Get prequalified now to know your estimated mortgage rate and see how much you could borrow.
A mortgage prequalification is a quick and simple way to find out how much you could borrow, and what your estimated rate and payment would be.
Mortgage prequalification is a simple process that uses your income, debt, and credit information to let you know how much you may be able to borrow. Getting prequalified before you shop for homes can help you:
Getting prequalified online is quick and simple. Just provide the following information:
We’ll use that information, along with your credit rating and monthly debt, to calculate the loan amount, interest rate, and monthly payment you could qualify for—all in just a few minutes without affecting your credit score.
Does mortgage prequalification affect my credit score? Does mortgage prequalification affect my credit score?
No. When we check your credit for a mortgage prequalification, it's considered a "soft" credit inquiry, which does not affect your credit score.
If you decide to move forward after prequalifying, we'll ask your permission before doing a "hard" credit inquiry later in the process.
Do I need to provide paystubs or other documents for loan prequalification? Do I need to provide paystubs or other documents for loan prequalification?
No documents or fees are required for a mortgage prequalification. That's one reason why a prequalification is just an estimate: it's based on financial information that hasn't been documented and verified.
Later on, if you decide to complete a full mortgage application, your home mortgage consultant and loan processor will let you know exactly what documents to provide.
What’s the difference between prequalification and preapproval? What’s the difference between prequalification and preapproval?
Prequalification and preapproval actually have more similarities than differences:
The key difference is that a preapproval is a more accurate and reliable estimate based on a more complete view of your credit. That's because when you prequalify, we perform a "soft" credit inquiry, which gives us information about your credit history and monthly debts, but this doesn't provide as much detail as a "hard" credit inquiry, which is required for a preapproval.
Your preapproval also comes with a PriorityBuyer SM Preapproval Letter that you and your agent can give to sellers when you make an offer, so they know you're a serious buyer.
If you're not sure which option is right for you, start by getting prequalified online. It only takes a few minutes, and afterward you can easily take the next step and let us know you'd like to get preapproved.
How long does prequalification for a home loan last? How long does prequalification for a home loan last?
A prequalification doesn't come with an expiration date. On the other hand, the more time that passes after getting prequalified, the more likely it is that something could change that affects your estimated loan amount.
When you get prequalified, we estimate how much you could borrow based on your income, debts, credit, and down payment amount at that moment in time. If all those things stay the same, the amount you qualify for shouldn't change dramatically.
If things do change, don't worry — you can always come back and repeat the process to double check your results. Getting prequalified online with Wells Fargo is quick and simple, costs you nothing, and doesn't affect your credit score, no matter how many times you do it.
