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Wells Fargo vs. Bank of America mortgages

Both are big names in the banking industry, but we take a look at how their home loan programs, fees and requirements stack up.

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How do Wells Fargo and Bank of America Mortgage compare?

Wells Fargo logo
Bank of America Mortgage logo
  • 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
  • Choose this lender for low interest rates
  • Watch out for bad customer reviews
  • A good option for borrowers without much credit history

Loans offered

  • Purchase
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA
  • Purchase
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 620

Conventional: 620

States available

Available in all states

Available in all states

Pros

  • Low down payment
  • Use gift funds
  • Easy application process
  • In-person accessibility
  • Lower than average interest rates
  • Alternative credit data accepted
  • Discounts for existing clients available

Cons

  • Fees
  • Slow customer service
  • High volume of consumer complaints
  • Limited coverage in the Midwest
  • History of irresponsible mortgage lending

Customer reviews

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 September 2019, Trustpilot gives Wells Fargo a rating of 1.5 out of 5 stars based on 157 ratings. The Better Business Bureau doesn’t give Wells Fargo a rating, but it gets a customer score on the site of 1 out of 5 stars based on 442 reviews, and the BBB has recorded over 1,000 complaints closed in the last year alone.
Bank of America has been accredited with the Better Business Bureau since 1949, and boasts an A+ rating for its operations and interaction. It falls short in the customer service department, though. As of August 2019, the BBB recorded 5,561 complaints, and Bank of America has earned a one-star rating from 280 customer reviews. It's a similar story on TrustPilot, where the bank has a 3.9/10 rating based on 61 reviews. 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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