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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. And with our free letters options, they can let you know they're serious about building a new home.

1. A free mortgage prequalification lets them know 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. 
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 your home mortgage consultant for details.

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 these are tools to help them 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.