Wells Fargo is known for its competitive mortgage rates as well as high customer satisfaction. Wells Fargo offers competitive rates and a range of mortgage options including jumbo mortgages. They also offer streamline financing. Perhaps you're curious as to what type of down payment is required for a Wells Fargo-backed mortgage.
Wells Fargo has a range of mortgage options
There are several different types of mortgage options available with Wells Fargo. You have the choice of an adjustable, fixed, or combination rate mortgage depending upon your needs. Fixed-rate loans have a fixed rate mortgage with a fixed interest, and repayment terms that can be repaid over 15, 20, 30 or more years. These loans are ideal for those who desire stability. Wells Fargo offers adjustable-rate mortgages in both 5/1 and 7/1. These mortgages have lower introductory fixed interest rates that conventional fixed-rate loans.
If you have a low-income income and are unable to pay a 20% down payment, you may want to consider an FHA loan. This loan is backed U.S. and requires a 3.5% downpayment. If you are a veteran, you may also be eligible for a VA loan or USDA home loan. VA and USDA loans do not require a downpayment, and are typically lower in interest than conventional mortgages. Wells Fargo will refinance homes that you already own. This option will likely have fees and a higher interest rates than conventional mortgages.
It offers competitive Jumbo Mortgage Rates
Wells Fargo offers competitive rates if you're looking for a mortgage with a jumbo amount. However, these mortgage rates can be more expensive than conforming loans. This premium is typically 25 basis points. To refinance your 30-year mortgage at 5.5%, you would need to pay 5.25%.
Jumbo mortgages include loans above $1 million. They are nonconforming mortgages, meaning they don't meet the current government lending limits of $510,400 and $765,000. This is a substantial difference considering the median San Francisco home price is more than $1million compared to the $248,000.800 national average.
It allows for online refinancing
You may qualify for a Wells Fargo streamlining refinance if your home is underwater. This type of refinance has a lot more flexibility and is less paperwork. It also saves you the hassle of paying appraisal fees and application fees which can easily run to $400.
Although Wells Fargo has a more intuitive website than many of their competitors it is very easy to use and apply for a loan. Rate lock programs allow customers to lock in a fixed, interest rate for 45-720 days. These programs may require you to pay an upfront fee but they can be extremely helpful for those who want to qualify for lower interest rates. To find out if your eligibility is possible, speak to a loan officer.
It doesn't offer reverse loans
Bank of America and Wells Fargo announced that they will be exiting the reverse mortgage industry. Homeowners who are currently enrolled in reverse mortgages with one bank will not be affected by this decision. It does impact people who are interested. Luckily, there are still plenty of smaller and independent firms to choose from.
There are many factors that affect the amount you can get from a reverse loan. These factors include your current home's market value, current interest rates and any liens attached to your property. Other factors include your home equity lines of credit balance and any other mortgages.
FAQ
Can I get a second loan?
Yes. But it's wise to talk to a professional before making a decision about whether or not you want one. A second mortgage is often used to consolidate existing loans or to finance home improvement projects.
What are the three most important things to consider when purchasing a house
The three most important factors when buying any type of home are location, price, and size. Location refers to where you want to live. Price refers how much you're willing or able to pay to purchase the property. Size refers the area you need.
What are the drawbacks of a fixed rate mortgage?
Fixed-rate loans tend to carry higher initial costs than adjustable-rate mortgages. Also, if you decide to sell your home before the end of the term, you may face a steep loss due to the difference between the sale price and the outstanding balance.
Do I need flood insurance?
Flood Insurance protects from flood-related damage. Flood insurance helps protect your belongings, and your mortgage payments. Find out more about flood insurance.
Statistics
- It's possible to get approved for an FHA loan with a credit score as low as 580 and a down payment of 3.5% or a credit score as low as 500 and a 10% down payment.5 Specialty mortgage loans are loans that don't fit into the conventional or FHA loan categories. (investopedia.com)
- Some experts hypothesize that rates will hit five percent by the second half of 2018, but there has been no official confirmation one way or the other. (fortunebuilders.com)
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.com)
- 10 years ago, homeownership was nearly 70%. (fortunebuilders.com)
- This means that all of your housing-related expenses each month do not exceed 43% of your monthly income. (fortunebuilders.com)
External Links
How To
How to become real estate broker
The first step in becoming a real estate agent is to attend an introductory course where you learn everything there is to know about the industry.
Next, pass a qualifying test that will assess your knowledge of the subject. This requires that you study for at most 2 hours per days over 3 months.
After passing the exam, you can take the final one. To be a licensed real estate agent, you must achieve a minimum score of 80%.
You are now eligible to work as a real-estate agent if you have passed all of these exams!