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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 a 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 and Customer Care  

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 who 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 and Customer Care 

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.  

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.  

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 options 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 new constructions 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.

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
30%
3 star
12%
2 star
7%
1 star
13%

Sentiment Criteria

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Charles Jones
January 15th, 2018 DETAILS
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never had an issue, granted it really doesn't matter who you mail your payments too.

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Federico Trujillo
January 9th, 2018 DETAILS
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constant follow ups and making sure I am satisfied with their service

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Hunter Scott
January 9th, 2018 DETAILS
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I have not had any problems with them. At times they don't apply payments as indicated on payment slip and had to call to rectify.

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Howard Mackert
January 9th, 2018 DETAILS
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serviced a loan from another company and customer service was horrible. Refused to help with modification, In fact 3 times they told me I qualified for a modification only to be

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Jim Hunt
January 9th, 2018 DETAILS
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easy to pay on internet, easy to get ahold of when needed.

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Jim K
January 9th, 2018 DETAILS
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They are ok and I have no issues outside of the terrible fees. I do have issues with their advertising... sent me a pre-approved letter for an equity loan and actually applied to consolidate some debt. They declined my loan saying I was never really pre-approved. Now that all of the debt is paid, I am going to start shopping for a new bank.

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Kenneth Wendel
January 9th, 2018 DETAILS
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Decent rates, good services. Local branches, good telephone service.

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Kimara Fox
January 9th, 2018 DETAILS
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Don't particularly like Wells Fargo. They have had issues in the past.

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Lesia Ambrose
January 9th, 2018 DETAILS
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The name speaks for itself. Great customer service, fair and quality product. Convenient location to home and work. Mortgage loan, savings account, checking account and soon automotive loan with WF. Never had a problem with customer service locally nor out of state. Knowledgeable employees are a plus. Office is alway neat/clean appearance

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Linda Houde
January 9th, 2018 DETAILS
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Have had no issues with this lender. Good app and website. Happy with my rate.

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Michael Marinelli
January 9th, 2018 DETAILS
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I never had a problem with Wells Fargo. My intrest rate is very low and my monthly payments have gone down.

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Robert Stephenson
January 9th, 2018 DETAILS
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I have not incurred problems with them but they could more proactive with financial suggestions for their customers which would build consumer allegiance.

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Sharon
August 14th, 2017

I refinanced my house at a very good rate without fees.

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Anonymous
August 8th, 2017 Overland Park, KS

tHEY ARE FAR CHEAPER THAN OTHERS