Wells Fargo Mortgage

Wells Fargo Mortgage

 4.0/5 (1212 reviews)

Lock in your rate

Rates are expected to jump after the next Fed meeting

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About Wells Fargo Mortgage

Wells Fargo (NMLS #399801), one of the biggest financial services companies in the country, provides home purchase and refinance loans in all 50 states. You can check rates online and then apply online, over the phone or in person with a local mortgage consultant. Loan options with Wells Fargo include conventional and government-backed loans, as well as jumbo loans and loans for new construction properties. As of the publishing date, Wells Fargo has temporarily suspended applications for home equity lines of credit (HELOCs).

    Pros & Cons


    • Publishes rates online
    • Online application tracking
    • Mortgage consultants in 39 states and Washington, D.C.
    • Plenty of online resources


    • Does not publish fees upfront
    • No home equity loans as of publishing

    Bottom Line

    Wells Fargo’s mortgage options include conventional and government-backed purchase and refinance loans. You can apply online, over the phone or in person in select areas. Start by checking rate estimates on the website.

    Top Wells Fargo Mortgage Reviews


    … With all the bad news publicity Wells Fargo has gotten in the recent past I wasn't too excited about them handling my mortgage. However, I have had nothing but positive experien...

    Read full review

    When working with this lender I worked directly with a mortgage originator. She was very highly recommended and knew a lot of what needed to be done before I could even apply for ...

    Read full review


    Wells Fargo lists its current rates on its website. Click on “Check Rates,” and you can see interest rates and annual percentage rates (APRs) for conventional and government-backed purchase and refinance loans with fixed or adjustable rates.

    Click on the rate for more details about what credit score, down payment and other factors are assumed. You can then get a customized rate by answering a few questions about your personal situation.

    With mortgage rates trending upward since 2021, many people are considering an adjustable-rate mortgage (ARM) rather than a fixed-rate loan. Both options are available from Wells Fargo; just keep in mind that even though an ARM starts with a fixed-rate period with a lower rate, this type of loan can potentially reset to a higher future rate, increasing your monthly payment. An ARM might be appropriate if you plan to sell or refinance before the fixed-rate period ends.

    Wells Fargo Mortgage average home purchase rate vs. national average

    YearDifference from national average
    2021 -0.22%
    2020 -0.13%
    2019 -0.19%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    You can start the application process with Wells Fargo by filling out an application online or by calling to speak with a consultant. Wells Fargo recommends calling if you have a credit score lower than 620 or three or more applicants. In most states, you also have the option of contacting a local home mortgage consultant who is familiar with local programs such as down payment assistance.

    Once you complete the online application, Wells Fargo will follow up to ask questions, go over loan products and help with the next steps. You can track your application from a computer or mobile device through your online account. You also use your online account to upload documents and sign documents electronically.

    Jennifer, a ConsumerAffairs reviewer from Florida, had this to say about working with Wells Fargo Mortgage:  “I was lucky to avoid much of the paperwork process with Wells Fargo, but so far the online system and support is intuitive and quick to use each month to direct a payment to my mortgage. I also find the website more useful than my others.”

    Wells Fargo Mortgage application features

    Online application
    Mobile document upload
    Physical branches 39 states
    Publishes minimum rate on website
    Rate lock 45 days to one year
    Pre-qualification (no hard credit pull)
    Certified approval letter

    Loan types

    Wells Fargo’s home loan options include conventional mortgages, jumbo loans and government-backed mortgages FHA, USDA and VA loans. The company also offers loans for newly built homes. Both fixed- and adjustable-rate loans are available.

    Loan applications for home purchases only by year

    Home purchase applications 149,142 183,393 200,666
    Home purchase loans closed 96,781 118,668 132,499
    Home purchase applications denied 17,441 21,806 24,556
    Home purchase preapprovals denied 0 0 0
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    Interest rates were low in 2020 and 2021, so more homeowners refinanced. In 2021, only 25.8% of Wells Fargo’s mortgages were home purchase loans, while 54.84% were rate-and-term refinances, and about 18% were cash-out refinances. 

    Home purchase vs. refinance loans by year

    Home purchase loans 25.8% 37.15% 45.95%
    Refinance loans 54.84% 49.32% 20.21%
    Cash-out refinance 18.03% 7.68% 18.19%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.


    Wells Fargo loan requirements depend on the loan type and other factors, such as your credit profile. For example, a conventional fixed-rate loan with Wells Fargo requires a minimum 3% down payment, while an FHA loan requires 3.5% down, and a VA loan is available without any down payment.

    A Wells Fargo consultant can help evaluate your financing needs, what loans you qualify for and how much you can borrow.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    Conventional Typically 620 Typically 3% Mortgage lenders
    FHA 500 3.5% with 580 credit score FHA lenders
    VA Set by lender (often 580) 0% VA lenders
    USDA Set by lender (often 640) 0% USDA lenders

    Cost and fees

    Wells Fargo states that closing costs are often between 2% and 5% of the purchase price. The company recommends looking over your Loan Estimate (shortly after applying) and Closing Disclosure (shortly before closing) for a list of costs of fees. These may include:

    • Origination charges
    • Appraisal and credit report fees
    • Survey and title search fees
    • Taxes and government fees
    • Prepayments for homeowners insurance, mortgage insurance and interest
    • Initial escrow payment


    How does Wells Fargo Mortgage work?

    You can apply for a mortgage from Wells Fargo online, by calling or by visiting a local consultant. After you apply, you will receive loan term offers, and a Wells Fargo underwriter will review the application. The lender will need to verify employment, income and other financial information; order an appraisal and other services; and send you conditions that need to be met before closing.

    Is Wells Fargo legit?

    Wells Fargo is one of the largest financial services companies in the U.S., with a history dating back over 170 years. According to the company, it serves 1 of every 3 American households.

    Where is Wells Fargo Mortgage available?

    Wells Fargo is available in all 50 states. The company has mortgage branch locations in 39 states and Washington, D.C.

    Wells Fargo Mortgage Reviews

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    Page 1 Reviews 0 - 10
    Verified Reviewer
    Original review: May 23, 2023

    I am extremely dissatisfied and frustrated with Wells Fargo Home Loans and their record-keeping practices regarding home insurance. For the past eight years, they have consistently failed to recognize that my home insurance payments were made and submitted. This ongoing issue has caused me countless hours of extra work, from repeatedly contacting my insurance agent to making numerous phone calls to Wells Fargo's customer support.

    What adds to my frustration is that whenever I bring up the matter, their customer support representatives argue that they did not receive the insurance payment and insist on charging me for insurance coverage. Even when my insurance agent contacts them to provide proof of submission and receipt, they still encounter the same issues and resistance. It is incredibly aggravating to have to go through this cycle repeatedly, only for Wells Fargo to miraculously find the payment after much frustration and wasted time.

    Recently, I received a survey from Wells Fargo where I expressed my concerns and issues with their services. To my surprise, they reached out to me, promising that the problem would be resolved. However, here we are again, facing the same problem all over again. When I tried contacting the same representative who assured me of a resolution, I discovered that their extension no longer goes to that person, further adding to my disappointment.

    At this point, I am actively seeking out others who may be experiencing the same issue with Wells Fargo Home Loans. It is clear that their record-keeping and communication systems are severely flawed, causing unnecessary stress and inconvenience for their customers. I hope that by sharing my dissatisfaction, others will join in addressing these problems with Wells Fargo, and they will be compelled to rectify their shortcomings and improve their services. Overall, my experience with Wells Fargo Home Loans and their handling of home insurance matters has been extremely frustrating and time-consuming. I cannot recommend their services to anyone who values efficient and reliable customer service.

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    Verified Reviewer
    Original review: Jan. 24, 2023

    Good reviews on all. Concerning Wells Fargo mortgage. Just need to know how to file a claim since we've been with them for 12 years. They a lot of people money. I think we should be included in that. It just doesn't tell you how.

    Be the first one to find this review helpful

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      Verified Reviewer
      Original review: Jan. 12, 2023

      Wells Fargo held my current mortgage. I figured to refinance with them because the process would appear to be “easier” since they had my current mortgage. Well, it was the worst customer service experience I’ve ever experienced. It took over a month working with an outdated system. They asked for the same documents over and over again. Their underwriter seemed to be dissecting my debit card transactions and they were unfamiliar with new purchasing companies such as Klarna and After Pay. They requested over 70 separate documents, at one point my company didn’t even know or have ever been requested the type of documentation they were asking for. After almost a month and a half of the back and forth I asked them to withdraw my application.

      I reported them to Consumer Affairs. They obviously began an “investigation” within their own company. Obviously, the person conducting the investigation worked for Wells Fargo and found “nothing wrong” with their practices. Instead, they blamed me for not “meeting” their requirements. The same day I applied with Rocket Mortgage, nothing in my financial situation changed and within 4 days I was approved and the process was concluded in 4 weeks. They paid off my mortgage with Wells Fargo and it was the best decision I’ve made in my life. How Wells Fargo continues to operate is beyond me. They continue to deny minorities in the refinancing process and point the finger back at you. Again, avoid them as much as possible and I cannot even explain how horrible their customer service experience was. I don’t understand how they are allowed to exist.

      3 people found this review helpful
      Verified Reviewer
      Original review: Dec. 20, 2022

      Bank would not recognize Texas Law Affidavit Of Heirship making my loan go into a higher % category of loan modification. I should be on that class action suit! Very upset. WF broke tax law and hurt my mortgage.

      2 people found this review helpful
      Verified Reviewer
      Original review: Oct. 27, 2022

      I have been paying on my house for over 17 years. They will try to default your loan if you're one day past 30 days. They have canceled my automatic payments for being one day late and they have purposely suspended payments from my checking account so they can try to foreclose on my property. Do not get a loan from here.

      2 people found this review helpful
      Verified Reviewer
      Original review: Oct. 26, 2022

      My wife and I are both military, she is active and I am retired. We are blessed to have considerable assets. It's always smart not to use your own money when buying a home so we purchased a small home for 176K with $40k down on a VA loan. After submitting information on all our assets, they based the loan solely on our checking accounts, because that was more than was necessary to get a loan.

      Over the next few weeks we found ourselves having to answer to countless Underwriter requests such as explaining why we transferred sums from checking to savings, explaining 2 transfers into our son's college meal plan, explaining why and who the other credit inquiry was for, even though it said USAA mortgage services, explaining income from a rental home sold over a year before, providing a certified copy of my divorce decree from 12 years before despite having obtained and paid off, 4 home/land loans since, and much more.

      So here we are 2 working days before close and they are still asking for paperwork for a loan that we could have paid for in cash from our checking. The loan contacts themselves blame script-driven underwriters and a system that doesn't make sense. Never again will I use WF for anything. I pray the loan is quickly sold or I will refinance at a lower rate after this upcoming recession.

      2 people found this review helpful
      Verified Reviewer
      Original review: Oct. 6, 2022

      Loan declined for "Appraisal" issue that they performed. Refuse to give me my money back! The people decided to "keep" my loan fees in return for "administration fees"! A billion dollar company keeping a person's funds for their error is ABSURD to say the least!

      2 people found this review helpful
      Verified Reviewer
      Original review: Aug. 26, 2022

      HIGHLY DO NOT RECOMMEND. As a first time homebuyer, I received a pre-approval from WF and was under contract for a new home. The loan officer (A.) proceeded to push my application forward into the next stage without explaining or listening to my situation so that by the time it got to underwriting, they were unwilling to work with me despite locking in a lower interest rate than was on the pre-approval letter! Home purchase price was known throughout the entire process. A. then pushed an appraisal fee on me stating it is refundable until the appraisal is done. I started receiving notices from a third party saying they are trying to complete an appraisal but could not get in contact with me. When I did not give permission for the appraisal as it was still 90 days out from closing, I received a back-dated appraisal receipt and still no news of my conditional approval.

      When I called to discuss variables underwriting was questioning, I was dismissed and the loan officers stated they would 'confirm details with underwriting'. Additionally, the loan officers were very condescending over my credit profile (I have a credit score > 750 and am college educated with a doctorate degree, so I know what is on my credit report). Over 1 month later, A. called to say they are denying me, so now I am left with $500+ stolen from Wells Fargo. UNETHICAL business practices and UNEMPATHETIC, robotic loan officers that are clearly just trying to meet their monthly quotas. I will be cutting ties with Wells Fargo permanently and strongly discouraging friends & colleagues from using their services.

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      Verified Reviewer
      Original review: July 19, 2022

      In 2015 called online person for a home loan. they told us 4 weeks to process. Then when we started the process it changed to 8 weeks. I should have learned my lesson. I took out a SBA business loan in 2019 and it has been a total pain. Constantly asking for insurance information and then when they send you a letter the number on the letter does not go to anyone that can help. After being on hold for the better part of an hour I was transferred back to the wrong department. When I told them that I was dissatisfied they hung up.

      2 people found this review helpful
      Verified Reviewer
      Original review: June 27, 2022

      They charged me $685 for mortgage review and appraisal. They kept my paperwork for 3 weeks and then rejected my loan. I called and the underwriter said she didn't think we were buying home as a primary. She then said she would try and reverse her decision and get off another desk. Then we call for 2 days trying to get update, finally guy calls and said it got denied. Horrible unethical service.

      2 people found this review helpful

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        ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
        1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Aug. 29, 2022.

        Wells Fargo Mortgage Company Information

        Company Name:
        Wells Fargo
        Year Founded:
        420 Montgomery Street
        San Francisco
        Postal Code:
        United States