Wells Fargo 15 Years Mortgage Guidelines

Purchasing a home is an exciting prospect, but it's crucial to understand the financial implications before taking the plunge. One key factor is securing the right mortgage. 

Wells Fargo offers various loan options, including 15-year mortgages, which can be a good choice for borrowers seeking lower interest rates and faster loan payoff.

Wells Fargo 15 Years Mortgage Guidelines


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Content Outline


Wells Fargo Mortgage Loan Requirements


Wells Fargo 15 Years Mortgage Rates


Wells Fargo 15 Years Mortgage Refinance Rates


15 Years Mortgage Rates Calculator Wells Fargo


Wells Fargo 30's Mortgage Rates


Table: Wells Fargo 15 Years Mortgage


Frequently Asked Questions

Wells Fargo Mortgage Loan Requirements:

To qualify for a Wells Fargo mortgage, you'll need to meet the following specific initial criteria.

Credit score: Having a strong credit score (generally 620 or higher) demonstrates your financial stability and increases your likelihood of approval.

Debt-to-income ratio (DTI): This ratio compares your monthly debt payments to your gross monthly income. Wells Fargo typically prefers a DTI ratio of 36% or lower.

Down payment: While not always necessary, making a down payment reduces your loan amount and can improve your chances of securing a lower interest rate.

Employment and income verification: Lenders need to confirm your employment status and income to assess your ability to make mortgage payments.

Wells Fargo 15 Years Mortgage Rates:

15-year fixed-rate mortgages from Wells Fargo offer several benefits.

Lower Interest Rates: Compared to 30-year mortgages, 15-year options come with significantly lower interest rates, translating to substantial savings over the loan term.

Faster Loan Payoff: By making larger monthly payments, you can pay off your mortgage in half the time, saving thousands of dollars in interest.

Increased Equity: Owning your home outright sooner means accumulating equity faster, giving you more financial flexibility. 

Wells Fargo 15 Years Mortgage Refinance Rates:

If you have an existing mortgage with another lender, refinancing to a Wells Fargo 15-year loan can be a smart move if you.

Want to lower your interest rate and save money.

Can afford the higher monthly payments.

Aim to pay off your mortgage sooner.

Wells Fargo offers competitive refinance rates, and the process can be completed relatively quickly. 

15 Years Mortgage Rates Calculator Wells Fargo:

Wells Fargo provides a user-friendly online mortgage calculator to help you estimate your monthly payment and the total cost of the loan based on different interest rates and loan terms. 

This tool is helpful in determining if a 15-year mortgage is a suitable option for your financial situation.

Wells Fargo 30's Mortgage Rates:

While 15-year mortgages offer lower interest rates and faster payoff, 30-year mortgages might be a better choice for some borrowers, especially those with.

1.    Lower credit scores.

2.    Limited income or savings.

3.    Desire for smaller monthly payments. 

Wells Fargo also offers competitive rates on 30-year mortgages, providing flexibility and affordability for a wider range of individuals.

Table: Wells Fargo 15 Years Mortgage:



Loan application

Form to initiate the mortgage process.

Credit report

Provides information on your credit history and score.

Employment verification

Confirms your employment status and income.

Tax returns

Shows your income and deductions for the past two years.

Proof of assets

Documents verifying your available funds for down payment and closing costs.

Property appraisal

Estimates the value of the home you intend to purchase.

Homeowner's insurance

Protects your property against potential damage or loss.

Frequently Asked Questions:

What is the minimum credit score required for a Wells Fargo 15-year mortgage?

Generally, a credit score of 620 or above is required.

How much down payment is required?

While not mandatory, a down payment of at least 20% is recommended to avoid private mortgage insurance (PMI).

Can I refinance my existing mortgage to a 15-year loan with Wells Fargo?

Yes, Wells Fargo offers competitive refinance rates for homeowners looking to switch to a 15-year mortgage. 


A 15-year mortgage from Wells Fargo can be a great option for borrowers seeking to secure a lower interest rate, pay off their mortgage faster, and build equity quickly. 

However, it's essential to carefully consider your financial situation and affordability before committing to a 15-year loan. 

Exploring and comparing different loan options and utilizing tools like the Wells Fargo mortgage calculator can help you make an informed decision and choose the mortgage that best suits your needs. 

Remember, seeking professional advice from a financial advisor is always recommended to ensure you're making the best financial decisions for your long-term goals. 

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