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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
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.
Featured 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 reviewWhen 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 reviewRates
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
| Year | Difference from national average |
|---|---|
| 2021 | -0.22% |
| 2020 | -0.13% |
| 2019 | -0.19% |
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
| Features | Availability |
|---|---|
| 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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| 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 |
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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| 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% |
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 score | Min. down payment | Compare 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
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.
Wells Fargo Mortgage Reviews
ConsumerAffairs has collected 1,575 reviews and 4,262 ratings.
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Reviewed Sept. 22, 2023
I have owned my home for 10 yrs now. 2 yrs ago I needed to refinance. The company worked with me to find the lowest rate (I did research other lenders and found them to be the best @ 2.67%) Not only were they helpful but they gave me options for 10, 20 and 30 yr loans and held my hand through the whole process. I'm very happy I went with this company. When dealing with Escrow, they also send me a yearly statement showing how much I've paid and how much it is estimated to go up so there are no surprises. They allow you to pay the escrow ahead if you wish. In LA the Home owners Insurance tends to rise to crazy heights. I paid it ahead one year and WF applied it as a home payment (across interest, principle and escrow) but it wasn't a big deal, I just called and they quickly corrected the issue. I highly recommend they be considered if you are looking to buy a home.
Reviewed Sept. 15, 2023
Well, my problems with them start about 10 years ago with the illegal fees that they have had to pay for through a government fine and class action lawsuit. In our home loan, we kept getting more money asked for in our impound account. The taxes and fees would remain the same, but they would ask for more money. We became suspicious and took over the the account and forbade them from handling the impound account. WHAT A DIFFERENCE!! Suddenly the fees stopped. If you look at the class action lawsuit, each household was given $4000 dollars, but not us, even though they charged us. Then, we tried to sell our house, and we had 12,000 left on the mortgage.
Wells had a closed account from the refinance, AND OPENED IT AGAIN. It's closed, but nope, they are still trying to say we never paid on a second mortgage (we paid it off in 2012,) and the buyer wants the second paid. Now, we have to look for a closed second that has $5,000 on it. Wells has NO IDEA where the account is, but they say it's active, even though it was closed 12 years ago and shows no payments, interest or fees. They(Wells) do not know the account number and won't release the title. DO NOT EVER GO WITH WELLS FARGO!! They steal money from you, and then turn around and steal more. You have been warned.
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Reviewed Sept. 7, 2023
Come to find out a few days before closing my loan officer is and was on vacation 10 days conveniently when he scheduled the close for 29th, after doing all the paperwork, they charged for appraisal and ordered insurance. Never cancelled the close or denial letter sent. I went to log in and no account exist. They said for 6 months no account number attached or in existence. How is that? 'Cause I kept my receipts. You took the money and did not give it back, cost me more than ya know.
Alexander ** did me wrong and his accomplice Paul ** are making 6-7 figures to pull as many apps as they can then deny, 3 others approved me but my own bank for 17 years screwed me. Bye WF and if these clowns are your team Now Chase and other WF they live a life of bad KARMA, these dudes straight up lied and told a story to their internal investigative team and I don't know why they think it would not come back some day. 'Cause now I got the time to make sure they are not allowed to do this to other ever. It's a horrendous way to treat a person just 'cause you never met them, they never forget you.
Reviewed 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.
Reviewed 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.
Reviewed 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.
Reviewed 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.
Reviewed 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.
Reviewed 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.
Reviewed 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!
Sources
- 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
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