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Mortgage Prequalification

Three minutes.
Six questions.
Zero credit impact.

Get prequalified now to know your estimated mortgage rate and see how much you could borrow.  

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What kind of loan do you want to prequalify for?

New home purchase    Refinance mortgage

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Why get prequalified?

A mortgage prequalification is a quick and simple way to find out how much you could borrow, and what your estimated rate and payment would be.

Benefits of a mortgage prequalification

Mortgage prequalification is a simple process that uses your income, debt, and credit information to let you know how much you may be able to borrow.  Getting prequalified before you shop for homes can help you:

  • Focus your search.  Establishing your price range up front means you can target the right homes within your budget.
  • Move forward confidently.  When it’s time to make an offer, you’ll have the confidence of knowing you can back it up.
  • Know your options.  Seeing the loan amount, interest rate, and monthly payment you could qualify for means you’ll be able to make the mortgage decision that works best for you.

How to prequalify for a home loan online

Getting prequalified online is quick and simple. Just provide the following information:

  • The city and state where you are looking to buy
  • For a home purchase, the estimated purchase price and down payment
  • For a refinance, the estimated home value and how much you currently owe 
  • Your annual income, date of birth, current address, and contact information

We’ll use that information, along with your credit rating and monthly debt, to calculate the loan amount, interest rate, and monthly payment you could qualify for—all in just a few minutes without affecting your credit score.

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Prequalification FAQs

No. When we check your credit for a mortgage prequalification, it's considered a "soft" credit inquiry, which does not affect your credit score.

If you decide to move forward after prequalifying, we'll ask your permission before doing a "hard" credit inquiry later in the process.

No documents or fees are required for a mortgage prequalification. That's one reason why a prequalification is just an estimate: it's based on financial information that hasn't been documented and verified.

Later on, if you decide to complete a full mortgage application, your home mortgage consultant and loan processor will let you know exactly what documents to provide.

Prequalification and preapproval actually have more similarities than differences:

  • Neither comes with any fees or obligations.
  • Neither one is a commitment to lend.
  • Both provide an estimate of how much you could borrow to buy a home.
  • Both base that estimate on factors like your debt-to-income ratio, how much you have for a down payment, and your credit history.

The key difference is that a preapproval is a more accurate and reliable estimate based on a more complete view of your credit. That's because when you prequalify, we perform a "soft" credit inquiry, which gives us information about your credit history and monthly debts, but this doesn't provide as much detail as a "hard" credit inquiry, which is required for a preapproval.

Your preapproval also comes with a PriorityBuyer® Letter that you and your agent can give to sellers when you make an offer, so they know you're a serious buyer.

If you're not sure which option is right for you, start by getting prequalified online. It only takes a few minutes, and afterward you can easily take the next step and let us know you'd like to get preapproved.

A prequalification doesn't come with an expiration date. On the other hand, the more time that passes after getting prequalified, the more likely it is that something could change that affects your estimated loan amount.

When you get prequalified, we estimate how much you could borrow based on your income, debts, credit, and down payment amount at that moment in time. If all those things stay the same, the amount you qualify for shouldn't change dramatically.

If things do change, don't worry — you can always come back and repeat the process to double check your results. Getting prequalified online with Wells Fargo is quick and simple, costs you nothing, and doesn't affect your credit score, no matter how many times you do it.

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A PriorityBuyer® letter is a conditional preapproval based on our preliminary review of information provided and limited credit information only and is not a commitment to lend. A loan commitment depends on verification of mortgage application information, review of financial documentation and property acceptability and eligibility, including the appraisal and title report. A PriorityBuyer letter is subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. PriorityBuyer letters aren’t available on all loan products. Talk to a home mortgage consultant for details.

If you extend your loan term, you may pay more interest over the life of your loan.

If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.

‍ Equal Housing Lender

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

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