Wells Fargo Mortgage Review

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1 Minute Review

Wells Fargo is one of the top national mortgage lenders. It offers a large selection of conventional purchase, refinance, jumbo, FHA, USDA and VA loans and also provides low down payment options for low-income buyers. You can apply for a mortgage with Wells Fargo entirely online, in person at a Wells Fargo branch or by phone. Wells Fargo offers an electronic verification process for income and supplemental documents and a fully online loan tracker to update you on your progress every step of the way. Here’s what you need to know about Wells Fargo at a glance.

Best For

  • Those seeking a traditional lender with convenient locations
  • Home buyers who need extra guidance during the mortgage application process
  • Buyers without a large down payment
  • Those on the hunt for the right mortgage product

Pros

  • Can apply at your convenience (online or in person)
  • Wells Fargo’s mortgage rates are published online
  • You can submit all of your loan documents entirely online
  • Wells Fargo’s Loan Tracker allows you to access your account at any time
  • Many loan education resources and programs are available on the Wells Fargo website

Cons

  • Doesn’t have the highest customer service rating
  • Closing process runs longer than most other lenders
  • Loan options aren’t immediately available without going through the application process
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Who’s Wells Fargo Mortgage for?

Wells Fargo’s in-person application is a great choice for home buyers who have loads of questions about the process and don’t want to spend hours searching online for answers. This lender is also a convenient option for current Wells Fargo bank or loan customers.

Wells Fargo might be a good choice for you if you have a minimum credit score of 620 and are a low-income buyer. It offers many conventional home loans and can help you find a mortgage to best fit your financial needs. This lender may also be a good option if you need to refinance your current home and have questions or concerns about the next steps.

You can also apply for home equity loans or lines of credit, which may help you get the money you need to borrow quickly — at lower rates than credit cards or personal loans.

Wells Fargo Mortgage Products

Wells Fargo offers the 4 most common types of mortgages: conventional, FHA, USDA and VA home loans. It also offers jumbo loans (for homes over $484,350), refinancing loans for existing homeowners and home equity loans.

Conventional Loan

Conventional loans, in short, aren’t backed by the federal government. Conventional loans tend to have slightly higher interest rates and may be considered riskier since they are not secured by the government. On the upside, Wells Fargo’s conventional loans have low down payment requirements (starting at 3%) and low credit score requirements (starting at 620). 

If your down payment is less than 20%, you’ll need to purchase private mortgage insurance (PMI), which protects Wells Fargo in the event that you can no longer pay your mortgage.

FHA Loan

This home loan is backed by the Federal Housing Administration and is designed specifically for first-time home buyers. Wells Fargo offers FHA loans but you’ll need to meet FHA guidelines to be eligible. You should have a minimum credit score of 580 – 620 and have a down payment of at least 3.5% for an FHA loan. 

If your down payment is less than 20%, you need to buy FHA monthly mortgage insurance, which protects Wells Fargo in the event that you can no longer pay your mortgage.

VA Loan

This home loan is backed by the U.S. Department of Veterans Affairs to help military members and their families buy a home. You’ll typically need a 620 credit score to be eligible for a VA loan. There are no down payment or mortgage insurance requirements with VA loans, but you will have to pay a small origination fee (typically 1% of your loan’s value) to cover processing charges.

USDA Loan

This home loan is backed by the U.S. Department of Agriculture for homes purchased in rural areas of the country. Most homes outside of major cities qualify for a USDA loan. You should have a minimum credit score of 640 to apply for a USDA loan, although alternative credit (on-time rent and utility payments) may be considered. There is no down payment requirement (in most cases).

USDA loans require you to pay a guarantee fee. This fee is paid both at closing and monthly. The upfront fee is 1% of the loan amount. You’ll pay .35% of the scheduled unpaid principal balance of the mortgage each month. This annual fee is split over 12 months and paid as part of your per-month payment. 

Jumbo Loan

This home loan is a type of purchase loan for homes that exceed $484,350 (this limit may vary depending on your home’s location). These loans can be conventional or FHA loans and often have stricter requirements. You should expect to put down at least 20% down payment on a jumbo loan.

Refinance Loan

A refinance loan allows you to refinance your current home loan so you can extend your loan term (the length of your mortgage) or secure a better interest rate. Wells Fargo publishes its refinance rates online so you’ll be able to view these when you apply for a refinance loan.

Home Equity Loan or Line of Credit

Home equity loans or home equity lines of credit (HELOCs) allow you to borrow against your home’s current equity or value. Wells Fargo offers a home equity loan, which allows you access a percentage of your home’s value as a lump sum. Wells Fargo also offers home equity lines of credit, which allow you access to your equity through multiple transactions (similar to a credit card) over a certain time period.

You can find rates for each type of loan published on the Wells Fargo website.

Average Days to Close on a Loan

Once you’ve been approved for a Wells Fargo home loan and the buyer accepts your offer, you’ll move into the mortgage closing process. The steps in this process include home appraisal, home inspection, mortgage underwriting, closing disclosure agreement, final home walkthrough and closing.

Wells Fargo will handle your home appraisal following your mortgage approval. Your appraisal is done to ensure your home’s value is correct. Once your appraisal has been completed, you can schedule a home inspection, which will provide you with a more thorough review of your home. Any issues found on the inspection report can be negotiated with the buyer. During this process, Wells Fargo will underwrite your home loan to finalize your mortgage.

Two additional steps you’ll want to take during this process are purchasing title and home insurance to help protect your new purchase.

You’ll need to pay a 1% origination fee with Wells Fargo during this time and show proof of your down payment. Then you’ll complete a final walkthrough of your home. This walkthrough ensures the property is in the agreed-upon condition and confirms that any final repairs were made.

After this step, you’ll finalize and sign all of your loan paperwork, pay any closing costs and down payment requirements, then receive keys to your new home. The entire process can take between 30 to 90 days with Wells Fargo.

Wells Fargo Credit Score Minimum

Your credit score plays an important role in the mortgage process. Wells Fargo will look at this score before it approves your application and also when setting your mortgage rate. Your credit score shows Wells Fargo how you handle debt. Higher scores typically show you’re more financially responsible with your debts.

The minimum credit score requirement for all Wells Fargo loans is 620 (though you may be approved for an FHA loan with a slightly lower score). If you do get approved with a lower score, expect to pay higher interest rates.

Preapproval Documents

When applying for a home loan with Wells Fargo, there are a few key preapproval documents you’ll want to have on hand, whether you’re applying online or in person: 

  • Email addresses for all loan applicants (online only)
  • Banking, checking and investment account balances — you’ll need physical statements for in-person applications and digital statements for online applications
  • Income and employer information for all loan applicants
  • Social Security numbers for all loan applicants

All of these preapproval documents can be uploaded during the application process when you apply online.

Customer Service

It’s easy to get in touch with an experienced loan officer or customer service representative at Wells Fargo. You can reach out to customer service online, over the phone or visit a branch during business hours.

Reach out to this lender via its online contact form for new loans or directly request help via its online application portal.

You can reach Wells Fargo by phone for new loan requests at 1-877-937-9357. This line is open Monday through Friday from 7 a.m. to 9 p.m., Saturday from 8 a.m. – 6 p.m. and Sunday from 10 a.m. – 6 p.m. CST. 

Is Wells Fargo the Right Lender for You?

Wells Fargo has faced some recent consumer trust challenges but it’s still a leading mortgage lender. Wells Fargo can guide you through each step of the mortgage process. Wells Fargo also makes it convenient to apply online or in person — it conveniently leaves the power in your hands.