Website : www.Yourwellsfargomortgage.com
Wells Fargo is a renowned financial institute which provides personal and business banking solutions to individuals across the world. With a huge variety of products and services, they are fast becoming the favorites amongst the lot. Their mortgage plans are the best when it comes to managing and accessing them. Wells Fargo Online can be accessed at any time of the day to give you all the latest news about your accounts. Once you have a user name and password, you will be able to manage your account without having to visit the branch for every small query.
Various services provided online
You can check your balance, interest payments, principal, etc. You can even manage your other accounts with Wells Fargo as well as print statements from the site. Their ‘Preferred Payment Plan’ is free of cost to plan all your payment cycles as per you paycheck receipt. You will be able to pay your bills online in absolutely no time. If you opt for an online account, you can even pay for your mortgage from your checking and savings account.
Let us now see why to opt for Wells Fargo mortgage loans over others:
It is not easy to decide on a financial institution to get a mortgage loan. The terms and conditions involved should be carefully examined before a decision is taken and the rates of interest at which the repayment needs to be made also need consideration. Wells Fargo keeps its customer interests over its own and provides mortgage solutions like no one else in the industry.
Before you decide to take a loan, a lot of planning is required in order to decide on the amount of mortgage and payment options. The following things need to be kept in mind:
• Interest – This constitutes of the amount you need to pay every month against the loaned amount. This is preset by the lender and depends on the money you have taken from them, the interest rates prevalent in the market and the distinctive features of your loan issue.
• Discounts in the offing – This is helpful at the time of closing. Each lender offers a different rate and can help in reducing the interest rate.
• Origination charge – This is the amount that is inclusive of all charges (other than the discounts) that the banker receives for the origination of the loan. The charge comprises of application fee, processing fee, etc.
Mortgage loans are basically divided into 4 parts. They are:
1. Principal – It is the amount of money that is borrowed to buy a house. It also infers the total outstanding balance at any point of time.
2. Interest – This is the amount you will be required to pay at set intervals, usually once a month, against the principal amount. The rate of interest depends on individual lenders.
3. Taxes – The taxes which you will need to pay to your local government are collected by your lender and are paid to them as necessary so that you do not have the burden to do it yourself.
4. Insurance – An example of this part is property tax. This is also collected by the lender as an escrow. It has two components:
• Homeowner’s insurance – To protect against any damage caused by fire, natural calamities, etc.
• Mortgage insurance – In case there is a delay in payment of the interest, this insurance covers such a scenario.
Apart from helping you in buying a house, they also give out loans to fund a home improvement project. There comes a time in anyone’s life where you feel the need to change the setting of your house to give it more usability or to make it look better. However, it is a very costly affair. Wells Fargo understands this and provides you with easy solutions to make all your dreams come true with their home improvement loans. These are made available in a variety of offers with different interest rates and plans. For any details, you can always contact their representatives or email them for more information.
There is another mortgage program which is becoming most liked of all and is called the reverse mortgage. This is available for all those who are more than 62 years of age and can use the money for mortgage, healthcare, day to day expenses, etc. The following are some of the features of this wonderful plan:
• The borrower can choose interest rates which change every month in case of variable rate of interest.
• The disbursement options of the amount are also decided by the borrower.
• There is a limit to the maximum amount of money that can be loaned out.
All the plans under this program are backed by FHA and hence, there is no need to be concerned about anything else.