Wells Fargo Home Mortgage Review 2023

How Bankrate scored Wells Fargo Home Mortgage

To determine Wells Fargo Home Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: The mortgage rates Wells Fargo advertises on its website are overall competitive compared to Bankrate’s averages, but you might find lower-rate offers elsewhere. As with many lenders, the bank offers the option to buy down your rate at closing.
• Availability: Along with banking services, Wells Fargo offers mortgages to borrowers, including real estate investors, in every state.
• Borrower experience: J.D. Power ranked Wells Fargo just above average for mortgage customer satisfaction in 2022. As one of the largest banks in the country, it offers multiple convenient channels to obtain a loan.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key. Wells Fargo displays its latest mortgage rates on its website, and as of this review, they were slightly lower than Bankrate’s averages. The bank’s lender fees vary. You can get a complete estimate of closing costs, including origination charges, by inputting a few details about your credit score, the property you want to buy and the down payment you plan to make in the bank’s online customized rate calculator.

Availability: 5/5

This factor can make the overall mortgage application process smoother or more challenging. Wells Fargo operates nationwide, and its loan options include conventional, FHA, VA and USDA mortgages. The bank also offers several flexible jumbo loan options for those buying or refinancing higher-priced homes. You’ll need a 620 credit score, at minimum, to qualify for a conventional mortgage.

Borrower experience: 4.7/5

Know what to expect when you work with a specific lender. Wells Fargo has been around since 1852. In recent years, the bank has run afoul of regulators and become associated with some disreputable practices. In J.D. Power’s latest study of mortgage origination customer satisfaction, the bank scored just above the industry average. However, it isn’t accredited by the Better Business Bureau and has a “Bad” rating on Trustpilot based on more than 900 customer reviews. Still, if you’re looking to obtain a loan with the bank, its website offers loads of helpful resources for borrowers, including the My FirstHome digital education experience to help you determine if you’re ready to stop renting. There are also calculators and comparison tools to help you understand the costs of purchasing or refinancing.

How to apply for a mortgage with Wells Fargo

To get started with a Wells Fargo mortgage, you can get prequalified online; visit a branch; or call 877-937-9357 to connect with a loan officer, or 800-357-6675 for customer service (available Monday through Friday from 6 a.m. to 10 p.m. CT and Saturdays, 8 a.m. to 2 p.m. CT). There’s also a convenient chat feature on the bank’s website.

Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Wells Fargo

Wells Fargo offers a range of refinancing options. You can compare refinance rates and get an estimate of your closing costs with the bank’s calculator online.