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Buy an Investment Property

After you apply for your mortgage, home equity loan, or home equity line of credit, we’ll work with you to ensure that the process is a straightforward and satisfying experience. We make it easy for you to track your Application Status online and get answers to your questions, every step of the way.

After you apply for a mortgage

What are the steps after my mortgage application is submitted?Show Details

The mortgage application process involves a financial and property review:

  • Your application is reviewed by a home mortgage consultant, who will be working with you through the final steps before closing. If additional documents are requested, you can learn more about them in our online document library.
  • We verify your employment, income and financial information and order a credit report.
  • We order services such as appraisal, title insurance, and flood certification.
  • An underwriter reviews your complete loan package to make a final decision on your application.
  • Upon approval, we send you a list of conditions that you must meet before you can close your loan.
You will need homeowners insurance to close your loan. Wells Fargo Insurance agents can help you find a homeowner’s policy that fits your needs. Call 1-877-260-7471 for a quote.1

How does the mortgage closing process work?Show Details

Before closing on your home mortgage, you will need to complete the following steps:

  • Review your loan commitment with your home mortgage consultant
  • Schedule a closing date where you’ll meet with the closing agent to sign your loan documents.
  • Review the title insurance (if available) to ensure you have the rights to the property.
  • Conduct a final walk-through inspection of your home-to-be and make sure that the seller has met the requirements of your agreement.
  • Get a certified or cashier’s check for your closing costs, escrows and remaining down payment if applicable. Your closing agent will let you know the amount you will need to bring to your closing.
  • If refinancing, you have three days to cancel the transaction if the loan is for your primary residence or second home.

How can I keep track of my mortgage application?Show Details

Your home mortgage consultant can answer any questions regarding your application status. Also, Wells Fargo’s Online Application Status 2 allows you to:

  • Track your loan every step of the way in the privacy of your own home or wherever you have internet access.
  • Receive updates regarding the progress of your mortgage application.
  • Check your “action item” list.
  • Find out what documents are needed, where to send them, and more.

What can I do to help my mortgage close on time?Show Details

Here are a few important steps you can take to help your mortgage loan close more quickly:

  • Provide accurate information during your loan application interview. Discrepancies in your credit history, employment history, or current bank account balance could delay your application.
  • We may request additional documents as we process your application. Help keep your application moving by submitting them promptly. If additional documents are requested, you can learn more about them in our online document library.
  • Do not make big purchases, take on additional debt or make large deposits or transfers unrelated to your loan until after your closing.

Is the process different for other types of mortgage loans?Show Details

Yes, renovation mortgages and new construction mortgage loans involve some additional steps.
Renovation mortgages
  • For all renovation loans, we base the appraised value on the completed improvement value.
  • Wells Fargo must approve your contractors and close the loan before work can begin. Our funding department will assist you in making interim payments to your contractor(s).
  • If you have an FHA 203(k) loan, we must perform inspections of the work before we release funds.
  • Once the inspector is satisfied with the work quality, we release the funds from the escrow account. The checks are made out jointly to you and your contractor. Typically, we do not release funds until work is completed. Upon completion of the project, we perform a final inspection and we disburse the final funds.
Visit our Home Improvement Lending Center for more information.

New construction mortgages
  • You can choose a pricing lock over an extended period. This gives you protection from financial market fluctuations over the time your new home is being built.
  • We’ll work with you to get your permanent loan approved. We’ll also get the final plans and specs so that we can order an appraisal.
  • After we have the appraisal and a fully executed purchase contract, we’ll submit the entire package for final construction loan approval.
Visit our Construction Lending Center for more information.

After you apply for home equity financing

What are the steps after my home equity application is submitted?Show Details

  • We will call you within two business days to let you know if your application is approved.

  • Additional information will be requested such as financial documentation and income verification.

How does the home equity closing process work?Show Details

  • The average time varies, but generally loans close within 20 to 45 business days. You can expedite the application process and receive a decision sooner by quickly providing any requested documentation. If additional documents are requested, you can learn more about them in our online document library. Your home equity specialist can help you understand what may be required.

  • If we approve your application, you will receive home equity access checks to use, up to your approved credit limit. You can also access your available credit with an Enhanced Access® Visa® credit card, Wells Fargo Online® Banking, or your ATM card. Your monthly payment will change based on how much you spend.3
You can also choose to close in a Wells Fargo bank store or by mail, where available.

How can I keep track of my home equity loan or line of credit application status?Show Details

Wells Fargo’s Your Application Status allows you to:

  • Receive updates regarding the progress of your home equity application.
  • Check your “to-do” list.
  • Find out what documents are needed, where to send them, and more.

What can I do to help my home equity loan close on time?Show Details

You can speed up your application by monitoring Your Application Status, where you can read and accept important account disclosures and get a list of additional items you may need to provide.
Also, please make sure you sign all relevant documents, get them notarized (as needed) and return them to us as soon as possible.
For your mortgage needs:
For your home equity needs:



The home’s estimated value — known as appraised value — is an important part of your financing. If you’re purchasing, this value usually needs to be equal to or more than the home’s purchase price. If refinancing, the appraised value helps to determine your maximum loan amount.


Standard conditions include our receipt of homeowner’s insurance policy, flood insurance if necessary, and an acceptable title insurance binder.

Closing Agent

This is the person or company that coordinates the execution of your closing documents. May be called by different titles in different states. Some common terms are attorney, title company, settlement agent, escrow company, notary, among others.
Wells Fargo Home Mortgage may not condition any extension of credit you have applied for based on:
  • Whether or not you purchase an insurance product from a Wells Fargo affiliate
  • Your agreement not to obtain, or a prohibition on you from obtaining, an insurance product from an entity not affiliated with Wells Fargo.
Not available on all loan types or in all areas.
3 Access checks not available in Texas. ATM card access and the Enhanced Access Visa card are not available in Connecticut, New York, or Texas.
Equal Housing Lender