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.
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- 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.
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.
- 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 4.38 percent, which is one of the highest disclosed rates in the industry.
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.