Wells Fargo mortgage review June 2018 | finder.com

Wells Fargo mortgage review

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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 details

Product nameWells Fargo mortgages
RatesFixed, adjustable
Fixed rate terms15–30 years
Adjustable rate terms5, 7, 10 and 30 years
Repayment typePrincipal and interest
Maximum loanUp to 89.9% of home value
FeesRates not disclosed on website
Loan purposesOwner occupied, investment, construction, refinancing
Customer serviceBy 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 preapproval, 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 loanDetails
Conforming
  • Fixed-rate terms of 30 and 15 years
  • Adjustable-rate terms of 10, 7 and 5 years
Jumbo
  • Fixed-rate terms of 30 and 15
  • Adjustable-rate terms of 7 and 10 years
  • Borrow $424,100 to 89.9% of your home’s value
Construction
  • For purchase of a new construction home
  • Access to home mortgage consultants specializing in new construction
  • Lock down interest rates with Builder Best Extended Rate Lock program
FHA
  • Government-backed loan through HUD
  • Down payments as low as 3.5%
  • Qualify with a co-applicant
VA
  • Sponsored by the Dept. of Veterans Affairs
  • For active service members, veterans and spouses
  • Fixed and adjustable rates
  • Low and $0 down payment options
  • Could provide up to $500 in closing cost assistance
Easy to Own Guaranteed Rural Housing Program
  • USDA sponsored program for rural low-income borrowers
  • $0 down payment options
  • 100% financing available
  • Fixed-rate loans only
Home Affordable Refinance Program
  • Government-funded refinancing program
  • For homeowners with up-to-date mortgage payments and guaranteed loans through Fannie Mae or Freddie Mac originated before 2009
Union Plus
  • For qualifying active and retired union members only
  • $500 Wells Fargo My Mortgage Gift award
  • Interest-free mortgage assistance for an unexpected loss of income

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.

Wells Fargo Mortgage step 1

2. Enter your name, email address, phone number and ZIP code. Click Submit.

Wells Fargo Mortgage step 2

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.

Bottom line

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.

Frequently asked questions about Wells Fargo

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