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Mortgage FAQs

Mortgage prequalifying and applying

How can I start my mortgage application?

Get started through any of these convenient ways:

Get prequalified

You can more confidently search for homes with a Wells Fargo prequalification, which shows sellers you’re a serious buyer and gives you a better idea of your potential loan amount, monthly payment, and interest rate.

Apply online

Our simplified and secure online mortgage application will walk you through the process step by step. If you’re a Wells Fargo customer and use your Wells Fargo Online® username and password at the start of your application we’ll prefill some of your information, making it easier to complete the application. Some features of the online application are not available with all loans. Ask a home mortgage consultant for details.

Talk to a consultant

You can also connect with a home mortgage consultant and have a conversation – about your home financing needs, your loan choices, and how much you may be able to borrow. When you’re ready, your home mortgage consultant will help you complete an application. Some features of the online application are not available with all loans. Ask a home mortgage consultant for details.

Does Wells Fargo require a property inspection?

If you're buying a home, it's highly recommended that you obtain a property inspection and make your purchase offer contingent on the findings of the inspection.

There is a difference between a property inspection and an appraisal. An appraisal is required by most mortgage lenders in order to support the value of the real estate and the terms of the mortgage agreement.

Do I need an attorney?

While there are many areas of the country where attorneys are not typically used in real estate transactions, some states do require an attorney. If you're not sure of the state requirements, you can check with your home mortgage consultant.

What is the minimum down payment for conventional, FHA, and VA loans?

Wells Fargo offers several low down payment options, including conventional loans (those not backed by a government agency).

  • Conventional fixed-rate loans are available with a down payment as low as 3%.
    • Keep in mind that with a low down payment mortgage insurance will be required, which increases the cost of the loan and will increase your monthly payment. We'll explain the options available, so you can choose what works for you.
    • Talk with a home mortgage consultant about loan amount, loan type, property type, income, first-time homebuyer, and homebuyer education requirements to ensure eligibility.
  • FHA loans are available with as little as 3.5% down.
    • FHA loans have the benefit of a low down payment, but you'll want to consider all costs involved, including up-front and long-term mortgage insurance and all fees. Be certain to ask your home mortgage consultant to help you compare the overall costs of all your home financing options.
  • VA loans offer low- and no-down-payment options for eligible veterans and other eligible borrowers.

How do I know if my mortgage is assumable?

Not all mortgages are assumable, but you can tell if you have one by the language in your note and mortgage.  You can also find out by speaking to one of our assumption specialists at 1-800-340-0570.

If you have an existing assumable mortgage, you may be able to add or remove borrower(s) through an assumption loan.

Common reasons for an assumption loan include divorce, legal separation, death, or direct purchase. In these situations, it may make sense to get an assumption loan instead of a traditional purchase or refinance if the terms of the existing mortgage are more favorable than those of a new loan.

Potential benefits:

  • May enhance the property's marketability, especially if interest rates are rising
  • May not need a new appraisal, lender title policy, survey, and inspection


  • There are fees to assume a loan, including closing costs that must be paid separately from the mortgage.
  • The buyer or person assuming the loan must meet credit and income qualifications and provide requested documentation.

For more information or to determine eligibility, call the Wells Fargo Assumption Department at 1-800-340-0570.

Mortgage rates and terms

How are interest rates determined?

Interest rates are influenced by the financial markets and can change daily – or multiple times within the same day. The changes are based on many different economic indicators in the financial markets. View our current interest rates.

What's an interest rate lock?

Mortgage interest rates may change many times every day. Choosing when to lock your interest rate is an important part of the home financing process. Learn more about interest rate lock options.

Mortgage approval and closing

If I've already been preapproved for a mortgage loan by Wells Fargo, how long does it typically take to close?

The number of days from application to approval will vary for purchase and refinance home loans. The timeline is generally 30-90 days.

If I have a Wells Fargo mortgage and want to refinance, will I have to pay closing costs again?

Yes. There are costs related to processing any new loan application; they can include fees paid to third parties, such as an appraiser, the title company, and other closing expenses.

What is an origination charge?

The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination. Learn more about closing costs

Can I close my loan at a Wells Fargo location?

Each state has its own specific closing requirements, so check with your closing representative for the details. Typically, closings can be held at Wells Fargo locations or at an attorney's office. Some states permit "mail away" - or "mail out" - closings. If you're able to obtain a "mail away" closing, we will send you the documents using overnight delivery.

How much money will be required at closing?

The amount you'll need to close your loan includes your down payment, closing costs, and prepaid escrow amounts for property taxes and insurance. Prior to closing, you'll be informed of the final amount.

  Wire Transfer Fraud  

Before you wire funds, be sure to verify all instructions and contact information to avoid real estate scams. Learn more

Mortgage and homeowners insurance

Will homeowners insurance be required at closing?

Proof of homeowners insurance will be required before you can close your loan. Typically, you will need to present an insurance binder and pay for one year's worth of insurance coverage.

What is the difference between mortgage insurance and homeowners insurance?

Mortgage insurance is required if you have less than 20% equity (or down payment) in your home and protects the mortgage lender from losses if a customer is unable to make payments and defaults on the loan. There are two types of mortgage insurance, Private Mortgage Insurance (PMI) and Mortgage Insurance Premium (MIP).

A homeowners insurance (or hazard insurance) policy covers loss from damages to your home, your belongings and accidents as outlined in your policy. Learn more about homeowners insurance.

What's mortgage insurance premium (MIP) and private mortgage insurance (PMI)?

MIP and PMI are 2 types of mortgage insurance. They add a premium to your monthly mortgage payment but allow you to borrow a larger percentage of your home's value. The type of mortgage insurance you have depends on the type of loan you have.

How do I know if I have MIP or PMI?

  • You may have MIP if you have an FHA loan, which is a type of government loan.
  • You may have PMI if you have a conventional loan (non-government loan) and your down payment was less than 20%.

You can also sign on to Wells Fargo Online® and visit the Escrow Details page of your mortgage account to learn which type of mortgage insurance you have.

What is title insurance?

An insurance policy protects a lender and/or homebuyer (only if homebuyer purchases a separate policy, called owner's coverage) against any loss resulting from a title error or dispute.

Is purchasing title insurance mandatory?

All mortgage lenders require lender's coverage for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but the borrower pays the premium at closing.

Mortgage account management

Can I have my mortgage payment deducted automatically from my checking or savings account each month?

Typically, after closing your mortgage loan, you will have the option of enrolling in an automatic mortgage payment program. You may be asked to provide an authorization form. The payment is typically debited on a preset day each month.

Can I make a mortgage payment online?

Yes, you can make a payment and manage your mortgage account online, anytime. Gain instant access to your mortgage account details, loan history, tax and interest data, contact information updates, and more. It's fast and simple. Get more details

Can I pay my mortgage with my credit card?

Although you can't pay your mortgage with a credit card, you can set up automatic mortgage payments so that your monthly payment can be withdrawn automatically from your checking account each month.

Who do I contact if I am having trouble paying my mortgage?

We can help you understand your options if you are facing payment challenges. Call 1-800-678-7986.

How can I send funds to pay off my mortgage?

Please note: If you're enrolled in our automatic payment program, and do not want your next payment to draft because you will pay your loan in full prior to the next payment due date or within the late charge grace period, please cancel your automatic payments as soon as possible.

Wells Fargo Home Mortgage – Payoff Options

How to send the payoff

  • We accept payoffs by wire transfer, phone, check, and Bill Pay.
  • Funds are applied the same day if received by the deadline listed below for the payment option selected. Otherwise, funds will be applied on the next business day.
  • Financial institutions and/or mailing services may charge a fee for wire transfers, checks, or Bill Pay.

Wire transfer

Beneficiary Wells Fargo Bank, N.A.
Beneficiary Bank ABA: 121000248
Beneficiary Bank Acct: 4127400093
Beneficiary Bank Address: 1 Home Campus  Des Moines IA 50328
Special Information for Beneficiary:
Apply funds to: XXX loan XXXXXXXXXX
Mortgagor: First MI Last Name
Sender's Name and Phone Number
Deadline: 2:00 pm Central Time (Monday – Friday)

When sending funds by wire transfer, you should take steps to protect yourself from imposter wire fraud:

  • Wire fraud can occur if an imposter poses as someone you’re working with. They may intercept emails or send you false instructions. (in the email text or attachment) to wire funds to their account.
  • To protect yourself, use only the wire instructions provided above. You can also confirm the instructions by calling Wells Fargo Customer Service. When you call, verify that the phone number you're using is correct by comparing it with other trusted sources of information.


Most payoffs can be completed over the phone free of charge.

  • Please call 1-866-234-8271 with your payoff details
  • Deadline: 7:30 pm Central Time (Monday – Friday)

Cashier’s check, certified check, Bill Pay, or other check

  • Drop off the check at a Wells Fargo branch or mail it to:
    Wells Fargo Home Mortgage
    Attn: Payoffs, MAC F2302-045
    1 Home Campus
    Des Moines IA 50328
  • Deadline (drop-off only): 5:30 pm Central Time
  • Bill Pay transmission and mailed check delivery times vary
  • We do not accept credit card checks or temporary/starter checks

Still have questions?

Call Us

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Sat: 8 am – 6 pm
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Existing Loans

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Sat: 8 am – 2 pm
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