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Wells Fargo Bank provides checking account and savings account services, credit cards, student loans, personal loans, business loans, reverse mortgage programs, and other banking products and financial services. Wells Fargo Home Mortgage, its mortgage lending division, finances home buying and home building nationwide.

The company offers several financing options for home buyers as well as existing mortgage refinancing services and home equity financing for homeowners. When you apply for a loan with Wells Fargo, you can track your application as well as current interest rates online as you wait for approval. Once you're approved, you can manage your mortgage account with enrollment in Wells Fargo Online using your bank's account number and routing number.

Wells Fargo mortgage reviews give the company 3.5/5 star ratings for trust, customer service, and value.

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The Good

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

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 that specialize in new construction loans.

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

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.  

Customer Service

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. Wells Fargo has an overall score of 3.5/5 stars for:

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

The Bad

  • Unknown Fees 

Unknown Fees 

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

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. 

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.

The Bottom Line

Wells Fargo is a top candidate for borrowers’ mortgage servicing needs, especially for a new construction loan in real estate thanks to the company’s Builder Rate Lock program. The company funds all major loan types, refinancing, and home equity products and services.

If you're already a Wells Fargo customer via a savings account, checking account, or credit card, it makes sense to at least look into Wells Fargo's mortgage options to see what rates you qualify for.

The company has experienced some negative press because of a fraud scandal and subsequent problems with the U.S. Federal Reserve in recent years. However, as questionable practices are being cleared up, the majority of Wells Fargo reviews from mortgage customers are positive.

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User Reviews

Star Rating

3.8
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164 Reviews

Review Breakdown

5 star
38%
4 star
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3 star
12%
2 star
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1 star
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Sentiment Criteria

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H Moore
June 1st, 2018 Lehi, UT DETAILS
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We've used Wells Fargo for one of our home loans. Easy to work with!

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Bella Houtz
May 31st, 2018 South Jordan, UT DETAILS
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This was our worst experience ever with our many home loans. The customer service was horrible. Wait times were long. Anytime dealing with them over the phone was pure frustration.

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Ashley
May 29th, 2018 Pleasant Grove, UT DETAILS
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Wells Fargo has been my bank forever and I will continue to bank with them, because of their service and taking care of me.

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Marv1959
May 25th, 2018 Oxford, PA DETAILS
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good rates too long to close too many snags

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Kenneth Garwood
May 25th, 2018 Phoenix, AZ DETAILS
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Good service and easy to get the necessary loan

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Ariel
May 25th, 2018 Yonkers, NY DETAILS
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They haven't let us down yet payments are always on time

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Marion Doran
May 25th, 2018 Phoenix, AZ DETAILS
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Had problem with paper work was to change it and never did

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Anonymous
May 25th, 2018 Pleasant Grove, UT

Wells Fargo is a very trustworthy bank. They will treat you like a valued customer and are very knowledgeable about different products that would be best for you and your situation.

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Sheena
May 18th, 2018 Eureka, MT

Great Advertising for Wells Fargo. Keep up the good work

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William Taylor
May 7th, 2018 DETAILS
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They didn't have the lowest rate, but competative.

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Lisa Sitze
May 3rd, 2018 Round Rock, TX DETAILS
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My mortgage has been sold to/by Wells Fargo back and forth many times. Because they had my info when they were hacked, my information was compromised. It has made me nervous to do business with them ever since.

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Michelle
May 2nd, 2018 Naperville, IL DETAILS
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Did the job that needed to done. They were reasonable, but did give us a bit of a hassle over escrow.

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Nancy Kreigline
May 2nd, 2018 DETAILS
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I feel like I got a great deal on my mortgage loan. The cutomer service department has always been excellant. I am able to go online at any time & check on any tax payments or balances remaining & I can also print out any forms I may need.

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Linda West
May 2nd, 2018 DETAILS
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They made my refinance very easy and they were helpful in every way

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Michael Monk
May 2nd, 2018 DETAILS
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poor communication skills and very slow to update the changes in rates and policies.

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Kenneth Fausel
May 2nd, 2018 DETAILS
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Not very willing to work with you when you have a financial hardship. High interest rates as well.

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Anonymous
May 2nd, 2018 DETAILS
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Great service, rates and customer service

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Ashley G Galura
May 1st, 2018 South Jordan, UT DETAILS
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The banking is really secure and user-friendly. Customer service is generally helpful and respectful. They're fast about checking up on fraud and replacing your debit card if necessary. You can make easy transfers, deposits, and withdrawls with mobile banking or at nearby ATMs. With the exception of one negative customer service experience, overall my experience has been really positive.

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Adria Moskowitz
April 25th, 2018 DETAILS
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They provide information over the phone that they refuse to put in writing so there is no evidence of what they say. They lie a lot. They steal. They make up charges for nothing that shouldn't exist and refuse to refund them.

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Hari
April 25th, 2018 DETAILS
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No issues so far, did not have adverse experience

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Kristine Marshall
April 25th, 2018 DETAILS
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Nothing great but nothing bad either I just had the best interest rate at the time

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Carrie Feehan
April 25th, 2018 DETAILS
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Quick, easy and painless. The representative was a great help with documents needed to get out loan without delay

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Donald Wassenaar
April 25th, 2018 DETAILS
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Great company to work with Excellend feedback

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Joan Ward
April 6th, 2018 Apache Junction, AZ DETAILS
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Never had a problem with them. They were very trustworthy.

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Linda Elliott
February 26th, 2018 DETAILS
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Have always worked with me in times of stress

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Christopher Roberts
February 21st, 2018 Kingman, AZ DETAILS
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They offered me a loan at a decent interest rate.

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Tony Bevill
February 21st, 2018 Metter, GA DETAILS
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No hassle. Reasonable and affordable rates. Buyer friendly.

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George Hassemer
February 21st, 2018 DETAILS
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There was no rating scale available on this survey.

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Myrna Goldsmith
February 21st, 2018 Hoffman Estates, IL DETAILS
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I found them effective with customer service

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Darren Cardwell
February 15th, 2018 DETAILS
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Provide the service I expect and always respectful and courteous and responsive on the phone

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Robyn
February 12th, 2018 Middletown, NY DETAILS
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They were not the best rate and I moved my whole mortgage away from them for a much better rate

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Frank Araujo
February 12th, 2018 Sacramento, CA DETAILS
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WFs OK but it can be slow to get things done.

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JEANHARRELL
February 12th, 2018 Canyon Country, CA DETAILS
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Timely billing, but they no longer send envelope to mail a paymeny

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Neil Andrews
February 6th, 2018 Alpharetta, GA DETAILS
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At times of financial struggle, "experts" say to be proactive, to contact your lender and work with them. If you're with Wells Fargo, I wouldn't bother. They don't care about their customer. When I was laid off and our family lost 65% of the household income, I contacted WF to discuss my options. After 2 weeks, they offered to temporarily reduce my mortgage by just 2%. They also advised the impact to my credit so I declined their insulting terms and instead requested to stop paying my escrow. They laid out the terms and I met all of them yet they twice declined to remove the escrow, citing the 'repayment plan' that I had declined and had written confirmation that I declined. It took 4 weeks of arguing during an already very stressful financial situation. And only after I took to social media was any action taken. They have now removed the escrow (reducing my monthly expenses by $820 instead of the insulting $60 in their "repayment plan") but the experience has soured my relationship with them. Banks got govt help when they were in trouble but WF made it almost impossible for me when my family needed their help. I am now moving all my financial accounts, including my retirement assets, away from WF as quickly as I can. Wells Fargo has lost a 17 year customer because when I did everything proactively and sought their help, their service was horrible, uncaring and unhelpful. Goodbye WF.

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Laurie Trlak
February 5th, 2018 DETAILS
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Because I found them to be difficult to work with. Once when the 1st of the month fell on Labor Day weekend they called me because my payment wasn't in by the first. When I told the associate we had signed up for auto pay, and if the money hadnt been withdrawn on time it was their fault he hung up on me and didnt bother to apologize for the mix up. There wers other problems that we had with them but they were too many to list here.

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Shari Limburg
February 5th, 2018 DETAILS
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I have some issues with the account, but other than that they are good.

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Mike
February 5th, 2018 Danville, CA DETAILS
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Terrible customer service.Will not accept wire transfers. Confused internallly. Consistently mistakenly charge for house insurance when the insurance company has sent them proof of insurance. Hard to get through to anyone who has any idea what is going on.

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Timothy Falick
February 5th, 2018 Elkridge, MD DETAILS
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have had the mortgage for many years and have never had any problems when I had to contact customer service.

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John Nelson
January 26th, 2018 DETAILS
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Very professional and dealing with the banker who guided us through the process easy and pleasant.

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Gary H Renfrew
January 22nd, 2018 DETAILS
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Terrible customer service in collections department, rude, indifferent & uncaring

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William Mulligan
January 22nd, 2018 DETAILS
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Loan as p p was smooth and reps were helpful both before and with followup

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Ganesh Virupakshan
January 22nd, 2018 DETAILS
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The service is good. The mortgage was transferred to Wells Fargo by a broker.

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Mike Tierney
January 17th, 2018 Union City, Ca DETAILS
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Great interest rate and easy to do business with

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Terry W Fossum
January 15th, 2018 DETAILS
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They gave us the most competative rate and provided a seamless transition from construction loan to mortgage. They also provided us with rate breaks on car laons and student loans because we had our mortgage with them.

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Joseph Little
January 15th, 2018 DETAILS
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Very good company with nice website. Service reps are very knowledgeable & very professional. Always try to help you meet your goals & needs.

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Al Hall
January 15th, 2018 DETAILS
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was very helpful in helping me pay off my house early with finance options there.

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Anonymous
January 15th, 2018 DETAILS
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I find them to be not helpful and they seem to calculate matters wrong as well

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Lourdes Rivera
January 15th, 2018 DETAILS
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So far they have been a very excellent company

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Darrell Hamilton
January 15th, 2018 DETAILS
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they were horrible during the process of refinancing, not trustworthy

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Janine
January 15th, 2018 DETAILS
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They have an old website and are hard to get in touch with when I have questions. They also have delayed in paying my insurance from my escrow to the insurance company.