How do Wells Fargo and Bank of America compare?
- Choose this lender for down payments as low as 3%
- Watch out for hidden fees and scandals
- A good option for borrowers who want to automate their payments
- Consider Bank of America if you value its nationwide footprint and like the idea of having your mortgage and banking under one roof.
- Choose something else if reputation and customer experience is your top priority.
Neither of these seems the right fit?
- Low down payment
- Use gift funds
- Easy application process
- Low interest rates
- Alternative credit data
- Discounts for existing clients
- Slow customer service
- High volume of consumer complaints
- Limited coverage in the Midwest
- History of irresponsible mortgage lending
- Less personalized approach
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.
Of the complaints, the most frequent was of customer service's slow response time and the excessive documents needed to assess loan applications.
As of February 2022, Trustpilot gives Wells Fargo a rating of 1.3 out of 5 stars based on 674 ratings. The Better Business Bureau doesn’t give Wells Fargo a rating, but it gets a customer score of 1.07 out of 5 stars based on 505 reviews, and the BBB has recorded over 1,712 complaints closed in the last year alone.
Bank of America has been accredited with the Better Business Bureau (BBB) since 1949, boasting an A+ rating for its operations after closing over 6,000 customer complaints over the last three years.
However, it falls short in the customer service department, earning slightly over a one-star rating from 475 customer reviews. It’s a similar story on Trustpilot, where the bank has a 1.3 rating based on 844 reviews as of August 2021. While customers praised the savvy online experience and diversity of mortgage products, many were frustrated with the service they received.
It’s worth noting that these consumer reviews are for Bank of America as a whole — and not for its mortgages specifically.
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