Does it make it any easier to be approved if you already have an account?

[Anonymous]

with Wells Fargo?  I have an auto account with Wells Fargo financial and thought that maybe I would apply with them for a home loan.  Does the fact that I have an account with them already make any diference?  PS The loan is paid on time every time so no issues there. 

[chartley3]

I dont think it can hurt you. I refied my house through 5/3 bank since I had checking/Savings with them and it really did help with getting my FHA approved since I was an existing customer.

[MattH]

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@Anonymous wrote:

with Wells Fargo? I have an auto account with Wells Fargo financial and thought that maybe I would apply with them for a home loan. Does the fact that I have an account with them already make any diference? PS The loan is paid on time every time so no issues there.

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I don't think it has much effect on their standards for approval, but it may benefit you in other ways, first they may give a better rate due to the existing relationship, and second they might not need quite as much documentation because their computers already know some things about you.

[DallasLoanGuy]

if it were a manual underwrite open to subjective underwriting, it may help since they will have full access to that account data.

[Anonymous]

As long as you didn't bounce checks and whatnot, I don't see how it could hurt you, and could see plenty of ways for it to help.

[DallasLoanGuy]

I just remembered.... a friend of mine used to work at BofA and they had their own scoring system on top of pulling ficos.

they INDEED considered banking relationship.

i dont know if the other banks do that