Consumer Tips

Understanding the Home Loan Process for Union Families

Buy your new home with confidence. The Union Plus Mortgage program provides union families with exclusive benefits and assistance along every step of the homebuying process.  


A new home for your growing family.  A three car garage. Downsizing. Whatever your reason for buying or refinancing your first or next home, the Union Plus® Mortgage program with financing provided by Wells Fargo Home Mortgage is ready to help. The program delivers special home financing benefits that union members, their spouse (or domestic partner), parents, and children can take advantage of. 

And when you choose Wells Fargo, there's a better way to get a mortgage. You've got a team and a guide, a home mortgage consultant, who will take you all the way to closing.

We even give you a simplified way to manage the process. yourLoanTrackerSM lets you upload documents, get status updates and receive and sign important disclosures ... all online1. From any computer, smartphone, or tablet, you'll see what's going on with your loan in real time. It's available for most loans, and you'll get access through your home mortgage consultant if yours is eligible. That's how we make the home loan process easier, your team and yourLoanTracker.

There are 4 main steps in the mortgage process, and the first is to Complete Your Application.

Start by connecting with a home mortgage consultant, who will help you understand and compare your loan options. Wells Fargo's exclusive PriorityBuyer® preapproval letter gives you an estimate of how much you can borrow and a price range you're comfortable with. When you've found the right house, your home mortgage consultant will help you finish your application.

YourLoanTracker makes the next part a breeze. You'll have disclosures in minutes instead of waiting days to get them by mail. Right away you'll be able to see the terms and fees of your loan. Plus, you can send us supporting documents electronically: pay stubs, W2s, bank statements. Simply upload or take a picture, and it's all secure.

This brings us to Step 2, the Financial and Property Review. Your home loan processor and the rest of your team will look over your supporting documents to verify your application. If we need anything else from you, we'll let you know right away. We'll also order an independent appraisal to make sure the property value backs up the purchase price. Then, we send everything to the home loan underwriter.

Use yourLoanTracker to stay plugged into the process or see if there's anything you need to follow up on.

When everything's complete and you're approved, you'll get your final commitment letter from us, and be ready for step 3: Preparing to Close.

You're almost there ... just a few more things to take care of.

You'll need homeowners insurance, so be sure to check with your insurance company. We'll review your property title to make sure it's correct and schedule your closing date. At least three days before you close, check yourLoanTracker for your closing disclosure. You'll sign this later, so look it over carefully. It will tell you things like your final interest rate, monthly payment, and how much money you may need to bring to your closing. Your home mortgage consultant is available to answer any questions.

Now you're ready for step 4: Closing!

There will be three main players at your closing: you, your settlement agent, and a whole lot of documents. No worries, though; you've seen some of these in yourLoanTracker. And your settlement agent is there to walk you through them. When all the paperwork is done and you've paid any closing costs, you'll get your keys.

And after closing on a loan through the Union Plus Mortgage program, you’ll be eligible for special benefits that include receiving a My Mortgage GiftSM award from Wells Fargo - $500 for buying a home or $300 for refinancing your home – for use at participating retailers and access to mortgage assistance through Union Plus in times of hardship such as layoff, disability or strike.3 Additionally, qualifying union member veterans can also complete an application with Union Plus to receive a $1,000 Mortgage Veteran’s Grant4 within 90 days of closing on a new primary home purchase through the program.  Terms and restrictions may apply. 


Learn more about the Union Plus Mortgage program, talk to a Union Plus Mortgage Specialist at 866-802-7307 or request a personal consultation. 

All credit decisions subject to credit qualification.

1. To determine if your home loan is available with yourLoanTrackerSM features, talk to your home mortgage consultant. 
2. Eligible individuals can receive the Wells Fargo My Mortgage GiftSM award approximately 6 weeks after closing on a new purchase or refinance loan secured by an eligible first mortgage or deed of trust with Wells Fargo Home Mortgage (“New Loan”), subject to qualification, approval, and closing, when identifying themselves as eligible. The My Mortgage Gift award is not available with The Relocation Mortgage Program® or to any Wells Fargo team member. Only one My Mortgage Gift award is permitted per eligible New Loan. This award cannot be combined with any other award, discount, or rebate, except for yourFirst Mortgage® and the Mortgage Thank You Gift. This award is void where prohibited, transferable, and subject to change or cancellation with no prior notice. Awards may constitute taxable income. Federal, state, and local taxes, and any use of the award not otherwise specified in the Terms and Conditions (also provided at receipt of award) are the sole responsibility of the My Mortgage Gift recipient. 
3. The Union Plus® Mortgage Assistance Program and Veteran’s Grant are provided and administered through the AFL-CIO Mutual Benefit Plan (“The Plan”), which is not affiliated with Wells Fargo Bank, N.A. Additional information about this program and eligibility criteria can be obtained at unionplus.org/assistance.
4. Terms and restrictions apply. Grants valued at $600 or more may be considered taxable income by the Internal Revenue Service. Therefore, a Form 1099-MISC tax reporting form will be issued by Union Plus to each recipient of a grant valued at $600 or more.

Union Plus® is a registered trademark of Union Privilege. 

Wells Fargo Home Mortgage has a services agreement with Union Privilege in which Union Privilege receives a financial benefit for providing agreed-upon services. Wells Fargo Home Mortgage encourages you to shop around to ensure you receive the services and loan terms that fit your home financing needs.

Information is accurate as of date of distribution. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2019 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801  

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