Wells Fargo Home Mortgage overview
Wells Fargo Home Mortgage is the nation’s fourth-largest mortgage originator, funding more than $60 billion in new purchase loans in 2020. The lender is part of mega bank Wells Fargo, which operates some 5,000 branches across 36 states and Washington, D.C. For mortgage borrowers, the time from application to closing ranges between 30 days and 90 days depending on a range of factors, according to a company spokesperson, and the time to obtain a preapproval also varies. Highly qualified borrowers, however, could receive a PriorityBuyer preapproval letter as soon as they apply online.
Borrowers with limited credit histories or those who prefer a traditional bank with plenty of branch locations
- Rate-and-term and cash-out refinancing
- Construction and renovation loans
- Investment property
Wells Fargo’s lender fees vary. You can get a complete estimate of your closing cost, 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.
Wells Fargo’s mortgage rates are available and updated regularly on the bank’s website.
In J.D. Power’s latest study of mortgage origination customer satisfaction, Wells Fargo scored 840 out of 1,000, which is 16 points below the industry average. In terms of servicing, Wells Fargo scored 781 out of 1,000, which is six points below the industry average. The bank is not accredited by the Better Business Bureau, and it has a “poor” rating on Trustpilot based on 80 customer reviews.
The Wells Fargo website offers loads of helpful resources for borrowers, including the My FirstHome digital education experience to help first-time homebuyers determine if they’re ready to stop renting. There are also calculators and comparison tools to help borrowers understand the costs of purchasing or refinancing. A convenient online chat tool connects you with a loan officer, as well, and once you apply for a loan online, you can use a tracking tool to monitor its status.
Minimum borrower requirements
A 620 credit score, at minimum, will help you qualify for a mortgage from Wells Fargo. The bank is also willing to consider alternative credit data, such as utility bills and verification of rental payments, to help some borrowers qualify for certain loans. Maximum debt-to-income (DTI) ratios vary.
The bank also offers the “Dream. Plan. Home.” program, which requires a down payment of only 3 percent on a fixed-rate mortgage from buyers with combined qualifying income at or below 80 percent of the median family income (also known as “area median income,” or AMI) in the county where the property is located.
Refinancing with Wells Fargo Home Mortgage
Wells Fargo offers a range of refinancing options. In 2020, the lender helped more than 182,000 homeowners (more than $63 billion worth in loans) refinance. You can compare refinance rates and get an estimate of your closing costs with the bank’s calculator online. Note that the bank is currently not offering standard VA refinancing, only VA Interest Rate Reduction Refinance Loans (IRRRLs).
Not sure if Wells Fargo Home Mortgage is right for you? Consider these alternatives
- Rocket Mortgage review: The No. 1 originator in terms of 2020 loan volume and No. 1 in terms of customer satisfaction
- Chase Home Lending review: Another massive traditional bank with higher satisfaction scores in J.D. Power’s most recent origination and servicing studies
- U.S. Bank mortgage review: Better customer satisfaction scores, but the bank doesn’t consider alternative credit data
- Citibank mortgage review: Financial giant that offers existing customers discounts on closing costs
- Guaranteed Rate mortgage review: Another big name in origination volume — 13th overall in 2020 — with a streamlined online application experience
Breakdown of Wells Fargo Home Mortgage overall review score
- Affordability: 14.75/15
- Availability: 12/15
- Borrower experience: 14/15
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.