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.
These resources are just a few of the ways we support our customers in making informed decisions:
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 options.
Customize and compare options
Home Financing Process Checklist
A checklist that reduces potential confusion during the loan application process. It is available to Wells Fargo home mortgage consultants to talk through and provide to their customers. Talk to a home mortgage consultant for complete details.