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Wells Fargo Mortgage

Wells Fargo Mortgage
Overall Satisfaction Rating 2.73/5
  • 5 stars
    27
  • 4 stars
    4
  • 3 stars
    5
  • 2 stars
    6
  • 1 stars
    54
Based on 96 ratings submitted in the last year
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This company is not yet accredited. See reviews below to learn more or submit your own review.

Wells Fargo is a national bank with branches in many communities. Its services include home loans, mortgage refinancing and home equity loans. Explore mortgage information, affordability calculators and home loan shopping tools on its website. If you’re interested, apply online or talk to a Wells Fargo mortgage consultant in your area.

BOTTOM LINE

Wells Fargo mortgages are available for first-time homebuyers, repeat homebuyers and homeowners who want to refinance or access the equity in their homes. To apply, visit Wells Fargo online or at a local branch.

PROS

  • Easy online payment
  • Local representatives
  • Little or no money down options

CONS

  • Strict eligibility requirements

Top Wells Fargo Mortgage Reviews We Found

Rated with 5 stars
Verified Reviewer

Once My Mother got sick from Stage 4 Lung cancer it had become extremely difficult for her to keep up with her payments. As her daughter it was My duty to be her advocate & to take care of her. ... Wells Fargo understood and worked with Us to make everything go smoothly. They cared unlike most Mortgage companies.

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Rated with 5 stars
Verified Reviewer

It was my first time buying a home and the customer service was outstanding. They answered every question I had. ... I wouldn't have known every step if it wasn't for the representative that helped me. Very patient and understanding and that made the whole process that much more memorable.

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    About Wells Fargo mortgages

    Wells Fargo offers multiple types of mortgage loans, including:

    • Fixed-rate loans
    • Adjustable-rate loans
    • Jumbo loans
    • FHA loans
    • VA loans
    • New construction and rural housing options

    To find information about Wells Fargo mortgages and apply for a home loan, visit its website or contact a mortgage consultant in your area. Wells Fargo mortgage account holders receive support from the company's specialists throughout the loan process.

    To apply for any mortgage with Wells Fargo, you need the following personal information:

    • Proof of income and/or employment
    • Credit score
    • Social Security number
    • Address
    • Phone number

    Certain loan types have credit score minimums and location restrictions. If you are a veteran, be prepared to present proper documentation. For preapproval, speak to a Wells Fargo mortgage consultant to get help figuring out which loans you qualify for.

    Wells Fargo mortgage rates

    Wells Fargo mortgage rates depend on the type of loan, the amount of the loan and your credit score. Use the bank’s online calculator to find Wells Fargo interest rates for your estimated loan amount and to compare rates on different loans. Mortgage rates vary widely between companies, so be sure to get quotes from multiple mortgage lenders to ensure you're getting the best deal.

    Wells Fargo mortgage requirements

    To learn Wells Fargo’s mortgage requirements in your area, use its online calculator to see what loans you qualify for. Provide the following information to get accurate suggestions:

    • Income
    • Home price or budget
    • Down payment
    • Credit score

    Note that people with credit scores below 620 may not receive as many mortgage options.

    Wells Fargo mortgage FAQ

    Is Wells Fargo good for mortgages?
    Wells Fargo offers a wide range of loan types for many borrowers, including rural residents, active-duty military personnel and veterans. It also participates in government-backed loan programs that require little to no down payment for qualified customers.
    How do I pay my Wells Fargo mortgage?
    You can pay a Wells Fargo mortgage:
    • Online
    • By wire transfer
    • By phone
    • By overnight mail
    • In person

    You can also arrange automatic payments from your checking account.

    What credit score do I need for a Wells Fargo mortgage?
    Wells Fargo typically approves borrowers with credit scores above 620.
    How long does it take Wells Fargo to approve a mortgage?
    Wells Fargo mortgage approvals take 30 to 90 days.
    How much are closing costs with Wells Fargo?
    Mortgage closing costs vary by lender and type of loan, but they are typically 2% to 5% of the purchase price. Use Wells Fargo’s online homebuying calculator tool to compare closing costs on different loan types and loan amounts.

    Is a Wells Fargo mortgage worth it?

    Wells Fargo is a well-established lending institution that offers many types of loans. However, consumers who do not meet standard eligibility requirements might not find a suitable mortgage option. Make sure you qualify for decent rates before committing to a Wells Fargo mortgage.

    Wells Fargo Mortgage Reviews

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    Rated with 5 stars
    Verified Reviewer
    Original review: March 11, 2020

    It was my first time buying a home and the customer service was outstanding. They answered every question I had and then answered more that I hadn't even thought about. Extremely helpful in walking me through the process of understanding how lock in rates work, percentages and payments in buying a home. I wouldn't have known every step if it wasn't for the representative that helped me. Very patient and understanding with me and that made the whole process that much more memorable for me. I was a little intimidated at first but by the closing date I felt I knew everything I needed to know when I am ready to buy my next house. Now I know exactly what to expect and I'll be better prepared than I was before this experience.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: March 5, 2020

    It was my first time buying a home and the customer service was outstanding. They answered every question I had and then answered more that I hadn't even thought about. Extremely helpful in walking me through the process of understanding how lock in rates work, percentages and payments in buying a home. I wouldn't have known every step if it wasn't for the representative that helped me. Very patient and understanding with me and that made the whole process that much more memorable for me. I was a little intimidated at first but by the closing date. I felt I knew everything I needed to know when I am ready to buy my next house. Now I know exactly what to expect and I'll be better prepared than I was before this experience.

    Be the first one to find this review helpful

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      Rated with 5 stars
      Verified Reviewer
      Original review: March 2, 2020

      It was my first time buying a home and the customer service was outstanding. They answered every question I had and then answered more that I hadn't even thought about. Extremely helpful in walking me through the process of understanding how lock in rates work, percentages and payments in buying a home. I wouldn't have known every step if it wasn't for the representative that helped me. Very patient and understanding with me and that made the whole process that much more memorable for me. I was a little intimidated at first but by the closing date I felt I knew everything I needed to know when I am ready to buy my next house. Now I know exactly what to expect and I'll be better prepared than I was before this experience.

      Be the first one to find this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: Oct. 11, 2019

      I was a first time home buyer who was very apprehensive about WF and the entire process. I decided to give WF a chance anyway. I must say, they stand with you every step of the way. Brandon ** and Will ** was terrific to work with. Had it not been for Brandon ** I probably would have kept renting. He was in constant contact with me patiently answering every question in a very timely manner. Will ** ensured we made our Closing date. I also enjoyed the fact I could use the Loan Tracker which was a great help as well. Even though there are so many steps in purchasing a home, you must speak to a few different people in their respective areas, Brandon was still there ensuring all was going well for me. I realize WF didn't have the best reputation but I have absolutely nothing but praise for the service I've personally received. Thank you, Brandon & Will, for helping me fulfill my dream!

      4 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: Aug. 4, 2019

      Although the mortgage application process was lengthy, stressful and, at times, personally invasive, it was a worthwhile experience. The only reason I say this, is because my Mortgage Consultant, Brett **, Melbourne, FL, was there for me every step of the way. He is diligent, resourceful, compassionate, and has a great sense of humor. Why is this important? Many times throughout the mortgage process, I wanted to bail and ditch the entire scene, and remain in my apt. for eternity. It was a real struggle for me, to put my entire life savings down on a home, and the decision was almost unbearable: At times, I felt myself unraveling at the seams.

      Ultimately, I needed a directional path, as to why I should even attempt this. Mr. ** provided reassurance, personal experience, and was prompt with all his advice and replies. And, since he was in another city, often times offered for me to transfer to another consultant, if more convenient for myself. I chose, however, to retain his services, as it is my nature to remain loyal. Although, as a Wells Fargo customer for 30 years, I feel no loyalty to Wells Fargo or any establishment. Yet, when someone special represents a company or corporation, the lines are blurred and human interaction becomes the key factor. I encourage anyone desiring a mortgage or any major decision in life, to seek out and find the diamond in the rough, and maybe you will learn something of value in the process.

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      6 people found this review helpful
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      Resolution In ProgressRated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: May 12, 2020

      I reached out to Wells Fargo on 4/15/2020, as their website indicated they had a very competitive rate of 2.625% 7/1 ARM, 25% down, total loan amount of almost 800k in Mass. Following the initial disclosures, everything went well, and I uploaded all the documents asap. From the original loan document and from talking to the Wells Fargo mortgage banker, I didn't have any issue qualifying for this loan, as I had monthly income >14K, rental income from another house offsetting majority of my mortgage payment, and also had paystub showing this year our company started paying bonus (>8K for the year).

      Afterward, Wells Fargo requested multiple rounds of additional document upload, which I complied with ASAP. Every time, I emailed/called the loan officer and mortgage banker if there's any problems - rarely got anyone on the phone, and the rare email response I get indicates nothing as well, so I thought ok everything going great! Up until the day of my mortgage commitment was due, at 3PM, my attorney's office called me, asking if I need extension. I was finally able to get my mortgage banker on the phone, they asked for delay till early next week. No big deal, so I did that and went to enjoy my Friday evening at home.

      Next morning, I woke up to an automated email from Wells Fargo, sent out on Saturday morning at 1:03AM, notifying me of a new rate lock with the following term: 30 year fixed, >43% down payment, rate of >3.25%. What Wells Fargo did was just brutal in my opinion, they knew my mortgage commitment date was up, so they were trying to jam a much higher down payment, and higher interest rate loan down my throat at the last minute.

      And guess what, no one works at Wells Fargo on Sunday. Only on Monday at 11AM (apparently Wells Fargo doesn't start working till 9:30AM CST, go figure), did they call me. Believe it or not, they told me that I wasn't supposed to get the new rate lock until they called, and the only reason I was getting the new rate lock was because I couldn't qualify for a jumbo loan. I asked why wouldn't I qualify since the mortgage banker indicated no problem all along? Answer I was given:

      - Debt to income ratio was too high.
      - Can't count my bonus as I only had it for 1 year.
      - Can't qualify me even though I had >1.5M in asset & stock options.

      - No longer counting rental income (using the 75% rule) as of Friday when my mortgage was supposed to be committed.

      The last one was frustrated me, as it made a difference of income of 40k (with the 75% rule). So they basically delayed my loan and made sure I wasn't going to get qualified in order to corner me into the loan I don't want with much higher down payment. For those of you that don't know, 40% down payment is reserved for ppl with zero income. They tried to come back and offer some other loan option, including a 7/1 ARM with 35% down that qualify for non-jumbo, but rate was 3% with almost 1% points, so closing was going to be >22K! My final conclusion:

      - Wells Fargo's mortgage approval practice feels dodgy, almost borderline scam in my honest opinion.
      - It's impossible to reach anyone on the phone. I have personally never reached my loan officer on the phone, and I called > 15 times.
      - It's almost possible to reach mortgage banker, you're lucky to reach them on the phone 1 out of 10 calls.
      - They don't care about your loan, if your loan is late and you end up losing your 5% deposit, too bad for you.

      - Stay away, don't kid yourself.

      I was lucky enough cause I still had 60 days till closing, so I was able to go with my previous mortgage bank and got everything done in < 20 days, for a 7/1 ARM jumbo for the same amount at ~800k. If you want to verify any of what I said, please contact me.

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      5 people found this review helpful
      Resolution In ProgressRated with 1 star
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      Verified Reviewer
      Original review: May 5, 2020

      Received a letter of foreclosure from Wells Fargo. All house payments have been made on time. April's payment was received prior to due date. Do not make the mistake I did. Find a reputable bank NOT CON ARTISTS AND THIEVES!

      4 people found this review helpful
      Resolution In ProgressRated with 1 star
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      Verified Reviewer
      Original review: May 3, 2020

      I requested forbearance from Wells Fargo mortgage and they reported to credit bureau. I was testing my theory about "forbearance not affecting your credit, like some government agency claimed". Yes, people don't fall for it, Wells Fargo will report you if you get a forbearance on your mortgage, affecting your chances to buy a house in the future. This is my case, I'm buying a new house, now I have to explain to the new lender why I requested forbearance. If you asking why I claimed forbearance? Well, I really don't care. I have money to buy cash. But I hope I can help someone from making this mistake that can cost them the purchase of a home, good luck people and if can pay your mortgage just pay it, so you are in the clear.

      3 people found this review helpful
      Resolution In ProgressRated with 1 star
      Verified Reviewer
      Original review: May 2, 2020

      Due to Covid19 and our government's approval, I stopped my mortgage payment for 3 months. I received the approval from Wells Fargo. And everything was OK until I got the notice from Credit Karma that my credit score dropped by 40 point!!!! Really!! According to our government there should have been no effect to credit score. That’s a LIE.

      3 people found this review helpful
      Resolution In ProgressRated with 1 star
      Verified Reviewer
      Original review: April 29, 2020

      One day before closing, after weeks of doing everything they wanted me to do including paying 500 for an appraisal and pest inspection. They told me the underwriter declined due to me missing payments over a year ago. I am a disabled veteran and missing my right leg. I am going strong working again. I am renting the property I am trying to by and my lease is up tomorrow the date I was suppose to close. With three kids and a wife it's going to be a struggle finding a new place to live. IMO if you are a fellow Veteran do not use Wells Fargo for refinancing or home purchases. If you have any questions about my experience reach out to me via email **… or Facebook Ken **.

      6 people found this review helpful
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      Wells Fargo Mortgage Company Information

      Company Name:
      Wells Fargo
      Year Founded:
      1852
      Address:
      420 Montgomery Street
      City:
      San Francisco
      State/Province:
      CA
      Postal Code:
      94104
      Country:
      United States
      Phone:
      (800) 869-3557
      Website:
      www.wellsfargo.com