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Wells Fargo mortgage review

Offers home loans for first-time homebuyers, union members or military service members — but its legal problems are concerning.’s rating: 3.3 / 5.0


If you’re looking to buy your first home, refinance or fund a home improvement, this big-bank lender offers choices and plenty of flexibility. But it’s also been caught up in several major scandals, and customers are mostly unimpressed.


Loan products offeredConventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit scoreConventional: 600
Minimum down payment (Conventional)3%
State availabilityAvailable in all states
NMLS #399801

Wells Fargo requirements

Some factors that Wells Fargo will consider when determining whether or not you qualify are:

  • Your credit score
  • Debt-to-income ratio
  • How well you’ve managed prior credit
  • Credit history length

To find out if you might qualify, go to Wells Fargo’s mortgage loan page and choose Get Started. From there, fill out your personal and financial information to have a mortgage consultant contact you to prequalify for a mortgage.


Before beginning the mortgage application process, have the following documentation handy:

  • Primary and secondary income amounts and sources
  • Government-issued photo ID
  • Name, addresses and phone numbers of all employers for the past two years
  • Values of bank, retirement, investment and other asset accounts
  • Monthly debt obligations
  • Credit explanation letter for late payments, collections, judgments or other derogatory items in your credit history, if any
  • Source of funds documentation for any large deposits on asset or bank statements
  • Judicial decree or court order for each obligation due to legal action
  • Bankruptcy discharge papers for any bankruptcies in credit history
  • Payment history for public utilities, phone, cable TV, car insurance and other expenses
  • Pay stubs covering the past 30 days
  • W-2s for the past two years
  • Federal tax returns for the past two years
  • Written explanation if employed less than two years or employment gap exists within the past two years

Costs and fees

The exact costs and fees associated with securing a mortgage through Wells Fargo will vary by location and the type of home loan product you choose. In general, expect to pay a processing fee, appraisal fees, title charges and state taxes, to name a few.

Get an idea of what a mortgage with Wells Fargo will cost with its online mortgage calculator. This allows you to check rates and compare loans and includes a breakdown of estimated costs, including lender fees, state and local fees and third-party fees. Third-party fees include things like appraisal fees, credit report fees and title fees.

For many of its mortgage products, Wells Fargo charges a processing fee of $1,225. But again, this amount will vary depending on the type of mortgage product and the property location. Ask your home loan consultant for the specific fees associated with your mortgage, and keep an eye out for additional fees in your loan documentation.

How to apply for a mortgage with Wells Fargo

Wells Fargo allows you to complete the mortgage application process entirely online. Alternatively, call and speak with a mortgage consultant or visit a Wells Fargo Home Mortgage location to complete your application in person.

To apply online for a home loan with Wells Fargo:

  1. Go to the Wells Fargo website. Under the Personal tab, select Loans and Credit and then Mortgage Loans.
  2. Scroll down and select Apply Now.
  3. Sign in with your username and password if you already have a Wells Fargo account. Otherwise, select No and then hit Continue.
  4. Work through the application’s questions, upload any relevant documents, then review and submit your application. Be prepared to provide personal information, as well as information about assets, income and any real estate you own, if any.

The timeline from application to approval is generally 30 to 90 days.

What types of mortgages can I get through Wells Fargo?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products offered by Wells Fargo

  • New construction. Wells Fargo can help you build a new home and lock down interest rates with the Builder Best Extended Rate Lock program.
  • Union Plus. Qualifying active and retired union members can get a Union Plus mortgage, which offers interest-free mortgage assistance for an unexpected loss of income. Wells Fargo is also offering verified union members a $500 credit for new home purchases and a $300 credit for refinanced mortgages.

How Wells Fargo mortgage products compare to other lenders

Wells Fargo is one of the largest banks in the world, and its Home Mortgage division offers nearly every type of mortgage product you’d come to expect from an established lender. Plus, you have the option of applying online or visiting with a local mortgage consultant to apply in person — which isn’t an option with most digital lenders emerging onto the scene.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
(NMLS #1429243)
Conventional, Jumbo, Refinance
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.
(NMLS #1136)
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
Connect with vetted home loan lenders quickly through this online marketplace.

Compare up to 4 providers

Wells Fargo reviews and complaints

As of July 2021, Wells Fargo has six profiles on Trustpilot, only one of which the company has claimed. However, it’s worth noting that all Wells Fargo profiles have fairly poor reviews.

Regarding the claimed profile, Trustpilot gives Wells Fargo a rating of 1.4 out of 5 stars based on 504 ratings. 86% of customers rated Wells Fargo as “Bad.” Over on the Better Business Bureau (BBB), Wells Fargo is rated 1.08 out of 5 stars based on 309 customer reviews. The BBB has recorded over 1,000 complaints closed in the last year alone.

Overall reviews for this lender are mixed but trend toward negative. First-time homebuyers recommend Wells Fargo for its thorough guidance through the home loan process. Other borrowers praise its mortgage specialists for their professionalism and helpful advice over the phone.

The most common complaints are: customer service’s slow response time, incorrect guidance during the application process and the excessive documents needed to assess loan applications. Others criticize deceptive mortgage practices, using the company’s numerous lawsuits as evidence.

Wells Fargo pros and cons

Compare the benefits and drawbacks of a mortgage with Wells Fargo.


  • Low down payment. Get a conventional fixed-rate mortgage with a down payment as low as 3%.
  • Gift funds. Use gift funds and down payment assistance programs.
  • Straightforward application process. Apply for a mortgage and complete the process entirely online.
  • Rates published online. View current mortgage and refinance rates online, updated daily.


  • Fees. You won’t know the fees associated with your loan up front.
  • Slow customer service. Some customers complain of slow response times.
  • Numerous lawsuits. Wells Fargo has been at the center of many high-profile lawsuits over the years.

What is Wells Fargo

Founded in 1852, Wells Fargo is one of the country’s largest banks, offering bank accounts, investment accounts, mortgages, personal loans and financial products for small and large businesses.

But the company’s business practices have instigated many major scandals over the years.

  • In 2016, Wells Fargo was fined $100 million for allegedly opening deposit and credit card accounts in consumers’ names without their permission.
  • Also in 2016, Wells Fargo was fined $20 million for violating the Servicemembers Civil Relief Act. Included in the allegations are that the bank didn’t disclose that customers were active-duty military to the courts when repossessing their cars.
  • In 2018, Wells Fargo was fined $1 billion for several offenses, including unfairly charging mortgage applicants for rate lock fees when it was the bank’s fault the loans didn’t close before the expiration date.
  • Also in 2018, Wells Fargo was fined $500 million for not having an effective risk management plan to protect consumers if it went bankrupt.
  • In a separate case in 2018, Wells Fargo was fined $2.09 billion for allegedly misrepresenting mortgage loans and contributing to the 2008 financial crisis.
  • In 2020, Wells Fargo settled for $20 million with the Maryland Attorney General for misleading investors in its issuance of residential mortgage-backed securities between 2005 and 2009.
  • Also in 2020, Wells Fargo agreed to pay $3 billion for pressuring employees to meet unrealistic sales goals that led thousands of employees to provide millions of accounts and products to customers under false pretenses or without consent.

And there are more scandals and lawsuits that we don’t cover here. According to Good Jobs First’s violation tracker, Wells Fargo has paid over $21 billion in fines since 2000.

Review by

Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

There’s certainly an appeal with choosing an established bank and mortgage lender like Wells Fargo for your mortgage. These big lenders usually provide nationwide service and offer just about every type of mortgage product out there.

With Wells Fargo, you can get an online estimate of the costs of different mortgage products. And you have the option to apply online or visit a local mortgage consultant if you prefer to apply in person.

But Wells Fargo has also been involved in many lawsuits in recent years, and customers are largely dissatisfied with the company. While this doesn’t mean you’ll have a negative experience, it’s important to keep in mind.

If you’re still unsure if a mortgage with Wells Fargo is right for you, the best thing to do is shop around and compare mortgage lenders.

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