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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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Ben Tolsky Wilmette, IL

I didn’t get my mortgage through Wells Fargo, but they ultimately were the ones who purchased my mortgage from my broker. As far as servicing the mortgage goes they were fine. They offer automatic payments on the day of your choosing which is what I did. However, because I was enrolled in automatic payments, they did not provide me with any payment stubs going forward. Which I appreciate saving some trees, I ultimately wanted to make larger principal payments and then needed a payoff letter when I wanted to refinance. Both of these tasks proved rather difficult as I really had no idea how to contact them and what my account number was. For this reason I’ve knocked off 2 stars.

1 month ago

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C Hall Richmond, VA

Wells Fargo mortgage's experience matches their other experience with credit cards, bill pay, etc. Finding your information about your mortgage requires some digging, but ultimately it's pretty standard and decent; feels more like an add-on service than a significant investment experience.

1 month ago

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Jon Sun City, AZ

I had a mortgage with WellsFargo after purchasing a home. Tried to refinance with them a year later and they did not get the business due to rates.

3 weeks ago

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brandon wilkins West Valley City, UT

I had my mortgage through Wells Fargo for several years on my personal home. I closed my loan through someone else but they purchased it. I never needed too much service regarding it. They seemed to do just fine processing my monthly payments until I paid it off eventually.

5 months ago

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Andrew Hyde ,

I have only used Wells Fargo for one mortgage. They were unwilling to help me in a desperate time when I was laid off. I attempted to restructure my loan to prevent getting behind on payment until I could find work again. They would not even consider helping me until I was at least 6 months behind on payments. Then, the only help they offered was bankruptcy or turning over my home, both of which would have damaged my credit for years.

9 months ago

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Rakesh Jain Riverside, CT

Banking like anyone else. Usually get rejected for credit which are available elsewhere. High service charges.

2 months ago

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Shaye Mora Davenport, IA

Wells fargo was my bank for over 6 years. They were an okay company. They are just too big to show you more attention than a typical small credit union.

4 months ago

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Jim K

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.

3 years ago

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Jennifer Ogden, UT

I didn't really like the "Big Bank" feel with our mortgage through Wells Fargo. It always seemed like we were just another tiny part of the puzzle. I would have liked better customer service and rates more comparable to others I knew of at the time. The bright side was that the application process was very easy through a very highly skilled mortgage loan officer.

2 years ago

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Laura Orem, UT

We have had a home loan with Wells Fargo Home Mortgage for over 17 years. Before that, we had another home loan with them for 10 years. We have been loyal customers. However, suddenly, they sold our mortgage to another mortgage provider. I know this can be a common practice, but it has caused some problems and after being with them for so long, it came as quite a surprise.

2 years ago

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Ryan H American Fork, UT

Wells Fargo purchased my loan from a different mortgagee so I wasn't able to choose to go through them. They are very friendly at the window and helpful when needs arise. They do a good job trying to cross-sell you to other products they offer, personal and business banking, credit cards, etc.

2 years ago

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Krysten Lehi, UT

We stay with Wells Fargo because we have been with them for over a decade but we’ve never felt like they care about us. They try to sneak in redivulous little fees that we go in and ask to have removed and they remove or refund them. Basically they probably make tons of money off people not paying attention

2 years ago

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janalee sanders Valley Center, CA

several years ago we were looking to re-fi our home loan and did quite a bit of research with a Wells Fargo rep. while most everything they offered looked great, what it came down to was interest rate and they just couldn't offer us a rate that worked for the time frame we needed it.

2 years ago

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Janine

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.

3 years ago

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Edward Corley Charlotte, NC

Very hard to get in touch with someone to settle issues.

2 months ago

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Ashlee Bair Los Angeles, CA

We have our Mortgage through Wells Fargo. Love being able to pay online but the website isn’t super user friendly.

8 months ago

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Grant American Fork, UT

Wells Fargo was a great home loan on our previous home out of state. It was very easy to make payments online and keep track of the interest paid each month.

2 years ago

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Dorothy

Charged fees that they should not have. Are unwilling to help customers that are having trouble making payments.

3 years ago

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Kenneth Fausel

Not very willing to work with you when you have a financial hardship. High interest rates as well.

3 years ago

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Steve schramm Salem, UT

Overly thorough application process was cumbersome. Had some difficulty getting title cleared when loan was paid off.

2 years ago

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Kimara Fox

Don't particularly like Wells Fargo. They have had issues in the past.

3 years ago

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JR Suguturaga Orem, UT

The experience did not feel personable and i was not impressed with the customer service

2 years ago

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Cindy Bailey Lehi, UT

I have a mortgage with them and they have been fine to work with. I appreciate their help

2 years ago

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Derek

Continual increase to mortgage on a fixed rate.

1 year ago

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Marv1959 Oxford, PA

good rates too long to close too many snags

3 years ago

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Marion Doran Phoenix, AZ

Had problem with paper work was to change it and never did

3 years ago

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George Hassemer

There was no rating scale available on this survey.

3 years ago

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Frank Araujo Sacramento, CA

WFs OK but it can be slow to get things done.

3 years ago

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Dave Brinton

They were slow to respond until rates started to rise

2 years ago

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