Norwest Mortgage entered into a friendly merger agreement with Wells Fargo & Company in June of 1998 and completed the deal in November of that year. Based in Des Moines, Iowa, Norwest Mortgage, Inc., became a subsidiary of Wells Fargo & Company. With more than 575 mortgage stores and a presence in more than 500 Norwest/Wells Fargo bank stores nationwide, Norwest Mortgage operates the largest mortgage lending network in the country and provides funding for approximately one of every 15 homes financed annually in the United States. In April of 2000 Norwest officially retired its brand name and became Wells Fargo Home Mortgage. The mortgage and home equity divisions of Wells Fargo comprise approximately 20% of their business.
Norwest Mortgage Loan Options
Under the Wells Fargo brand, Norwest Mortgage has over 10,000 mortgage specialists and 2,400 locations across the country. Wells Fargo offers a free pre-qualification/pre-approval service and free home buyers workshops, along with their immense number of loan options. Some of those options are listed here:
- 15 and 30 year Fixed Rate Loans
- 1, 3, 5 Year Adjustable Rate Mortgages
- Jumbo Mortgages
- Single Close Construction Financing
- Purchase and Rehab Loans
- Interest Only Loans
- Alternate Documentation Loans
- Bridge Loans
- Home Equity Loans
- Home Equity Lines of Credit
At Wells Fargo one may apply online, call for a consultation, or stop by one of their many offices. If a potential borrower schedules a consultation, a specialist will be available for whichever loan type one desires. The loan consultant can also advise on the best funding fit for the borrower’s situation. A checklist is provided on the website which enumerates the documentation needed for the application process. The home buying procedure is explained in detail, as is the difference between home equity loans and home equity lines of credit. Once the client has gone through the Wells Fargo website, one will be armed with the information one needs to make a smart funding decision.
Wells Fargo is a result of the acquisition of California-based Wells, Fargo & Co. by Minneapolis-based Norwest Corporation in 1998. Though unusual for a business acquisition, in this case Norwest chose to change its name to that of the acquired company, to capitalize on the 150-year history of the Wells Fargo name and trademark stagecoach. After changing its name to Wells Fargo in 2000, Norwest moved its headquarters from Minneapolis to San Francisco, where the old Wells Fargo Bank had been based. This made it appear that Wells Fargo had acquired Norwest, instead of the other way around.
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