Home loans ideal for first-time homebuyers, union members or military service members
Purchasing a home is both exciting and challenging. But between financing options and useless jargon, navigating the complicated world of mortgages is no easy feat.
In the age of online loans, Wells Fargo is a brick-and-mortar bank that offers a personalized experience either by phone or in person.
If you’re looking to buy your first home, refinance, borrow against your house or fund a home improvement, this big-bank lender offers choices. Talk with a loan officer to learn about mortgage options and lending terms that work best for your financial goals.
|Product name||Wells Fargo mortgages|
|Fixed rate terms||15–30 years|
|Adjustable rate terms||5, 7, 10 and 30 years|
|Repayment type||Principal and interest|
|Maximum loan||Up to 89.9% of home value|
|Fees||Rates not disclosed on website|
|Loan purposes||Owner occupied, investment, construction, refinancing|
|Customer service||By phone weekdays and Saturdays, at 1-877-937-9357|
What does a Wells Fargo mortgage do best?
- Wide loan selection. Wells Fargo offers fixed-rate, ARM, VA and FHA loans, with a free online calculator to help you narrow down your options.
- Online access. Access account details, make mortgage payments and review your statements online.
- $0 down VA loans. If you’re a veteran, you could qualify for low- and no-down payment mortgage options.
- First-time homebuyers program. Qualifying first-time borrowers could receive a conventional fixed-rate mortgage with only 3% down.
What can I expect with a Wells Fargo mortgage?
- High loan amounts. Borrow up to 89.9% of your home’s value through a nonconforming jumbo loan with fixed-rate and adjustable-rate loans available.
- Automated payments. Wells Fargo’s mortgage payment program deducts your payments automatically each month.
- Reasonable closing. After pre-approval, you can expect to close on your loan within 30 to 90 days.
- Discounts. Veterans, servicemembers and active or retired union members could be eligible for up to $500, among other discounts available to borrowers.
What types of loans does Wells Fargo offer?
|Type of loan||Details|
|Easy to Own Guaranteed Rural Housing Program|
|Home Affordable Refinance Program|
What types of fees come with this loan?
From its website, it’s not clear what fees Wells Fargo charges for its mortgage application.
To learn more about what fees you can expect to pay, contact a Wells Fargo home mortgage consultant by calling customer support during business hours, Monday to Saturday.
What are customers really saying?
Reviews for this lender are mixed. First-time home buyers recommend Wells Fargo for its thorough guidance through the intimidating home loan process. Other borrowers praise its mortgage specialists for their professionalism and helpful advice over the phone.
Of the complaints, the most frequent was of customer service’s slow response time and the excessive documents needed to assess loan applications.
Trustpilot gives Wells Fargo a low rating of 3.4 out of 10. The Better Business Bureau gives Wells Fargo a rating of NR, or No Rating, citing not enough information for a full review.
How do I apply for this loan?
There’s no online application for Wells Fargo mortgages. To apply for a loan with Wells Fargo, fill out a short online prequalification form:
1. Go to the Wells Fargo website and click Buying a house? We can help.
2. Enter your name, email address, phone number and ZIP code. Click Submit.
A Wells Fargo mortgage consultant will contact you with the next steps of the application process.
I got the loan. Now what?
- Create a Wells Fargo online account. Manage your Wells Fargo home loan account, view your balance, access tax documents, view online statements and make payments.
- Set up automatic payments. Talk to a Wells Fargo Online specialist about automated online payments from your checking or savings account.
Wells Fargo is a big-bank lender with big-bank assets at its disposal. Choose from an array of lending programs designed to fit your unique financial needs and circumstances.
Applying for a home loan is an important decision, so be sure to understand your home loan options before settling on a lender.