How Does Refinancing Work at Wells Fargo?
If you have a mortgage with Wells Fargo you might be able to refinance and get terms and conditions that are more favorable. Certain income and credit qualifications must be met to be approved. You must be at least 18 years old and a U.S. citizen. Loans are made in 48 states as well as in Guam and Saipan.
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Qualifications
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To get your Wells Fargo mortgage refinanced you must be the owner of the home to be used as security. You must also have a consistent source of income.
Debt Ratio
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When you are refinancing, your debt-to-income ratio must be within Wells Fargo's proportional guidelines.
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Phone Banker
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Call Wells Fargo at 1-866-229-5409 and speak to a telephone banker. The representative will take an updated credit application. There is no application fee when you apply. You can also apply online by going to the website, wellsfargo.com.
Terms
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The telephone banker will go over all of the terms and conditions of the loan. You will not be able to receive information on the costs involved from the phone banker, since costs vary from customer to customer.
Loan Officer
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After taking the credit application the telephone banker will transfer you to a loan officer. You will then be given a description of all of the costs involved. Verify with the loan officer these costs. See if there is an appraisal fee, closing costs or title search. Verify the loan status after 12 to 14 days.
Closing Location
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Upon approval of your loan you will meet with a closing officer at a location convenient for all. Take with you all the necessary paperwork, such as income verification and proof of homeowners insurance.
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