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Wells Fargo

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8.4

Overall Score

Wells Fargo

Wells Fargo specializes in mortgages for new constructions, refinancing, and home equity financing

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Wells Fargo Bank provides checking account and savings account services, credit cards, student loans, business loans, and other banking products and services. Wells Fargo Home Mortgage, its home loans division, finances home buying and home building nationwide. The company offers several financing options for home buyers as well as refinancing services and home equity financing. 

The Good

  • New Construction Loans  
  • Low Down Payment Requirement  
  • Several Loan Options 
  • Home Equity Financing 
  • Convenience and Customer Care  

New Construction Loans

Wells Fargo provides financing for new constructions. When you finance your new home building project through Wells Fargo, you work with a mortgage consultant and builder home financing team who specialize in new construction loans and fully understand the unique nuances of the new home building process.  

Additionally, the company’s Builder Best Extended Rate Lock program locks down a range of interest rate for up to 24 months on a number of loans, protecting you with a grace period during the construction process (for a fee) should rates skyrocket.  

Low Down Payment Requirement

Borrowers have low down payment options with Wells Fargo. You can get a conventional fixed-rate mortgage with a down payment as low as 3 percent. Be aware that with a low down payment, you'll need to purchase mortgage insurance, which increases the loan cost and monthly payment. And, as always, eligibility is dependent upon loan amount, loan type, and property type.  

FHA (Federal Housing Administration) loans have low down payment options, too, with rates as low as 3.5 percent and you can often use a gift or grant for the down payment and closing costs. This, too, requires purchasing mortgage insurance. 

VA (Department of Veterans Affairs) loans offer low- and no-down payment options for eligible service members and veterans and unlike conventional and FHA low down payment loan requirements, you don't have to worry about mortgage insurance.  

Several Loan Options

Wells Fargo offers a wide variety of loan options, including 30-year, 20-year, and 15-year fixed rate mortgages, 5/1 ARM (adjustable-rate mortgages), 30-year fixed rate VA loans, and 30-year fixed rate FHA loans. In some cases, borrowers may be able to customize their loan. 

In addition, the company offers refinancing and funding to pay for repairs and renovations.  

Home Equity Financing

Wells Fargo offers home equity financing. Pairing a home equity line of credit with fixed-rate or adjustable-rate mortgages can give you payment flexibility. A home equity line of credit also has potential tax benefits: in some cases you can deduct the interest used to improve, buy, or build a home with home equity financing. 

Convenience and Customer Care 

Wells Fargo makes it easy to apply for, access, and manage loan information and other account details from a computer, tablet, or smartphone with its online account system and mobile app. The mobile app is compatible with iOS and Android devices. While Wells Fargo has thousands of brick and mortar locations throughout the country, the home loan application can be completed in full online.  

In addition to the company’s online system and app, many customer reviews speak highly of customer service received. Customer service reps are described as being friendly and helpful people.  

The Bad

  • High Interest Rates 
  • Unknown Fees 

High Interest Rates

As of October 2018, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate conventional loan from Wells Fargo, the interest rate comes out to be 5.00%, which is higher than other top companies in the industry. 

Unknown Fees 

Wells Fargo has not disclosed origination fee or other cost information on its corporate website.

Consumers should be aware that in 2016, complaints regarding  the company’s practice of overcharging for appraisals was brought to light in federal court.

Closing costs with any mortgage vary by loan amount, type, and location, but borrowers should check for and question fees that are not clearly explained by the lender. 

The Bottom Line

Wells Fargo is a top candidate for borrowers’ mortgage needs, especially for new constructions thanks to the company’s Builder Rate Lock program. All major loan types, refinancing, and home equity products and services are offered by this long-standing, household-name company. 

Interest rates are higher than comparable rates, and the company has experienced negative press because of problems in recent years. However, the majority of customers seem happy with their experience with the buying process despite that. 

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User Reviews

3.8

123 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

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Cori Jacobsen Ollerton
December 10th, 2018 Alpine, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Took time to answer questions, evaluated our needs well and gave us honest directions to our future plans. Pleasant staff

Helpful?
Grant
December 6th, 2018 American Fork, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Wells Fargo was a great home loan on our previous home out of state. It was very easy to make payments online and keep track of the interest paid each month.

Helpful?
Kaitlyn George
December 6th, 2018 Vienna, VA DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Wells Fargo has managed our home loan for the past 3.5 years and we have had no issues. The process is simple and their monthly, quarterly and annual statements are easy to understand.

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Shawn
December 5th, 2018 American Fork, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Great company easy to use. When another company offered a lower rate all we had to do was call and they match the rate with only one paper to sign.

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Kristie Sgambati
November 30th, 2018 Rocklin, CA DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

We used Wells Fargo to finance our home loan for our second home. We love the customer service we receive and would not want to bank with anyone else.

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Laurie Litwiler
November 30th, 2018 Lompoc, CA DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

I would not recommend using Wells Fargo for any type of loan! Poor response time from agents and many promises from them not kept!

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Ella
November 30th, 2018 American Fork, UT

Wells Fargo is pretty great. Every time I've been, I have gotten excellent customer service. The people there are truly there to help meet your loan needs and do what they can in your best interest.

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Abbey
November 19th, 2018 Gilbert, AZ

have good costumer serve and are great with loans. Have had a great experience with them!!

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Rischelle Mikkelson
November 14th, 2018 American Fork, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Our mortgage was through Wells Fargo. When I received a refinance offer from another company that was good for us, I called up Wells Fargo to see if they could match it and save us the time and hassle of loads of paper work to refinance. Not only did they match it, I only had one paper to fill out which I was able to do right on my phone. Simple, easy, and a great value.

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Jason Pyrah
November 5th, 2018 Willard, MO DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Our Wells Fargo home loan has a little bit higher interest rate, but I am okay with paying it because I really like the stellar service that we receive.

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Lynn White
November 5th, 2018 Gilbert, AZ DETAILS
Value for your money
Quality of product or service
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Company trustworthiness

Worst ever. Changed rate illegally on a HELOC that was part of closing, but we realized after that they'd conveniently left the rate off of the legal docs, it was only on the quotes. At sale of home had unusual situation with corporate move and purchase of our unsold home. Spent several weeks going in circles - hours on the phone. It literally became a full-time job for about an entire week. All day on the phone or camping out at the bank or mortgage office. NEVER AGAIN.

Helpful?
Dylan Curtis
October 30th, 2018 Pleasant Grove, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

They helped us get a 1st and 2nd mortgage for our first home. When we had a setback financially they were kind and gave us extra time to try and get caught up.

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Amy Leifi
October 30th, 2018 Orem, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

When I talked to a rep inside the bank about my account, I got one answer, when I called a rep I got another answer. Couldn't get the information I needed and was glad when I could finally pay off my home loan and be done with them.

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Sheryl Sabal
October 24th, 2018 Gilbert, AZ DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Great customer service! Checking, savings and home loan all at Wells Fargo. No issues so far..

Helpful?
Brian High Duncan
October 24th, 2018 Queen Creek, AZ DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

I would not recommend Wells Fargo. I had an account with them, a car with them and a home with them. I have cancelled all of them. I was behind on my car payment and I called to make arrangements. They would not work with me. Instead, they went into my bank account and removed the funds without authorization. When I asked them to fix this they refused. I also lost my home because of them. I tried to work with them during a slow time in employment and either refinance or adjust my loan, put the past due on the end of the loan, or find someway to save my home. They refused to work with me and basically told me they would rather take the home than try to help me and my family out. We lost our home and were forced to move.

Helpful?
Steve schramm
October 16th, 2018 Salem, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Overly thorough application process was cumbersome. Had some difficulty getting title cleared when loan was paid off.

Helpful?
Matt
September 26th, 2018

Have had some bad experiences with their tellers. Ad that to what they did to our country, I will not use Wells Fargo again.

Helpful?
Sofie Rosenvall
September 19th, 2018 Alpine, UT

We have our home loan through Wells Fargo. They are a great company to work with... After several years we decided we wanted to refinance our home... They set us up with a loan officer and he was super sufficient in helping through the entire process! He was very helpful with all our questions and he knew what he was doing... I was very thankful for his expertise....

Helpful?
Amber Hawkes
September 18th, 2018 Saratoga Springs, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

We attained a smart fit home equity line of credit, which was essentially a second mortgage on our home. It was nice to be able to draw out money when we needed it for home improvements instead of in one big lump sum.

Helpful?
Kimberly Maddock
September 17th, 2018 Pleasant Grove, UT

When my husband and I were buying our first home, we were shopping around for where we wanted to get our mortgage loan. We decided on Wells Fargo because of the way they helped us through the process. They explained every step and made us confident in the purchase of our new home. Excellent service.

Helpful?
James Quick
September 13th, 2018 Queen Creek, AZ

Loan was established by financial service. Percentage rate is very competitive.

Helpful?
Benjamin Taliulu
September 13th, 2018 Salt Lake City, UT

Been with Wells Fargo for my mortgage for the past 5 yrs never had any issues. Had a situation where there was a mix up in how my payment was applied and when I called they took care of it right away. Fast and friendly customer service.

Helpful?
Shanna
August 30th, 2018 South Jordan, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

This company is AWESOME! We've been with them for a year now and the customer service has been great.

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Darluap
August 27th, 2018 Pleasant Grove, UT

8 years as home loan customer and no issues with their customer service, products or reliability.

Helpful?
Kristiane R Durfey
August 28th, 2018 Pleasant Grove, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

I have been with Wells Fargo for about 15 years and they have been very good to work with. We have linked accounts for our children which makes it easy for us to transfer funds in between accounts. The home loan we had for a short time was at a competitive percentage rate and we were pleased with the process.

Helpful?
Thomas Hullinger
August 27th, 2018 Pleasant Grove, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

Wells Fargo is a well respected bank that gave me the loan I needed, quickly and at a great rate. They are wonderful and I will be back for my next loan.

Helpful?
Lesa Burgess
August 24th, 2018 Pleasant Grove, UT

I was a first time homebuyer when applying for a loan with Wells Fargo. I felt WF offered a full range of both traditional as well as other specialty mortgages. I went with the traditional and because I was a first-time homebuyer, they had a program that allowed me to put down a downpayment of 3.5%. I think the lowest I could do, as a first time homebuyer, was 3%. At the time, WF did require a minimum credit score of 620, which was not a problem for me but could be for others applying with them. I know in 2016, WF had an embarrassing corporate setback, but with my dealings with them, I had a great experience.

Helpful?
Kris
August 23rd, 2018 Pleasant Grove, UT DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

I highly recommend Wells Fargo. They are willing to answer any questions you have whether great or small, and have a great response time in getting back to you.

Helpful?
Dave Brinton
August 20th, 2018 DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

They were slow to respond until rates started to rise

Helpful?
Becky Rasmussen
August 20th, 2018 American Fork, UT

If zero stars were an options, I would have selected zero. Wells Fargo nearly caused complete financial ruin for our family when the housing bubble collapsed in 2007. My husband and I unsuspectingly found ourselves in a mortgage with a variable interest rate. Our loan office told us it would never rise above .5% above prime and capped at 7%. When our payment jumped from $900/month to $2700 I was forced to quit my post as a stay-at-home-mom and get a full-time job. We immediately placed our home for sale and received offers above and beyond the loan balance and cost of realtor fees. Wells Fargo refused the offers because they had built a pre-payment penalty into our loan. The pre-payment penalty was $68,000. When we provided evidence that our initials were not on the mortgage document pages that reviewed the pre-payment penalty they refused to concede. We did not have the money to hire a lawyer and fight them. Ultimately, we had to pay outrageous prices until the Federal government forced banks to quit predatory lending practices. Once the pre-payment penalty period ended we refinanced with another lender.

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Bella Houtz
August 17th, 2018 South Jordan, UT

We held a mortgage for many years with Wells Fargo. Could not wait to refinance and get away. Horrible customer service reps who lacked training.

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Sepi
August 16th, 2018 Salt Lake City, UT

Awesome job especially their customer services

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Cheryl Linden
August 1st, 2018 Cave Creek, AZ

very easy to work with; statements are easy to read

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Darci Jensen
July 27th, 2018 Alpine, UT

I’ve only had to call customer service a couple of times but both times they failed to get me what I needed.

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Katherine Smith
July 27th, 2018 Salt Lake City, UT

Helped us take out a personal loan. Great service and was able to help us without specific needs.

Helpful?
Anna Hu
July 23rd, 2018 Provo, UT

I have been a Wells Fargo customer for the last 5 years and have had nothing but positive experiences. Every time I've needed help with something, it has been resolved with a simple and short phone call. I've met with representatives in the office multiple times regarding setting up loans or new accounts and they have been extremely helpful and thorough with walking me through each process.

Helpful?
Bob Conley
July 19th, 2018 Crestwood, KY

They have never sold my home loan. We pay our mortgage on-time with a little bit extra. We have not gotten much extra for that, but when we have had questions, they have been quick to respond.

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Conrad Brian
July 19th, 2018 Gilbert, AZ

Good customer service. Very easy to process our loan. They worked great with our builder.

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Sara Jane
July 19th, 2018 Crestwood, KY

The online portal is easy to use. We have been a customer for 10 years now. They are reliable and safe.

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Kristy Williams
July 16th, 2018 Gilbert, AZ

We used Wells Fargo for our home mortgage. They were easy to work with and had great customer service. I would recommend them for your next home loan.

Helpful?