How to Do a Wells Fargo Mortgage Refinance

With interest rates at record lows--standing at just over 5 percent on 30-year fixed-rate mortgages in early 2010, according to Bankrate.com--many homeowners are choosing to refinance their current Wells Fargo-owned and -originated mortgage loans. By shaving a percent or more off their loan's interest rate, they can save hundreds of dollars each month.

Things You'll Need

• Copy of your most recent Wells Fargo mortgage statement
• Copy of your two most recent federal income tax returns
• Copies of your two most recent paychecks from your full-time employer
• 1 copy each of your bank savings and checking account statements
• Copies of any retirement statements

Instructions

1. Call [phone] to reach the home mortgage division of Wells Fargo. Tell whomever answers that you'd like to refinance your existing Wells Fargo mortgage loan.

2. Ask if you can perform a streamlined online refinance. You'll have to be an existing Wells Fargo mortgage holder, have no cash-out requirements and not be refinancing a property in need of a title change.

3. Fill out the online refinance application if you qualify for the streamlined refinance. If you don't, you'll have to work directly with a mortgage lender to refinance your loan.

4. Give your approval to have Wells Fargo order a real estate appraisal of your home. The general cost for this appraisal is between $250 and $450. Lenders need to know this value, whether you are refinancing online or not, to make sure you have enough equity in your home to complete a mortgage refinance.

5. Send in the necessary paperwork for your Wells Fargo loan officer to confirm your annual income and your debt levels. This includes copies of your two most recent income tax returns, copies of your two most recent paychecks and copies of your savings, checking and retirement savings accounts. Also send copies of your credit card statements.

6. Fill out the closing documents--which will complete the refinance process--if your lender approves you for a mortgage refinance.

Tips & Warnings

• If possible, try the Wells Fargo online streamlined refinance option. The process moves much quicker if it's done online.

• You may not be able to refinance if your home's value has dropped too much. If you owe more than what your home is worth, a Wells Fargo loan officer will not approve your mortgage refinance.

References

• Wells Fargo: Streamlined Online Refinance for Existing Customers
• Bankrate.com: 4 steps to refinance your mortgage
• Wells Fargo: Deciding to Refinance