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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

3.7
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183 Reviews

Review Breakdown

5 star
37%
4 star
31%
3 star
11%
2 star
8%
1 star
13%

Sentiment Criteria

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Robyn

February 12th, 2018 Middletown, NY DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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Terrible customer service in collections department, rude, indifferent & uncaring

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William Mulligan

January 22nd, 2018 DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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Great interest rate and easy to do business with

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Terry W Fossum

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

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Annoyed by pushy people

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I find them to be not helpful and they seem to calculate matters wrong as well

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Darrell Hamilton

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

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Janine

January 15th, 2018 DETAILS arrow_drop_down
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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.

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Charles Jones

January 15th, 2018 DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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Decent rates, good services. Local branches, good telephone service.

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Kimara Fox

January 9th, 2018 DETAILS arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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 arrow_drop_down
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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