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Wells Fargo Mortgage

Wells Fargo Mortgage
Overall Satisfaction Rating 3.96/5
  • 5 stars
    491
  • 4 stars
    673
  • 3 stars
    290
  • 2 stars
    53
  • 1 stars
    62
Based on 1,569 ratings submitted in the last year

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

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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 ... 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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    How do I know I can trust these reviews about Wells Fargo Mortgage?
    How do I know I can trust these reviews about Wells Fargo?
    • 2,935,305 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 1 Reviews 0 - 10
    Rated with 4 stars
    Verified Reviewer
    Original review: Sept. 4, 2020

    My mortgage was sold to Wells Fargo which I was furious at first; then after talking to them I calmed down. Then when it was time for my house insurance to be paid, my insurance company sent the bill to the wrong mortgage holder, I was frantic since I could not get hold of my insurance agent to correct it; my insurance company dropped my home owners policy. I called Wells Fargo explained the situation and they got on the phone and help straighten the bill issue out. Great customer service from the insurance division of Wells Fargo.

    5 people found this review helpful
    Rated with 4 stars
    profile pic of the author
    Verified Reviewer
    Original review: Aug. 25, 2020

    Application process takes too long and found there a few departments handle your application and they do not communicate with each other. Every step the consumer need to be involved to share the information.

    5 people found this review helpful

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      Rated with 4 stars
      Verified Reviewer
      Original review: Aug. 24, 2020

      Initial loan process was smooth. But trying to refinance was an issue. It seem since our loan amount is below $100,000 they will not reduce our rate and lower our payment. They are the same as all the others we have contacted.

      3 people found this review helpful
      Rated with 4 stars
      Verified Reviewer
      Original review: March 13, 2020

      My experience with them was wait time for customer service to answer was almost 5 minutes then was transferred multiple times. They acted like they did not want to answer all my questions and concerns. Overall needs better service.

      5 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: March 7, 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.

      3 people found this review helpful
      Resolution In ProgressRated with 1 star
      Verified Reviewer
      Original review: Feb. 24, 2021

      I currently have a home Mort, with Wells Fargo, 20+ years, I am buying a second home, I have Every account you can have in their bank, Checking, Savings, Retirement, Line of Credit, Credit cards, Debit cards, CD's, College funds, A LOT OF MONEY!!!! I asked for a Pre approval letter to give a Realtor, That's all, I should have gone Lending Tree, or anywhere else but here, No loyalty at all. NONE, I am treated like I have 5 dollars and am insufficient at that, Literally by some guy in another state that doesn't care, I had it to do over, REGIONS BANK, THEY TREATED ME THERE LIKE A PERSON, Did I say my credit was Excellent!!! Yes it is!!! If you Get Jake ** for your application, HANG UP!!!

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 21, 2021

      I'm a first time home buyer and got my mortgage with Commerce Mtg and my loan was sold to WF. I wasn't properly notified due to some errors with my address and phone number so I kept making payments to commerce, ON TIME. Then, I find out that my FICO score went down so I do some investigation and find out my loan was sold. I reach out to commerce and ask for my money back so I can make payments to WF. Once received, I immediately make payments to WF. I have been making payments on time to WF for a year now. I have auto payments set up.

      I still wanted to have my credit report fixed since it doesn't truly reflect my ability to repay debt and risk to lenders. Commerce was willing to help and get it removed from my record but WF refused to help me. I called multiple reps and chatted, everyone understands but no one has done anything. They kept asking me to mail something. I asked for call back and no one calls back. I hope other so called 'valuable customers' aren't treated as such.

      Be the first one to find this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Jan. 6, 2021

      My current mortgage is with Wells Fargo (sold to them after closing 2+ years ago) and I have not had any issues because I pay my mortgage and I don't create any issues. I thought since my mortgage and main checking account is already with them, refinancing should not be an issue. I was wrong! I started the refinance process with them on September 22, 2020. My initial closing date was November 21, 2020. Today is January 6, 2021 and I still have not closed and I don't have a "real" closing date yet.

      In the beginning I was told that I had an appraisal waiver and I would only have to pay a few hundred dollars in closing cost by the mortgage originator. He told me I would save over $500/month and my interest rate would be below 3%. When the loan went to underwriting, they asked for more documents and verifications than I had to provide when I originally purchased the home. At one point my file sat with underwriting for 3 weeks with no activity until I asked the processor what is going on. They asked for one additional document, then the loan was cleared to close. But, I had already missed my November 21st closing date.

      So my next closing dates were December 4th and 8th. I was told that my closing costs would be $1700+ and my December mortgage was included in the loan. Then after emailing and calling them on the 4th I got a call from them at 2 pm and they said I couldn't close on the December 4th because my bank account didn't show that I had the $1700 in my account. But, I got paid on the 4th and I had over $3000 in my account that morning. Then my closing date was set for the 8th and my closing cost would be $500 and my December payment was still included in the loan. On December 8th instead of closing, I was given two options. Pay my December mortgage and my closing costs would be $2200+, or I could pay for an appraisal and wait to see if the value of my home comes back higher than what I guessed it was in the beginning to see if my closing cost could be lowered and I would still need to pay my December mortgage.

      I refused to pay for an appraisal at this point. I paid my December mortgage and asked why would my closing cost go from $1700 to $500 to $2200 after paying my mortgage. No one ever told me why or explained what happened. Throughout all of that I never received a closing disclosure. I was given another close date of December 28th and today (January 6th) but didn't receive a closing disclosure or a closing amount. After over 3 months, it's January and the same song keeps playing... "We are going to get you closed. We are balancing and getting/waiting on final title fees." Worst mortgage experience ever!!!

      2 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Dec. 14, 2020

      I am a financial counselor. I like having full control of my money, how it is spent, how payments are sent etc. I recently got a new mortgage and ended up with Wells Fargo as my servicer. I HAVE ALWAYS HATED WELLS FARGO, they were terrible as a bank when I was in school and HAD TO use them for my on-campus transactions, they are terrible as creditors to my clients, they are horrible as mortgage servicers to my clients AND NOW ME. I DO NOT WANT TO SET UP AUTO WITHDRAWS WITH YOU ON THE PHONE. I shouldn't have to do that to pay my mortgage how I want to pay it!!! If I pay half of my mortgage biweekly to maximize my payments WHY CAN'T YOU APPLY THE PAYMENT AS SUCH unless YOU withdraw the money? NO, I WANT CONTROL OF MY MONEY AND MY BANK ACCOUNT PERIOD. If I could change servicers, I WOULD. If I had a choice on who my servicer was, it would not be WELLS FARGO!

      3 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Dec. 2, 2020

      Do not ever use Wells Fargo Home Mortgage. Even though you might think you are saving money, they will cost you so much more in the long run. They are negligent about the process, take absolutely no accountability for their delays/actions, and clearly have no care for their customers. My settlement has been delayed twice now due to Wells Fargo not completing a loan process on their end. They realized on the day that closing documents were due they had forgotten to verify something on their end.

      I called for hours and email numerous times, and no one could give me a straight update for over a day. After hours, they had an assistant call me saying the process was delayed again and I would not be able to settle on the delayed timeline. Still no response from any managers or my loan processor, only a half-excuse/apology from the manager of the team. Beyond negligent on a signed contract and just extremely unprofessional from any company. Take your business anywhere else; Wells Fargo has never and will never care about their customers, and their loan processors are too incompetent to even answer a phone call.

      7 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