Wells Fargo

• Several Loan Options
• New Construction Loans
• Mortgage Refinancing
• Home Equity Financing
• Low Down Payment Requirements
• Competitive Mortgage Rates
• Online Convenience
• Mortgage Tools and Calculators

Several Loan Options

Wells Fargo offers a wide variety of loan options: 

• Fixed Rate Mortgage Loan
• Adjustable Rate Mortgage (ARM)
• FHA Loan
• VA Loan
• Jumbo Loan (fixed and ARM)

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

New Construction Loans

Wells Fargo provides financing for new home constructions, an option not offered by all lenders in the industry. When you finance your home building project through Wells Fargo, you work with a mortgage consultant and builder home financing team that specialize in new construction loans.

Additionally, the company's Builder Best Extended Rate Lock program locks down an interest rate range 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 suddenly increase.

Mortgage Refinancing

In addition to mortgage financing services, Wells Fargo provides mortgage refinancing and even offers a cash out refinance option. It is important to note that cash out refinancing may not be the best option for everyone, but it can open up funds for other purposes as the borrower gets a new mortgage with a higher loan amount, allowing them to access their home equity.

If you are interested in refinancing your mortgage, speak with a Wells Fargo consultant to see which options might be the best for you.

Home Equity Financing

Wells Fargo offers home equity loan financing, which can offer payment flexibility if paired with a fixed-rate or adjustable-rate mortgage. 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. 

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, much lower than the standard 20 percent down payment that is common in the industry. 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. 

Federal Housing Administration (FHA) 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. 

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

Competitive Mortgage Rates

Mortgage rates are constantly fluctuating based on the condition of the housing market. Wells Fargo mortgage rates will ebb and flow with the market as well, but its rates are known to be competitively low. Those with a great credit score should be able to secure a low interest and APR rate for a conventional home loan at Wells Fargo.

Wells Fargo offers an online mortgage calculator which will be able to give you a first hand look of what your potential Wells Fargo mortgage rate would like if you decided to do business with them.

Online Convenience

While Wells Fargo has thousands of brick and mortar locations throughout the country, the home loan application can be completed in full online.

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.

In addition, you can easily track your mortgage loan application online through yourLoanTracker℠. This tool isn't available to use with all loans.

Mortgage Tools and Calculators

To assist homebuyers in the mortgage process, particularly first-time homebuyers, Wells Fargo has various tools and resources available on its website, including helpful mortgage calculators.

Wells Fargo offers the following mortgage calculators:

• Mortgage Calculator
• Affordability Calculator

If you have specific questions or concerns you can contact a Wells Fargo representative or connect with a mortgage consultant in your area.

• Limited Website
• Unknown Fees
• Recent Company Scandals
• Average Customer Reviews

Limited Website

Wells Fargo's website can be difficult to navigate, and available mortgage information is limited. 

Unknown Fees

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

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

Similarly, interest rate and annual percentage rate (APR) will vary depending on the borrower's credit score, debt-to-income ratio, money set aside for a down payment, mortgage program chosen, and other individual financial factors. Make sure to discuss your loan options, including mortgage rates and all loan terms, in detail with your loan officer.

Recent Company Scandals

In recent years, Wells Fargo has been accused of opening fake deposit and credit accounts to meet excessive sales goals, in addition to wrongfully foreclosing on mortgage borrowers. In some cases, the company has been hit with large fines from federal and state government officials because of its harmful behaviors.

Wells Fargo has been putting all effort forth into recovering from these setbacks, but consumer trust has taken a hit.

Average Customer Reviews

Wells Fargo has average customer reviews, averaging around 3.5 stars for overall customer sentiment. This isn't necessarily bad, but it could indicate that the mortgage lending experience may not be consistent.

Positive reviews highlight: 

• Value for your money
• Quality of product or service
• Customer service
• Company trustworthiness

Negative reviews highlight:

• A lack of flexibility when extenuating circumstances arise
• Poor communication about their mortgage loan
• Lack of transparency and confusing fees

However, Wells Fargo is a large mortgage lender with decades of experience which should give potential borrowers a feeling of security. 

View Best Mortgage Lenders