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.
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.
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.
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.
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.
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. Wells Fargo has an overall score of 3.5/5 stars for:
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.
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.
never had an issue, granted it really doesn't matter who you mail your payments too.
constant follow ups and making sure I am satisfied with their service
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.
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
easy to pay on internet, easy to get ahold of when needed.
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.
Decent rates, good services. Local branches, good telephone service.
Don't particularly like Wells Fargo. They have had issues in the past.
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
Have had no issues with this lender. Good app and website. Happy with my rate.
I never had a problem with Wells Fargo. My intrest rate is very low and my monthly payments have gone down.
I have not incurred problems with them but they could more proactive with financial suggestions for their customers which would build consumer allegiance.
I refinanced my house at a very good rate without fees.
tHEY ARE FAR CHEAPER THAN OTHERS