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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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L Turner Avon, IN

The reps are knowledgeable and helpful. Worked with the same agent for years. They check in with us regularly to ensure that our needs are met.

1 month ago

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Joy Kersey Long Beach, CA

Mostly, home mortgage customer service is excellent. They have resources that make transactions easy, and information is accessible. I am currently looking at Refinancing, and anticipate that the transaction will be streamlined and simplified if I do it through Wells since they own my current mortgage loan. I will post again after completing that transaction to let you know how it goes. In the past, the commercial mortgage division has been shady. Individuals have way to much power without checks and balances. We couldn't move our commercial property loans to a different lender quickly enough.

1 year ago

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Tyler B Palos Verdes Estates, CA

I worked with a Wells Fargo mortgage banker for my wife and Is home purchase. Unfortunately during COVID-19 they changed their underwriting standards and left us scrambling to find a banker to buy our home. If you fit within their box, Wells offers competitive rates and good customer service.

6 months ago

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Tracey Columbia, MD

Getting started with Wells Fargo mortgage is a cluster "u know what" but once u r finished its not bad. the only issue I have is I get paid weekly so I would like to pay half one week and half another week and they don't aloud it but other than that they have been great. They have definitely been very helpful with the covid stuff.

7 months ago

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adrian avram Tampa, FL

home loan service expensive -lots of fees and charges for same free product at other competitors

1 month ago

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Lesa Burgess Pleasant Grove, UT

I was a first time homebuyer when applying for a loan with Wells Fargo. I felt WF offered a full range of both traditional as well as other specialty mortgages. I went with the traditional and because I was a first-time homebuyer, they had a program that allowed me to put down a downpayment of 3.5%. I think the lowest I could do, as a first time homebuyer, was 3%. At the time, WF did require a minimum credit score of 620, which was not a problem for me but could be for others applying with them. I know in 2016, WF had an embarrassing corporate setback, but with my dealings with them, I had a great experience.

2 years ago

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Bessie B Gilbert, AZ

We had our home morgage through Wells Fargo. They had competitive rates. We were able to set up direct payments and i liked that there were not penalities for early payoff. Overall it was a positive exerience.

6 months ago

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Robert Alfano Stephenson, VA

I don't have much experience with them. I bought a new construction home a little over 2 years ago with a mortgage from the builder. Before my first payment was due they sold the mortgage to Wells Fargo. Since then I make my payments each month with no issues.

1 year ago

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Lesia Ambrose

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

3 years ago

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Jeff B Orem, UT

I had a home loan with Wells Fargo for 8 years on a previous home. The thing about Wells Fargo that I feel set them apart was their customer service. They were ALWAYS helpful when it came to any of my questions or concerns. I also had the opportunity to refinance at a lower rate. The process was made much easier than I would have expected and they actually did a few things that ended up saving me more money than they had quoted. Overall a great experience.

2 years ago

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Sofie Rosenvall Alpine, UT

We have our home loan through Wells Fargo. They are a great company to work with... After several years we decided we wanted to refinance our home... They set us up with a loan officer and he was super sufficient in helping through the entire process! He was very helpful with all our questions and he knew what he was doing... I was very thankful for his expertise....

2 years ago

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Ashley G Galura South Jordan, UT

The banking is really secure and user-friendly. Customer service is generally helpful and respectful. They're fast about checking up on fraud and replacing your debit card if necessary. You can make easy transfers, deposits, and withdrawls with mobile banking or at nearby ATMs. With the exception of one negative customer service experience, overall my experience has been really positive.

3 years ago

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Hunter Scott

Recasting Mortgage. Had to wait a long time (60+ minutes) on hold, due to Covid. Once answered, the person was knowledgeable. Got the information requested. Received packet in mail in a short time. All going well.

1 year ago

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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.

3 years ago

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wayne sanders Valley Center, CA

we have previously used Wells Fargo and never had any issues. when we were with them all contracts were clearly explained and if we had any questions there was always someone who could answer it for us. it was nice to have a branch near by that we could go into if needed.

2 years ago

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Kristiane R Durfey Pleasant Grove, UT

I have been with Wells Fargo for about 15 years and they have been very good to work with. We have linked accounts for our children which makes it easy for us to transfer funds in between accounts. The home loan we had for a short time was at a competitive percentage rate and we were pleased with the process.

2 years ago

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Blake Olson Gilbert, AZ

We have had our home financed through Wells Fargo for the past 12 years. In 2012 we refinanced to a 15 yr loan. They handled the process smoothly without any issues. We haven't had any issues with Wells Fargo's service during this entire time and would recommend them to anyone buying or refinancing a home.

3 years ago

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Joshua Mahoney New York, NY

Wells Fargo is our mortgage lender. There has been transparency and clarity as to what and when we owe.

4 months ago

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Gregory Jackson

The loan officers worked with me to get the loan I needed. There was no hassle or roadblocks in getting the loan I needed in spite of my special situation.

1 year ago

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Yolanda Briganti Riverton, UT

I have had a home loan with Wells Fargo for years. Their site was easy to navigate. The automatic payment went smoothly. I didn't have any issues with the loan.

1 year ago

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Robert Stephenson

I have not incurred problems with them but they could more proactive with financial suggestions for their customers which would build consumer allegiance.

3 years ago

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Sks1969 Carlisle, PA

We are OK experience with Wells Fargo. We only had an account open because of a reoccurring payment/loan. We didn’t care for their service to do our regular banking with them

9 months ago

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Jason Brown Lehi, UT

Honestly, the best part of the home loan wasn't the rate but rather that it fully integrated into the Wells Fargo app. I was able to see my checking, savings, and mortgage balance.

2 years ago

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Cayla robinson Sandy, UT

When it comes to home loans Wells Fargo is the way to go . They always are there to help me with any concerns and help me feel at home with no worries. The staff is very helpful and pleasant! Love them!

2 years ago

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Amber Saratoga Springs, UT

We attained a smart fit home equity line of credit, which was essentially a second mortgage on our home. It was nice to be able to draw out money when we needed it for home improvements instead of in one big lump sum.

2 years ago

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Joseph Little

Very good company with nice website. Service reps are very knowledgeable & very professional. Always try to help you meet your goals & needs.

3 years ago

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Hunter Scott

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.

3 years ago

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Debbie Aston Alpine, UT

We love wells fargo! They are super conservative, but they offer good products and they won't try to tell you you qualify for bigger house then you can afford.

2 years ago

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Dasha Directo Provo, UT

I feel comfortable taking a loan with Wells Fargo. The loan interest isn't ridiculous, so it's not hard to pay back. I've been able to pay my loans without any trouble.

2 years ago

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Dylan Curtis Pleasant Grove, UT

They helped us get a 1st and 2nd mortgage for our first home. When we had a setback financially they were kind and gave us extra time to try and get caught up.

2 years ago

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Kristy Williams Gilbert, AZ

We used Wells Fargo for our home mortgage. They were easy to work with and had great customer service. I would recommend them for your next home loan.

3 years ago

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Michelle Naperville, IL

Did the job that needed to done. They were reasonable, but did give us a bit of a hassle over escrow.

3 years ago

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JARED J BUCKLEY Fort Bridger, WY

The service overall is alright. Trying to get a hold of my loan officer was a little tricks but never really affected the overall.

2 years ago

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Shawn American Fork, UT

Great company easy to use. When another company offered a lower rate all we had to do was call and they match the rate with only one paper to sign.

2 years ago

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Trent Allen Queen Creek, AZ

The process of setting up the loan was easy. In the end, we had some financial difficulties and they worked with us through the entire process.

3 years ago

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jcleaton

Easy to access information, contact with questions, good rates, they don't bug me.

1 year ago

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Kristine Marshall

Nothing great but nothing bad either I just had the best interest rate at the time

3 years ago

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Darren Cardwell

Provide the service I expect and always respectful and courteous and responsive on the phone

3 years ago

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Charles Jones

never had an issue, granted it really doesn't matter who you mail your payments too.

3 years ago

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Linda Houde

Have had no issues with this lender. Good app and website. Happy with my rate.

3 years ago

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JNH American Fork, UT

I have had no issues with my loans through wellsfargo. Seems a bit impersonal, but they get the job done.

2 years ago

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Shanna South Jordan, UT

This company is AWESOME! We've been with them for a year now and the customer service has been great.

2 years ago

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Danuel Allen

We used to have to mail in our payments or pay at a branch. So nice to have everything automated online.

3 years ago

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JEANHARRELL Canyon Country, CA

Timely billing, but they no longer send envelope to mail a paymeny

3 years ago

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Shari Limburg

I have some issues with the account, but other than that they are good.

3 years ago

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William Mulligan

Loan as p p was smooth and reps were helpful both before and with followup

3 years ago

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Ganesh Virupakshan

The service is good. The mortgage was transferred to Wells Fargo by a broker.

3 years ago

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Abbey Gilbert, AZ

have good costumer serve and are great with loans. Have had a great experience with them!!

2 years ago

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Sheryl Sabal Gilbert, AZ

Great customer service! Checking, savings and home loan all at Wells Fargo. No issues so far..

2 years ago

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Conrad Brian Gilbert, AZ

Good customer service. Very easy to process our loan. They worked great with our builder.

3 years ago

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