Wells Fargo Mortgage

Wells Fargo Mortgage

 3.9/5 (2489 ratings)
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Written by Sandy Baker
Edited by Cassidy McCants

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).

Overall Satisfaction Rating

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Pros

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

Cons

  • 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.

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Rated with 5 stars
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… 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...

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Rated with 5 stars
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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 ...

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View Rates

Rates

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

FeaturesAvailability
Online application
Mobile document upload
Physical branches39 states
Publishes minimum rate on website
Rate lock45 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

202120202019
Home purchase applications149,142183,393200,666
Home purchase loans closed96,781118,668132,499
Home purchase applications denied17,44121,80624,556
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

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

202120202019
Home purchase loans25.8%37.15%45.95%
Refinance loans54.84%49.32%20.21%
Cash-out refinance18.03%7.68%18.19%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

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
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet 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

FAQ

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.

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How do I know I can trust these reviews about Wells Fargo?
  • 4,007,392 reviews on ConsumerAffairs are verified.
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  • Our moderators read all reviews to verify quality and helpfulness.

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Page 1 Reviews 0 - 10
Rated with 1 star
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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Rated with 1 star
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.

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    Rated with 1 star
    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.

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    Rated with 1 star
    Verified Reviewer
    Original review: June 26, 2022

    I've been paying Wells Fargo Mortgage for 20 years. Decided to get refi for home improvements and payoff debt. After 6 months and 3 tries, I finally cancelled my app. First app was turned down within a few weeks. That one I understood. Second one turned down after I got a co-borrower with excellent credit for a reason they never told me until the third try. Had I known about it, we could've fixed it in a couple days which is what happened anyway on our third try.

    During second try, we were asked to close credit card accounts to avoid further debt so we did. No one bothered to tell us it could negatively affect your credit score. End of third try, they raised the rate and lowered amount of loan due to our second credit check. All we have done is make more payments on everything and not increased our debt at all but because we closed our accounts, our scores dropped dramatically. When I questioned advisor, he said he never told me to close them. I wouldn't have done that had I not been told to beside the fact that every time I went on to do the tasks they need, it asked me to send them proof of notification that the accounts were closed. Shady!! Do Not Recommend!

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    Rated with 1 star
    Verified Reviewer
    Original review: May 4, 2022

    Applied for refi loan of my mortgage back in October 2021. Mid December, got a call from closing attorney Michael ** stating we were set to close in four days and how much the cashier's check should be that I knew I had to bring to closing with regard to the divorce degreed settlement. Two days from closing I called Mr. ** and to my surprise he said "there won't be a closing". To make this decision two days before scheduled closing, knowing there's a divorce decree in place with time guidelines is unprofessional.

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    Rated with 1 star
    Verified Reviewer
    Original review: April 25, 2022

    I’ve had a mortgage with Wells Fargo for over 20 years. I have NEVER been one day late. I recently reached out to refinance and it was the worst experience. They made it really hard, asked for the same paperwork more than once…finally after too much time spent..I told them to “FORGET IT”. Care more for your customers!!!!

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 31, 2022

    Some who are assigned to work in Wells Fargo Mortgage/Refinance Department lack empathy or concern for humankind. It doesn't take much to be fair and diplomatic. Humility is preferred in a world that has become increasingly impersonal, robotic, and unwavering. People are people with varying degrees or needs. When you have worked a lifetime and you have reached your golden years, you seek out consideration from sources that can/ should help you in a time of need. I do not feel that was the case with Wells Fargo. Do not abuse the hand that feeds you. If it were not for members/customers of the bank, Wells Fargo would go under. I have read and seen considerable commentary from others who are not pleased and who have spoken out about mistreatment and unfairness. Look at the people you hire.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 28, 2021

    Absolutely terrible. After my mom passed away last summer, they have made it VERY difficult for my Dad to assume payments even though we've sent them copies of her will. I spent four months on the phone with them to no avail. They shared the home together but the loan was in her name. He's able to make payments now but they will not discuss any account details with him on the phone. What?! No compassion and/or poor organization. Someone should not have to jump through hoops after losing a loved one. Very disappointing. Borderline despicable.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 27, 2021

    The entire process was disorganized, dragged out, and regretted! They requested the same documents over and over, made me pay $700 for an appraisal, demanded P&L statements... and in the end I was denied based on info they had from the first week. Don't go down the Wells Fargo road. Beware.

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 17, 2021

    Buying a home with Wells Fargo was the worst experience of my life. This is the 4th time I’ve purchased a home and this company does everything in its power to make it difficult for the buyer. Communication is nonexistent if the buyer needs help and borders on harassment if WF needs info for themselves. Due to a last minute requirement on my loan (due to storms in the area - no damage to property) and extreme lack of communication or follow up, four families are stalled in their closing/moving process and my own family is now homeless. BUYER BEWARE!! Do not use Wells Fargo for your mortgage needs!!!!

    12 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:
    1852
    Address:
    420 Montgomery Street
    City:
    San Francisco
    State/Province:
    CA
    Postal Code:
    94104
    Country:
    United States
    Website:
    www.wellsfargo.com