Wells Fargo

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Wells Fargo Logo

8.5

Overall Score

Wells Fargo

verified
Wells Fargo charges an interest rate of 4.75 percent

Wells Fargo is a national bank that has been in business for over 160 years. In fact, the company loans more money to small businesses and home buyers than any other bank in the nation.

The Good

  • Several loan options
  • Frequent customer communication
  • Mobile app

Several Loan Options

Wells Fargo offers a wide variety of loan options, including fixed rate, adjustable rate, GHA, VA, jumbo, military mortgage, renovation, and new construction loans. In some cases, borrowers may even have the ability to customize their loan.

Frequent Customer Communication

Because the home loan process may be unfamiliar and confusing for some borrowers, Wells Fargo provides its customers with frequent communication and updates throughout the entire process to ensure that they feel secure and up to date.

Mobile App

Wells Fargo provides a mobile app that allows customers to view and manage their home loan from their smartphone or tablet. This app is compatible with iOS and Android devices.

The Bad

  • Relatively high interest rates
  • Undisclosed information

Relatively High Interest Rates

As of December 2016, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from Wells Fargo, the interest rate comes out to be 4.75 percent, which is one of the highest disclosed rates in the industry.

Undisclosed Information

Wells Fargo has not disclosed fee or closing cost information on its corporate website. Additionally, Wells Fargo's minimum credit score requirement is unclear. This lack of transparency can be frustrating for potential customers.

The Bottom Line

Wells Fargo provides several loan options, frequent customer communication, and a mobile app. However, the company charges relatively high interest rates and has not disclosed closing cost or minimum credit score information on its website.

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User Reviews

3.9

106 Reviews

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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....

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Amber Hawkes
September 18th, 2018 Saratoga Springs, UT DETAILS
Value for your money
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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.

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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.

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James Quick
September 13th, 2018 Queen Creek, AZ

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

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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.

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Shanna
August 30th, 2018 South Jordan, UT DETAILS
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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.

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Kristiane R Durfey
August 28th, 2018 Pleasant Grove, UT DETAILS
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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.

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Thomas Hullinger
August 27th, 2018 Pleasant Grove, UT DETAILS
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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.

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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.

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Kris
August 23rd, 2018 Pleasant Grove, UT DETAILS
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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.

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Dave Brinton
August 20th, 2018 DETAILS
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They were slow to respond until rates started to rise

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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.

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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.

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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.

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Tyler Williams
July 16th, 2018 Gilbert, AZ

I used Wells Fargo for my home loan. Customer service was great and anytime I had a question, the representatives seemed to always have an answer for me.

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Brian McNamara
July 11th, 2018 Gilbert, AZ

I have my mortgage with Wells Fargo and they have done a good job servicing my account.

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Danuel Allen
July 11th, 2018

We used to have to mail in our payments or pay at a branch. So nice to have everything automated online.

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Raven Trujillo
July 9th, 2018 Gilbert, AZ

We have been with Wells Fargo for over 5 years and are happy with the service they provide. Their App is user friendly and makes making our mortgage payment and viewing our statements easy.

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Amy Stewart
July 6th, 2018 Gilbert, AZ DETAILS
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We have banked with Wells Fargo for over 20 years and love their services. We also have our home loan through Wells Fargo. They are very competitive on their interest rates. Overtime we go into the bank the workers are always helpful and friendly towards my and my family. I don't plan on changing who I bank with!

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Trent Allen
July 6th, 2018 Queen Creek, AZ

The process of setting up the loan was easy. In the end, we had some financial difficulties and they worked with us through the entire process.

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Blake Olson
July 6th, 2018 Gilbert, AZ

We have had our home financed through Wells Fargo for the past 12 years. In 2012 we refinanced to a 15 yr loan. They handled the process smoothly without any issues. We haven't had any issues with Wells Fargo's service during this entire time and would recommend them to anyone buying or refinancing a home.

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MWest
July 6th, 2018 Queen Creek, AZ

Had a home loan with them. Easy online payments was great!

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michelle l pierce
June 26th, 2018 Gilbert, AZ

Good customer service in the branch, Sometimes a little hard to get things done over the phone

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Alicia Holman
June 25th, 2018 Gilbert, AZ

I've multiply clients that have used Wells Fargo for their home loans and it's been a very difficult process for them. The communication between departments usually breaks down and the buyer is left to figure out what to do on their own.

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Joanna Hester
June 18th, 2018 Gilbert, AZ DETAILS
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We have a Wells Fargo home loan on our first home which we turned into a rental property. We have used them for 15 years. I had to contact customer service with questions about our loan and when our mortgage insurance would fall off. They were always very helpful and went above and beyond to answer my questions.

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Donna
June 8th, 2018 Tulare, CA DETAILS
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They are ok but in 16 years one late payment due to family illness,paid day after grace period.Was charged late fee of$46.00.I called to explain that I do online bill payment adn sent mortgage payment to a utility company in error.I am looking to refinance because this was plain old not nice of Wells Fargo to ding me when I am taking care of a family member with cancer and am very stressed.

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Caryn Croes
June 8th, 2018 Spring, TX DETAILS
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They are pretty good and easy enough to work with.

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Kristin
June 5th, 2018 Pleasant Grove, UT DETAILS
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We have our home loan through Wells Fargo they were able to give us a great rate I would highly recommend them.

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Nana Asiata
June 4th, 2018 Herriman, UT DETAILS
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Wells Fargo is an awesome bank. They're friendly and always welcoming.

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Dominic Richard Glass
June 4th, 2018 Rancho Cucamonga, CA DETAILS
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ease of payment and account access, online app is great

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Dorothy
June 4th, 2018 DETAILS
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Charged fees that they should not have. Are unwilling to help customers that are having trouble making payments.

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