Wells Fargo Home Mortgage

Wells Fargo Mortgage for First-time Home Buyers

If you’re a first-time home buyer just diving into the world of home ownership, Wells Fargo Mortgage in Santa Clarita can help.

Wells Fargo Mortgage provides free resources and tools for first-time home buyers so that they may bid on their dream home with security and confidence. Buying a home starts with creating a financial plan and getting your credit score into shape. Wells Fargo Mortgage offers information for checking your credit history, as well as an online calculator to determine potential mortgage payment amounts. Wells Fargo also recommends working with a real estate agent.

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The next step is to obtain a loan. Here is some common terminology:

Interest Rate

Interest is the fee that Wells Fargo will charge for borrowing money. Credit score, down payment and present market conditions will determine the final rate. As of mid-November 2016, interest rates were at historic lows.

Wells Fargo Mortgage updates its table of mortgage and refinancing rates daily. View the table here.

Discount Points
A discount point is an upfront mortgage closing cost that will lower your interest rate. By prepaying some of the interest on your loan, your monthly payments will go down. Discounts points are tax deductible.

Origination Charge
The origination charge covers the fees, document preparation and other expenses incurred by lenders and brokers for setting up a mortgage loan.

Loan Term
A loan term is the length of time a borrower has to pay off their mortgage. A longer term has lower monthly payments but higher interest. A shorter term has lower interest, but the monthly payments are more expensive.

APR
The annual percentage rate (APR) is the interest rate, discount points, fees and origination charges combined. APR is helpful for determining the actual cost of a loan and comparing it to others.

Now that you’re armed with some numbers, knowledge and a real estate agent, it’s time to meet with a home mortgage consultant at Wells Fargo Mortgage. A mortgage consultant will walk you through the application process and help you explore your loan options.

Prequalification and Preapproval for Loans

First-time home buyers may not be eligible for every loan, which is why prequalification is important.

Wells Fargo Mortgage provides a free prequalification service that helps home buyers determine what loan amount they may qualify for and how much they can expect to pay. This service does not require a credit check or commitment to borrow.

Preapproval for a loan will strengthen negotiations with sellers, boost confidence while shopping and possibly even speed up closing a deal. With Wells Fargo Mortgage’s PriorityBuyer preapproval service, the first-time home buyer will have an estimate of how much they can borrow. There is no upfront charge for preapproval.

To find out how to get prequalified or preapproved by Wells Fargo Mortgage, click here.

After preapproval, an offer can be made on a house.

Consultants and teams at Wells Fargo Mortgage are ready to help first-time homebuyers through the home-buying process. Click here to request a call from a local consultant now, or call 866-842-7812.

For more information on how to become a homeowner, check out Wells Fargo’s free interactive guide.

Wells Fargo Mortgage welcomes walk-ins at its Santa Clarita Valley branch, located at 19427 Soledad Canyon Road in Canyon Country and serves customers in Santa Clarita, Valencia, Canyon Country, Newhall, Castaic, Stevenson Ranch and Agua Dulce.

For more information about Wells Fargo Home Mortgage, click here.

We hope you can join us on April 29th and 30th, 2017 at one of the largest California Home and Garden Shows right here in Santa Clarita!

Wells Fargo Home Mortgage – Canyon Country, CA

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