other options. Learn more about removing PMI.

What is title insurance?

An insurance policy protects a lender and/or homebuyer (only if homebuyer purchases a separate policy, called owner's coverage) against any loss resulting from a title error or dispute.

Is purchasing title insurance mandatory?

All mortgage lenders require lender's coverage for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but the borrower pays the premium at closing.

Will homeowners insurance be required at closing?

Proof of homeowners insurance will be required before you can close your loan. Typically, you will need to present an insurance binder and pay for one year's worth of insurance coverage.


Mortgage account management

Can I have my mortgage payment deducted automatically from my checking or savings account each month?

Typically, after closing your mortgage loan, you will have the option of enrolling in an automatic mortgage payment program. You may be asked to provide an authorization form with a voided check or savings account slip attached to set up the draft. The payment is typically debited on a preset day each month.

Can I make a mortgage payment online?

Yes, you can make a payment and manage your mortgage account online, anytime. Gain instant access to your mortgage account details, loan history, tax and interest data, contact information updates, and more. It's fast and simple. Get more details

Can I pay my mortgage with my credit card?

Although you can't pay your mortgage with a credit card, you can set up automatic mortgage payments so that your monthly payment can be withdrawn automatically from your checking account each month.

Who do I contact if I am having trouble paying my mortgage?

We can help you understand your options if you are facing payment challenges. Call 1-800-678-7986.

How can I send funds to pay off my mortgage?

By wire, no checks:
Wells Fargo Bank, N.A.
Beneficiary Bank ABA: 121000248
Beneficiary Bank Acct: 4127400093
Beneficiary Bank Address:
1 Home Campus
Des Moines IA 50328

Please include account number, mortgagor name, sender's name and phone number.

If wire transfer is not an option, cashier's check or certified funds may be sent. Please generate a payoff quote after logging in to your account or contact customer service.

By overnight mail:
Wells Fargo Home Mortgage
Attn: Payoffs, MAC F2302-045
1 Home Campus
Des Moines IA 50328

Funds must be received by 2 pm Central Time for same day processing.

  • Payoffs are not posted on weekends or holidays, and interest will be added to the account for these days.
  • All figures are subject to final verification by the noteholder. 

Applying for home equity financing

Do I have to own a home to get home equity financing?

Home equity is what's available after subtracting what you owe on your mortgage (and any other outstanding liens) from your home's current market value. If you don't own a home and need financing, look into a personal loan that doesn't rely on home equity.

How much can I borrow with home equity financing?

The amount you can borrow is largely determined by your available equity, property type, and credit qualifications. To determine your available equity for a primary residence, take 80% of your home's appraised or fair market value and subtract the balances of any outstanding mortgages and liens on the property. If you qualify, the minimum home equity line of credit amount is $25,000 and in most cases the maximum is $500,000.

Are there any fees to apply?

There are no fees to apply and we will pay closing costs for services required by the bank.

How quickly can I get approved for home equity financing?

The average number of days from application to approval will vary. Depending on your credit history, the equity in your home, and the financing program selected, we may be able to approve your financing more quickly. If you apply online, you may be conditionally approved instantly, subject to verification of your application information.

How quickly can I close my financing?

The average time for closing varies.

Rates and terms

Will the APR change?

The minimum APR on the Wells Fargo home equity line of credit is 1%; the APR will never be more than 18%. The APR on the Wells Fargo home equity line of credit is variable and subject to change daily. In Texas, the Wells Fargo home equity account has a variable APR that is subject to change monthly.

What are the terms and repayment periods available?

Home equity lines of credit have a draw period of 10 years and 1 month. During the draw period, you can access available equity without reapplying. Once the draw period has ended, your outstanding line balance will convert to a repayment period of 20 years.

What are the minimum payment terms?

Your monthly payments will include both principal and interest.

For home equity lines of credit:

  • Your minimum monthly payment will be $100.
  • If you withdraw additional funds during the draw period or the variable-interest rate changes, your monthly payment may change.
  • Your payments are recalculated monthly to repay your principal balance over the remaining months of your draw period and your repayment term.

What are the monthly payments on the Wells Fargo home equity line of credit?

You make monthly principal and interest payments. You can choose to make additional principal payments without penalty, so long as you do not close your account.

How is the interest rate calculated?

The home equity line of credit has a variable interest rate that is calculated by adding a preset margin (as defined in your home equity line of credit agreement) to the Prime Rate as published in the Western Edition of the Wall Street Journal "Money Rates" table. Your rate and payments will increase or decrease as the Prime Rate changes.

The home equity line of credit provides a fixed-rate advance option that allows you to convert all or a portion of your line of credit balance to a fixed rate and term during the draw period. A minimum advance of $10,000 applies.

Am I eligible for a relationship discount?

You may be eligible for a relationship discount as well as other discounts. Please contact a Home Equity Specialist prior to signing your home equity documents at 1-888-667-1772 to see if you qualify.

Original Value

Either the price you paid for your home or the appraised value at closing, whichever is less.