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236 User Reviews

6.0

Overall Score

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In addition to traditional banking and loan services, Wells Fargo finances home buying and home building nationwide through its mortgage lending division.

Wells Fargo 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 mortgage loan you can track your application as well as current interest rates online as you wait for approval. Once you're approved, you can easily manage your account online upon setting up a Wells Fargo account.

Wells Fargo home mortgage reviews give the company 3.5/5 star ratings for trust, customer service, and value.

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Wells Fargo Mortgage Highlights:

  • Unique loan options — new construction loans and home equity loans
  • Minimum down payment — 3%
  • Fixed rates — 2.125%–2.625% (2.271%–2.744% APR*)
  • Adjustable-Rate Mortgage (ARM) range — 2.000% (2.565%–2.510% APR*)
  • Jumbo loan fixed rate — 2.625%–2.875% (2.704%–2.909% APR*)
  • Jumbo ARM loan range — 2.375%–2.250% (2.588%–2.576% APR*)

*Use the annual percentage rate (APR) range to compare rates across lenders. This rate includes fees and costs.

Continue reading for a full review of this mortgage company, as well as Wells Fargo reviews from real customers.

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The Good

New Construction Loans

Wells Fargo provides financing for new home constructions, an option not offered by all lenders in the industry. When you finance your 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 an interest rate range 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 suddenly increase.

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, much lower than the standard 20 percent down payment that is common in the industry. 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. 

Federal Housing Administration (FHA) 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. 

Department of Veterans Affairs (VA) loans offer low- and no-down payment options for eligible service members and veterans. And, unlike conventional and FHA loan low down payment requirements, you don't have to worry about mortgage insurance. 

Several Loan Options

Wells Fargo offers a wide variety of loan options: 

    • 30-year, 20-year, and 15-year fixed rate mortgages
    • Adjustable-rate mortgages (ARMs)
    • 30-year fixed rate VA loans
    • 30-year fixed rate FHA loans
    • USDA loans
    • Fixed-rate jumbo loans
    • ARM jumbo loans

In addition, the company offers refinancing and funding to pay for repairs and renovations. 

Competitive Mortgage Rates

Mortgage rates are constantly fluctuating 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 a 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 loan financing, which can offer payment flexibility if paired with a fixed-rate or adjustable-rate mortgage. 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. 

Mortgage Refinancing

In addition to mortgage financing services, Wells Fargo provides mortgage refinancing and even offers a cash out refinance option. It is important to note that cash out refinancing may not be the best option for everyone, but it can open up funds for other purposes as the borrower gets a new mortgage with a higher loan amount, allowing them to access their home equity.

If you are interested in refinancing your mortgage, speak with a Wells Fargo consultant to see which options might be the best for you.

Online 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.

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The Bad

Unknown Fees 

Wells Fargo has not disclosed origination fee or other cost information on its corporate website.

Closing costs with any mortgage will 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.

Recent Company Scandals

In recent years, Wells Fargo has been accused of opening fake deposit and credit accounts to meet  excessive sales goals, in addition to wrongfully foreclosing on mortgage borrowers. In some cases, the company has been hit with large fines from federal and state government officials because of its harmful behaviors.

Wells Fargo has been putting all effort forth into recovering from these setbacks, but consumer trust has taken a hit.

Average Customer Reviews

Wells Fargo has average customer reviews, averaging around 3.5 stars for overall customer sentiment. This isn't necessarily bad, but it could indicate that the mortgage lending experience may not be consistent.

Positive reviews highlight: 

  • Value for your money
  • Quality of product or service
  • Customer service
  • Company trustworthiness

Negative reviews highlight:

  • 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. 

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The Bottom Line

Wells Fargo is a competitive choice for your mortgage financing needs, especially if you are a home buyer looking for a construction loan, which has added perks through Wells Fargo'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, as you will be able to manage all your finances from one place through your Wells Fargo online account.

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.

Wells Fargo mortgage reviews are equally positive and negative. Positive reviews highlight affordable and flexible loan options, but negative reviews often mention poor company communication and lack of transparency about fees. While customer sentiment may be swayed by Wells Fargo's recent scandal setbacks, it is important to weigh both the pros and the cons of what past customers have said about their experiences with this mortgage lender.

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If you have financed or refinanced your home with Wells Fargo, please tell us about your experience by leaving a review.

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Star Rating

3.8

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236 Reviews

Review Breakdown

5 grade

41%

4 grade

27%

3 grade

12%

2 grade

7%

1 grade

13%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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Erinmarie Xian Seffner, FL

Wells Fargo is by the far the worst most scheming company I have ever dealt with. 16 years ago they were my first home Mtg company. I mailed a check before the 1st of each month to give ample time to show up. This was fine for a while. Then all of a sudden I started getting hit with 'Late Payment fee's'. I went ahead and paid and just figured the mail was slower than expected (mobile banking wasn't a 'thing' back then). But then I started getting suspicious. There is NO WAY it takes an envelope 17 days to its destination. SO, I paid to have the envelope trace. Apparently it takes 1 days to reach its destination and wells fargo simply didnt apply it until AFTER the Due date in order to charge a late fee. What a racket - that should be ILLEGAL. I called up and spoke with someone, faxed my proof and got all my late fee's back and then promptly re-financed and went with another company (BOA) who we've been very happy with ever since. **If I could give less than 1 star for "TRUSTWORTHINESS" I would.

2 weeks ago

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Frances Harmatuk Baltimore, MD

I have been a long time customer of Wells Fargo and was really pissed when they sold my mortgage to some run of the mill, online only mortgage company. At least if you were going to sell my mortgage, sell to a company that was reputable.

2 months ago

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Lisa C Johnson Rockville, MD

When I was looking for a mortgage company for a condo Wells Fargo declined me. I felt that I had very good credit and had more than enough income to afford my condo. I still dont know why I was not approved but it left a negative opinion of Wells Fargo.

2 months ago

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peter harmatuk Poolesville, MD

ONE of the worst banking services around. I have NEVER had any good experiences with them with in their credit services or banking. I have had a mortgage with them for 15 years on an investment property that they refused to let me refinance...finally they sold the mortgage to a debt collection service as it was a veritable rate mortgage and they were not making a killing on it. They did keep the Line-of-credit that was attached to the property as it had a fixed rate that was 4% above the market. They also refuse my request to renegotiate to lower cost to me....they are crooks and should not be in the banking business (see the "false loan request" scandal of a few years ago.

4 months ago

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Michelle Sansom Senatobia, MS

They said they never received the check I sent even though they had to sign for it. Tried to pay it online and they denied it. Been arguing with them for over a month about it.

3 months ago

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Mark bizon Woodbridge, VA

receive a computer generated letter every 6 months that I am in Past due status. I have never missed a Payment. I finally escalated to executive offuce, ms m and ms. G. Both hopeless and a disgrace as an employee. Do not do business with WF!

8 months ago

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Eric Mc Hampstead, NC

During a seemingly easy loan, multiple times Wells Fargo gave me little to NO notice of underwriting changes to my loan. These changes were after deposits would be lost and FORCED me to go along with changes. The main issue was "they" could not understand how I could commute to another state and they refused to make my loan a PRIMARY RESIDENCE.... thus making it a second home loan ( even though I live there). It forced my interest rate up, deposit up, and PMI up...... I would have lost $2500 if I backed out so I was stuck. I WAS BASICALLY EXTORTED FOR MORE MONEY FOR NO REASON. I am in the process of refinancing the loan with a credit union..... as a primary residence !!!!!! DONT USE WELLS FARGO !!!!! EVER !!!!!!!

1 year ago

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Dissatisfied Billy Pensacola, FL

I have been a Wells Fargo banking customer for many years. Last year, I was interested in purchasing in a new development on an island in the Chesapeake. As I was in the developers' office, a Wells Fargo mortgage rep who was there at the time introduced himself, and to make a long story short, wrote my mortgage, took my money, and smiled alot. Then I lost a new construction contract because my existing home didn't sell within the contingency period. No big deal, right? I got my money back from the developer, no problem. But Wells Fargo kept my $3400 for "lock-in and associated fees". The only thing I ever got back was a Dear Idiot letter from the Wells Fargo rep who explained why I would never see my money again. So fast forward a couple of mortgage applications later. Nobody has since charged me A SINGLE PENNY for an unexecuted closing on a mortgage except for unrecoup'able expenses like an appraisal or an inspection. And no one else including Nationstar and some local regional originators have asked me for $2700 to lock in a rate. Basically, Wells Fargo are pirates and if you choose to do business with them you are dealing with predatory criminals who will take you for whatever money they can shake out of your pockets.

1 year ago

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Mallie M Evans Buda, TX

The only reason I'm giving Wells Fargo a 1 star is because I cannot proceed through the rating site with no stars. The home mortgage section is HORRIBLE!!! No communication, lack of customer service and nobody can tell you anything even though they are looking at your file. We apply for a new mortgage (selling our home and trying to purchase another), filled out the paperwork, provide all documents, etc. We get initial contact from the mortgage section congratulating us on the preapproval (per letter) and the employee spoke to us about our loan and process only to get NO customer service from that time forward. We have left messages and e-mails only to get ZERO communication back. You should be ashamed to have people like this represent your organization. We have been loyal customers of Wells Fargo for over 15 years (banking / loans / financing of home and refinancing of home). Needless to say, we are going with a different lender and once all transactions are done we will be closing out all of our accounts with Wells Fargo and taking our money and business elsewhere. Your organization needs much improvement in providing customer service.

1 year ago

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KJ Queen Creek, AZ

We tried to refinance with Wells Fargo. Everything was fine and there were no issues along the way. Three days prior to closing I noticed online that PMI was on our loan. I asked the loan officer about this and he did not know why either. He eventually emailed me stating Wells Fargo did not accept the appraisal (by a 3rd party they hired) and arbitrarily lowered our home value by $60,000 and we were now required to have PMI. We were never told they didn't accept the appraisal and we were never told about the PMI. I honestly think they were trying to sneak it past us and hope we signed and didn't notice. There was nothing wrong with the original appraisal and the value was correct - a licensed appraiser completed it and had 5 comps to support the price. This just seems like more shady practices by Wells Fargo to hide fees from the customer. Even the loan officer stated he has never seen anything like this in the 7 years he's worked there. I don't see how this is legal. Everything was done correctly throughout the process and they arbitrarily change it to their benefit at the end without disclosing it to us??????

1 year ago

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Gary S Matthews, NC

My original mortgage was purchased by Wells Fargo 4 years ago and they have been a nightmare to deal with. First off, you get bombarded with offers to refinance, use their banking and sign up for credit card offers but offer nothing in the way of customer service once you are a customer. I requested a PMI evaluation, paid $200 for it and the entire process ended up being a sham. They failed to add 1200 sq ft of livabled and heated living space, a second kitchen and a 4rth bathroom to the appraisal and then reused to re-evaluate once I pointed the errors out in the original report. I called to complain and they could care less, but when I left a bad review on Google, all of a suydden a team of people were contacting me to try and smooth things out. What ajoke of a company.

2 years ago

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Don Los Angeles, CA

Seniors Beware Wells Fargo is a joke and don't waste your time. I have been with Wells Fargo for 25 years with significant deposits with 2 previous Home Mortgages. I never missed a payment, never bounced a check and was a very reliable customer. My wife and I found our dream home that we wished to settle in for the rest of our lives and only naturally went to "My Bank" to get a loan and hopefully treated well. In the start, everything looks so promising including favourable rates and loan fees. They accommodated me with a pre-approval (that turned out to be as good as 1 ply toilet paper). Then the loan process started and what looked to be a great online/loan officer system turned out to be as worthless as the 1 Ply! They do not care if you have built significant assets in your lifetime or been a dependable trusted customer for over 25 years. They tease you with rates, get you to spend $675 and then reject you because you don't make enough money. They don't care that you made money your whole life and have cash and assets to back it up. Stay away from this nightmare of a company that their CEO just stepped done because they stink at understanding their customer's needs.

2 years ago

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Neil Andrews Alpharetta, GA

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.

3 years ago

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Juha Raatikainen ,

Never again! They have the most incompetent mortgage lenders working for them. With 825 rating and existing paid home they made me jump thru hoops on simple mortgage application. It took forever to send document after document until I finally had enough. I told them not to bother, I found another lender, closed on new house 2 weeks later.

6 months ago

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Brian Joseph Duncan Queen Creek, AZ

I would not recommend Wells Fargo. I had an account with them, a car with them and a home with them. I have cancelled all of them. I was behind on my car payment and I called to make arrangements. They would not work with me. Instead, they went into my bank account and removed the funds without authorization. When I asked them to fix this they refused. I also lost my home because of them. I tried to work with them during a slow time in employment and either refinance or adjust my loan, put the past due on the end of the loan, or find someway to save my home. They refused to work with me and basically told me they would rather take the home than try to help me and my family out. We lost our home and were forced to move.

2 years ago

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Becky Rasmussen American Fork, UT

If zero stars were an options, I would have selected zero. Wells Fargo nearly caused complete financial ruin for our family when the housing bubble collapsed in 2007. My husband and I unsuspectingly found ourselves in a mortgage with a variable interest rate. Our loan office told us it would never rise above .5% above prime and capped at 7%. When our payment jumped from $900/month to $2700 I was forced to quit my post as a stay-at-home-mom and get a full-time job. We immediately placed our home for sale and received offers above and beyond the loan balance and cost of realtor fees. Wells Fargo refused the offers because they had built a pre-payment penalty into our loan. The pre-payment penalty was $68,000. When we provided evidence that our initials were not on the mortgage document pages that reviewed the pre-payment penalty they refused to concede. We did not have the money to hire a lawyer and fight them. Ultimately, we had to pay outrageous prices until the Federal government forced banks to quit predatory lending practices. Once the pre-payment penalty period ended we refinanced with another lender.

2 years ago

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Adria Moskowitz

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.

3 years ago

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Mike Danville, CA

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.

3 years ago

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Jeremy Arndt Orem, UT

I did a home loan with Wells Fargo a few years ago and everything they "said" was not represented correctly. I'm not even sure how they did what they did, but buried in the new loan was a bunch of hidden fees and things nobody in their right mind would want. My bad for not having a lawyer present to read the documents with me, but my goodness. What is this world coming to if you cannot trust a company to be ethical? I know I wasn't the only person Wells Fargo scammed out of money, but it felt really personal.

2 years ago

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Lynn White Gilbert, AZ

Worst ever. Changed rate illegally on a HELOC that was part of closing, but we realized after that they'd conveniently left the rate off of the legal docs, it was only on the quotes. At sale of home had unusual situation with corporate move and purchase of our unsold home. Spent several weeks going in circles - hours on the phone. It literally became a full-time job for about an entire week. All day on the phone or camping out at the bank or mortgage office. NEVER AGAIN.

2 years ago

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Bella Houtz South Jordan, UT

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.

3 years ago

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Howard Mackert

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

3 years ago

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Alicia Holman Gilbert, AZ

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.

3 years ago

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James Morrisette

Hate Wells Fargo, had accounts with them 30 years ago in California, they are still a lousy place to do business. They could care less about their customers.

1 year ago

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Chloe Magleby Provo, UT

Wellsfargo is one of the hardest banks to work with and makes it very difficult to get approved for a home loan, not to mention they are way sketchy!

2 years ago

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Laurie Litwiler Lompoc, CA

I would not recommend using Wells Fargo for any type of loan! Poor response time from agents and many promises from them not kept!

2 years ago

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Bella Houtz South Jordan, UT

We held a mortgage for many years with Wells Fargo. Could not wait to refinance and get away. Horrible customer service reps who lacked training.

2 years ago

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Gary H Renfrew

Terrible customer service in collections department, rude, indifferent & uncaring

3 years ago

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Annoyed by pushy people

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

3 years ago

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Darrell Hamilton

they were horrible during the process of refinancing, not trustworthy

3 years ago

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