A pre-approval is a written commitment from a lender to give homebuyers a specific loan amount and loan type. You can get pre-approved before or after you have found a home to buy. However, many buyers find that they have increased negotiating clout if they are already pre-approved when they conduct their home search. Preapproval will also help your real estate professional know what price range to keep your home search within - and it gives you a great negotiating tool when you are ready to make an offer. In competitive situations, a preapproved mortgage could make the difference between getting the home of your dreams, or losing out to someone else.

Check your credit report, if needed, to make sure there are no surprises.

Apply for Preapproval
In today's highly competitive market, buyers who arrange their financing first have a distinct advantage. With a preapproval in hand, you can shop for your new home knowing what your approved loan amount is and how different loan amounts will affect your monthly mortgage amount.

Find the Right Home
House hunting can be fun and exciting, but you have to do some homework to find the right home for you.

• Investigate neighborhoods and schools.

• Conduct a cost-of-living comparison if planning to buy in a different geographical area.

• Prioritize desired home features. Get started with our Wish List

• Choose a real estate professional.

• Make an offer and negotiate a final price.

• Have the home inspected.

Close the Purchase
If you’ve followed the steps above, these final stages of the home purchase should go smoothly:

• Find the best mortgage for you. Wells Fargo Home Mortgage has a variety of mortgages. Talk to one of our consultants to find the one that best matches your financial situation, or use our Home Loan Workbench ® - an interactive tool that provides financing solutions to fit your needs.

• Organize your documents and information before you apply. Follow our Mortgage Checklist

• Apply for a mortgage formally to obtain a mortgage commitment letter. For homebuyers with pre-approvals, this will be a formal application. Wells Fargo Home Mortgage offers three ways to apply: online, by phone or in person.

• Close the loan. A real estate agent, settlement agent, or attorney generally walks homebuyers through the process of meeting contract contingencies and scheduling settlements.

• Move in and celebrate!

Apply today to get preapproved! It's quick, easy, makes you a much more attractive buyer, and best of all, its free! Getting preapproved is an important first step in finding a home, even before you starting looking at homes. Based on your income, your current debts and estimated down-payment, your lender can usually help you determine the maximum mortgage amount for which you could qualify within minutes. You can fill our our online application or contact us to be put in touch with one of our expert mortgage consultants.

To get preapproved, make sure you have the following items for the loan application: • Last 2 years of Federal Tax Returns and W2s. • Last 30 days paystubs. • Last 2 months checking, savings, stocks, bonds, C.D's, IRA's, 401K's, cash value on life insurance, etc. • Divorce decree if applicable. • VA Certificate of Eligibility if VA Loan.