BSM Script Anchor

Prequalification and Preapproval

Work with the nation's #1 lender to buyers of new construction homes

Getting prequalified or preapproved is a good way for customers to start shopping for a home with confidence. When you and your customers come to Wells Fargo, you'll know that you're working with a lender who's helped more families with home loans than any other lender in the nation.

We have 3 ways that they can learn how much they may be able to borrow:

1. A free mortgage prequalification lets them know roughly how much they can borrow to buy their new home, using basic financial data they provide. There's no credit check, no charge, and no commitment. 

There's also no upfront charge for these additional services:

2. A PriorityBuyer® preapproval gives them an estimate of a loan amount they may qualify for — and helps them determine a price range of homes they may want to consider for purchase. A preapproval means:

  • They've filled out a mortgage application.
  • We've checked their credit.
  • We've conducted an initial automated credit underwriting review based on the information they provided. 

3. A credit approval is our highest standard of approval. A credit approval means:

  • They've filled out a mortgage application.
  • We've checked their credit and they've been credit approved.
  • They've provided information and documents like W-2s, paystubs, and bank statements.
  • An underwriter has reviewed all of their information and made an initial decision on their application

Keep in mind that these are tools to help them while home shopping, not commitments to lend. They'll need to finalize your mortgage application, and we'll need to verify their information, review their financial documents, and verify the property meets requirements before we can make a final decision on their application.

Preapprovals are subject to change or cancellation if their requested loan no longer meets applicable regulatory requirements and are not available on all loan products. Speak with a home mortgage consultant for details.

Once they've applied, use yourLoanTrackerSM to conveniently complete important tasks and check their loan's progress — from any computer, smartphone, or tablet. yourLoanTracker is not available with all loans; talk to a home mortgage consultant for details. 

Why work with Wells Fargo? 

With our wide range of home financing programs, we can help you find a home loan that works for your customers. Our home mortgage consultants will explain their options and how different loan programs work, so they can make informed decisions. They'll have all the support they'll need as they plan, when they purchase, and after they own their new home.