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.
rates constantly are changing based on the condition of the housing market. will ebb and flow with the market as well, but its rates are known to be competitively low. Those with a great should be able to secure low interest and APR rate for a conventional at Wells Fargo.
Wells Fargo offers an online calculator which will be able to give you a first hand look of what your potential Wells Fargo would like if you decided to do business with them.
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.
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:
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.
They were not the best rate and I moved my whole mortgage away from them for a much better rate
WFs OK but it can be slow to get things done.
Timely billing, but they no longer send envelope to mail a paymeny
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.
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.
I have some issues with the account, but other than that they are good.
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.
have had the mortgage for many years and have never had any problems when I had to contact customer service.
Very professional and dealing with the banker who guided us through the process easy and pleasant.
Gary H Renfrew
Terrible customer service in collections department, rude, indifferent & uncaring
Loan as p p was smooth and reps were helpful both before and with followup
The service is good. The mortgage was transferred to Wells Fargo by a broker.
Great interest rate and easy to do business with
Terry W Fossum
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.
Very good company with nice website. Service reps are very knowledgeable & very professional. Always try to help you meet your goals & needs.
was very helpful in helping me pay off my house early with finance options there.
Annoyed by pushy people
I find them to be not helpful and they seem to calculate matters wrong as well
they were horrible during the process of refinancing, not trustworthy
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