With unparalleled experience in the mortgage arena, The Wells Fargo home loan team is here to assist you with every step of the home purchasing process. Whether you are in the market for a new home or looking to refinance your home, the expert mortgage team at Wells Fargo will help you find a home loan that is suitable to your financial needs.
Purchasing a New Home
When starting the home buying process, you need to first decide what price range you can afford. A big part of the Wells Fargo mortgage rates are determined based on your income, debts, and other financial data. This can be determined by looking into your current financial situation which includes both your gross annual income and credit score. The team of experts at Wells Fargo can help you find ways to increase your credit score. Often times there are items placed on a credit score that can easily be disputed and rectified, even during the purchase of a new home.
Home buyers also have the option to get prequalified on a home loan. This can give them an up-to-date estimation of what they can afford. This estimation is helpful when making your final home buying decision. A Wells Fargo mortgage rates expert will walk your through the prequalification process and answer any questions that you may have.
Wells Fargo Mortgage Rates
- When it comes to home loans, there are several options available to home buyers.
- A fixed-rate mortgage guarantees that monthly payments and interest rates will remain the same over the course of the loan’s life.
- Adjustable-Rate Mortgage (ARM): This is when you have a lower initial interest rate than compared to fixed-rate. The rates and monthly interest rates are subject to change after the initial fixed-rate period.
- These are for customers who need financing for higher loan amounts. They provide financing above standard Fannie Mae and Freddie Mac loan amounts.
Your First Mortgage
- This is meant for first-time or repeat home buyers who have limited cash available for a down payment. Keep in mind that Wells Fargo mortgage rates are dependent on your credit score.
Government Loan Options
- Eligible customers have availability to loans such as FHA, VA, and the Guaranteed Rural Housing. They offer low down payments, down payment assistance programs, and provide options for home buyers with credit concerns. Wells Fargo mortgage rates can fluctuate because of different loan programs.
New Home Loans
The home buyers who purchase a newly constructed home receive:
- “Builder Best” extended rate lock program
- A dedicated team that is specialized in home financing for new home builds.
Cash Out Refinance
- This is utilized for home owners who want to access available equity from their home.This will replace your existing mortgage with a new loan that’s larger than original loan balance. Also, when you close this type of loan, you will be able to access the money you borrowed to pay for any major purchases.
Home Equity Line of Credit
- This is meant for the homeowners who want ongoing access to the available equity in their home. During the “draw period” you can borrow money as you need, up to your available line of credit. Relationship discounts can be accessed and your interest rate may be lower than other unsecured forms of credit.
Closing on Homes
- It is recommended that home buyers hire a home inspector to conduct a house inspection on the home they are considering to purchase. This includes not only items that can be seen in plain sight, but also the overall structural integrity of the home, inside and out.
- Home buyers themselves are also encouraged to get involved in the inspection process. Look around for any major repairs in walls, flooring, the foundation, and any other areas that need to be addressed.
- Closing on a house generally takes anywhere from 30-90 days.
What is Included in the Origination Cost?
- This includes all charges that lenders and brokers included during the entire transaction. These include application fees, processing expenses, underwriting fees, as well as payments to the lender.
What is Included in the Closing Costs?
- Your down payment, prepaid property tax costs, and insurance escrow amounts are all included in the closing cost.
- Wells Fargo mortgage rates offers several home lending online calculators in order to determine how much house you can afford. These tools allow you to see the different loan options and show you how committing to a larger down payment can help save you money and time. This last task can be completed by using an amortization calculator.
Refinancing is a great option for homeowners that want to lower their monthly payment. For example, if you are paying a certain amount for a twenty year loan, the Wells Fargo mortgage rate advisor could work with you to lower your down payment by extending the loan out over more time. Our team of experts are ready to help you achieve your refinance goals! Refinancing can allow you to take money from your home equity and place it towards other expenses. Many homeowners will choose this option to fund home improvements or a potential remodel.
Rent vs. Buy
This decision is ultimately left up to the individual. However, looking into several factors associated with this process can help a potential home buyer make a better purchase decision. Gross annual Income, tax credits, credit scoring, down payment amounts, and the size of the home are all variables taken into consideration when determining whether you should rent or buy a property.
Wells Fargo mortgage advisors are qualified and eager to work with home buyers. The team of experts will help you with the entire process, from the initial online applications to closing day. We want to make your home purchasing goals come to life. Come by any Wells Fargo branch or search for a local Wells Fargo mortgage consultant today!