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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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Highlight:

  • New construction loan options
  • A 3% minimum down payment requirement
  • Home equity loan options
  • Around a 3.5 Wells Fargo mortgage review from customers
 

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The Good

  • New Construction Loans  
  • Low Down Payment Requirement  
  • Several Loan Options
  • Competitive Interest Rates
  • 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. 

Competitive Mortgage Rates

Mortgage rates constantly are changing 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 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.

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 
  • Average Customer Reviews

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.

Average Customer Reviews

As a mortgage broker, Wells Fargo doesn't have the best customer reviews, ratings are coming in with a mix of every star review, averaging around 3.5 stars for overall customer sentiment. This isn't bad, but it also is not a brag-wrothy review rating. This mix of low reviews may be in part to Wells Fargo complaints about:

  • 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. Keep reading more reviews to get a better sense of what the one-star and five-star reviews are saying if you are considering Wells Fargo as a mortgage option.

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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187 Reviews

Review Breakdown

5 star
39%
4 star
30%
3 star
11%
2 star
8%
1 star
12%

Sentiment Criteria

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Anna Hu

July 22nd, 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 18th, 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 14th, 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 14th, 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 10th, 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 9th, 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 7th, 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 arrow_drop_down
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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 5th, 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 5th, 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 4th, 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 22nd, 2018 Gilbert, AZ DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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They are pretty good and easy enough to work with.

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Kristin

June 4th, 2018 Pleasant Grove, UT DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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ease of payment and account access, online app is great

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Dorothy

June 4th, 2018 DETAILS arrow_drop_down
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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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Jennifer S.

June 4th, 2018 DETAILS arrow_drop_down
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They had several people following progress on my mortgage; feedback was quick and excellent; the whole process was very smooth with their guidance.

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William R Feerick

June 4th, 2018 DETAILS arrow_drop_down
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They have been overall very understanding during a period in my life when I was having difficulties.

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H Moore

June 1st, 2018 Lehi, UT DETAILS arrow_drop_down
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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 30th, 2018 South Jordan, UT DETAILS arrow_drop_down
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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 28th, 2018 Pleasant Grove, UT DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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Good service and easy to get the necessary loan

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Ariel

May 25th, 2018 Yonkers, NY DETAILS arrow_drop_down
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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 arrow_drop_down
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Had problem with paper work was to change it and never did

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Tom

May 25th, 2018 Pleasant Grove, UT DETAILS arrow_drop_down
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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 16th, 2018 Eureka, MT

Great Advertising for Wells Fargo. Keep up the good work

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William Taylor

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

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LSitze

May 3rd, 2018 Round Rock, TX DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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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unsatisfied

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

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Ashley G Galura

May 1st, 2018 South Jordan, UT DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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No issues so far, did not have adverse experience

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Kristine Marshall

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

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Joan Ward

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

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Linda Elliott

February 26th, 2018 DETAILS arrow_drop_down
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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 arrow_drop_down
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They offered me a loan at a decent interest rate.