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Applying for a mortgage

Start here to learn about the application and approval process

Time for a mortgage

Getting a mortgage starts with understanding your loan options, getting prequalified or preapproved, and preparing the financial information needed to move confidently through the application process.

Here's what this page covers:

  • Different types of mortgage rates
  • Prequalification versus preapproval
  • The loan application process
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Finding the loan that fits you

Your interest rate and principal payment remain consistent over the life of the loan. A good option if you plan to stay long-term and want protection from rising interest rates.

Wells Fargo offers fixed-rate mortgages with 15-year and 30-year terms.

Starts with a lower introductory rate, which changes periodically in the future. May be good if you'll move or refinance soon.

Monthly payments may go up or down depending on the market index.

A strong choice for those who've served. No down payment option may be available on VA loans for qualified borrowers.

VA loans are available to qualified borrowers — including veterans and active-duty service members — who meet the eligibility requirements established by the VA.

Our advice: Match your rate to your plans

Choosing between a fixed-rate and an adjustable-rate mortgage depends on your timeline and financial goals. Staying long-term? Fixed could work. Moving soon? Adjustable might save you upfront.

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Which mortgage fits your plans?

Choose a fixed-rate mortgage if you...

  • Plan to be in the home for 7 or more years
  • Like to have predictable interest rates
  • Want to lock in the current low rates
  • Desire payment stability

Choose an adjustable-rate mortgage if you...

  • Plan to be in the home for less than 7 years
  • Are comfortable with interest rate changes
  • Expect rates to stay the same or decrease
  • Want lower payments now
For advice shaped around your unique goals, speak with one of our home mortgage consultants today.
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Prequalification vs. preapproval

While the terms are often used interchangeably, they serve different purposes in the homebuying process.

Prequalification

  • Provides an estimate of how much you may be able to borrow.
  • Typically based on information you provide about your income, assets, debts, and credit.
  • Can help you understand your homebuying budget early in the process.

Get prequalified

Preapproval

  • Offers a more detailed review of your financial information.
  • Typically requires documentation such as pay stubs, tax returns, and bank statements.
  • Provides a stronger indication of the loan amount you may qualify for.
  • Can help demonstrate to sellers that you're a serious buyer.

Get preapproved

Simple takeaway

  • Prequalification helps you explore your options.
  • Preapproval helps you shop with greater confidence when you're ready to make an offer.
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Your loan application process

What is underwriting

This is the behind-the-scenes review of your financials to make sure you’re ready for a mortgage. Think of it as the part where the puzzle pieces get double-checked before the picture comes together.

Read more about underwriting

Some documents that tell your story

These can help bring your numbers into focus for lenders:

  • W-2 and 1099 from past 2 years
  • Recent pay stubs from your current employer
  • Recent bank statements, investment accounts, or other assets
  • Federal income tax returns (for self-employed)

Our advice: Your Wells Fargo team can help simplify all of this

Your home mortgage consultant walks you through what’s needed. A loan processor helps gather and review your documents. And a closing agent makes sure it all wraps up smoothly. Each person plays a part in getting you home.

Ready to turn all this prep into a big step toward your home?

Apply now

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What do I do if I’m declined?

A declined application isn’t the end. It's a signal to pause, adjust, and come back stronger.

Top reasons for declined applications

  • Credit score too low
  • Too much debt compared to income
  • Income too low
  • Property priced above appraised amount
  • Employment history is too short

"Not yet" doesn't mean "never"

"When we say no to your application, we're really saying, 'here's what to fix so we can say yes.' We'll help you understand what to work on and walk with you until you're ready."

–Wells Fargo Home Mortgage Consultant

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You're not doing this alone

We're here for you with answers, tools, and a team of people who've got your back at every turn.

Ready to get started?

1-877-510-2079
Mon – Fri: 7 am – 8 pm
Sat: 8 am – 6 pm
Central Time

Find a consultant

Just starting out?

We can call you

Share your contact info, and we'll have someone reach out to help.

Get a call back

Puzzled by the process?

Attend our events

Join other first-time homebuyers at an event near you.

Find an event


Ready to continue your journey? Here's what's up next:

Finding your home

Learn how to find a home within your budget, evaluate properties with confidence, and choose a neighborhood that fits your lifestyle and goals.
Learn more

Other steps

Related topics

Customers must meet all eligibility requirements for the VA program. Contact Wells Fargo to discuss current VA eligibility requirements.

‍ Equal Housing Lender

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.

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