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Informed Borrowing Choices

Empowering Customers with Information

Buying a home is one of the great events in a person’s life. At the same time, the “borrowing” part of the process is complex and full of difficult-to-understand terminology, legal language and confusing steps.

Our job is to make sure our customers have the information and tools they can rely on to make the best mortgage borrowing decision they can. It’s in our interest to do this, because no one benefits when a homeowner can’t make their payments.

As we help customers make the right borrowing decision, we focus on key questions, such as:

  • Do they understand what it means to have an “adjustable rate mortgage?”
  • Do they understand what escrow is?
  • Do they understand the pricing on their loan?

Learn the facts about homeownership in a fun, interactive way with My FirstHome®.

Additionally, Wells Fargo’s credit and underwriting policies include a thorough analysis of a customer’s financial situation, which is used to help determine their ability to repay their mortgage and be successful in homeownership. This includes verifying the customer’s income over time through documentation to ensure he or she has a stable enough income history to make their mortgage payment. We also check their credit score to understand whether they have a history of using credit responsibly.

Further, in 2011 we launched a program for borrowers who are either not ready today for homeownership, or who have been turned down, called My Home RoadMapSM. It provides the customer with free homeownership counseling, and a number of support materials. When tools like these are used by customers, we believe they significantly improve their likelihood of successfully getting a loan and owning a home.

Customer Toolkit

These resources are just a few of the ways we support our customers in making informed decisions:

  • Online Product Comparison Tool
    A state-of-the-art tool that allows customers to do a side-by-side comparison of payment, terms, and other features of various loan choices, including payment differences between loan options.
  • Home Financing Process Checklist
    This checklist reduces potential confusion during the loan application process. It is available to Wells Fargo loan officers to talk through and provide to their customers.
  • Mortgage Product Guide
    Provided as a final “check” three days before closing, the guide provides consumers with detailed explanations of the various features of different loan options, to help consumers make a final review of their personal situation and the loan features of the financing option they have chosen.