Video — Prequalification versus preapproval
Find out more about these two ways of estimating what you can borrow.
Mortgage preapproval options
Wells Fargo has 3 preapproval options — a free prequalification, a PriorityBuyer® preapproval, and a thorough credit check. There's no upfront charge for preapprovals and credit approvals.
Keep in mind that these are tools to help you while home shopping, not commitments to lend. For a final decision, we'll need to review your financial and property information after you complete the mortgage application.
A PriorityBuyer® preapproval gives you an estimate of a loan amount you may qualify for — and a home price range you may want to consider. We check your credit and conduct an initial automated credit review.
Sometimes preapprovals can change or get cancelled if they don't meet regulatory requirements. They're also not available for all loans. For details, talk to your home mortgage consultant.