Wells Fargo mortgage review June 2019 | finder.com

Wells Fargo mortgage review

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Wells Fargo

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finder.com’s rating: 3.9 / 5.0


Loans for first-time homebuyers, union members or military service members.

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. Speak with a loan officer to learn about mortgage options and lending terms that work best for your financial goals.

Name Wells Fargo
Description A national lender that offers the full selection of mortgage products.
Loan types Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Minimum credit 620
Minimum down payment 3%
Origination fee N/A
Other fees Expect fees to include appraisal fees, title charges, closing fees and state taxes. Wells Fargo doesn't disclose actual costs; nor does it include fee estimates through an online calculator.

Ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.
Reviews for this lender are mixed. First-time home buyers 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.

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.

Do I qualify for a loan with Wells Fargo?

Some factors that Wells Fargo will considers when determining whether or not you qualify are your credit score, debt to income ratio, how well you’ve managed prior credit and the length of your credit history.

To find out if you might qualify, go to Wells Fargo’s mortgage loan page and click Get Prequalified. There, you can fill out your personal and financial information to see where you stand.

What can I expect with Wells Fargo?

  • 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, expect to close on your loan within 30 to 90 days.
  • Discounts. Veterans, service members and active or retired union members could be eligible for up to $500, among other discounts available to borrowers.

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%.
  • Use gift funds. You can use gift funds and down payment assistance programs.
  • Easy application process. Easily apply for a mortgage online.


  • Fees. You won’t know the fees associated with your loan upfront.
  • Slow customer service. Some customers complain of slow response times.

Compare to other lenders

Name Product Min. down payment Origination fee
Connect with vetted home loan lenders quickly through this online marketplace.
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.

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How do I apply?

Wells Fargo allows you to begin the application process online. To apply for a home loan with Wells Fargo, fill out a series of questions about yourself, including personal info, assets, income, real estate, declarations and demographic info.

Required documentation

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

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.

Case study: Jon’s experience with Wells Fargo Mortgage

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Jon Brodsky
CEO, Finder US

I got my mortgage for my home with Wells Fargo in 2014, which was near the height of the account fraud scandal. My experience was the exact opposite — the team I worked with at Wells Fargo was and has continued to be unbelievably responsive and committed to getting the job done correctly. They found the right product for my family in one day, and it took about four months for us to go from initial contact to funded mortgage. Most of this time us waiting for our previous home to sell; Wells Fargo could easily have gotten the mortgage done in a month.

The real standout in the process was that our key mortgage banker had a major family issue just two weeks before our closing, which was pretty nerve wracking for us because we had to be out of our old home pretty quickly. The team at Wells Fargo immediately let us know what was going on and picked up as if nothing had happened, allowing us to close and move into our new house on time.

They were also realistic with us throughout the process — we had HGTV dreams of home renovation and we had wanted our mortgage to fund that, but they were clear with us from the get-go that a construction loan on top of a mortgage would break us financially. Since then, we were a little late on one mortgage payment, and Wells Fargo made sure that we didn’t trip any of our mortgage covenants when that happened so that we could maintain our interest rate.

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. Make sure you understand your home loan options before settling on a lender.

Frequently asked questions about Wells Fargo

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