Prequalification and Preapproval

Helping your buyers explore their home loan options

Getting prequalified or preapproved is a good way for buyers to start shopping for a home with confidence. We have 3 ways they can learn how much they may be able to borrow. Plus, they can request a free letter with each of these services to let sellers and real estate agents know they're serious buyers.

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

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. 
Keep in mind that a PriorityBuyer® preapproval is not a commitment to lend. A loan commitment can only be made upon receipt of an appraisal, title commitment, and final verification of all required financial documentation. This preapproval is subject to change or cancellation if the requested loan no longer meets applicable regulatory requirements and is not available on all loan products.

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.

These are tools to help your buyers while home shopping, not commitments to lend. They'll need to finalize their 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.

Why work with Wells Fargo? 

With our wide range of home financing programs, we can help your buyers find a home loan that works for them. 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.