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Ally Bank
4.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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Wells Fargo has scaled back its mortgage business to specifically serve banking and other account holders. In 2022, it was the nation’s fourth-largest mortgage originator. It was down to the 20th-largest in 2023.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
620 for conventional loans
Nationwide availability
All U.S. states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
Wells Fargo Home Mortgage, part of the namesake bank, offers home loans for a variety of needs, including home purchases and new builds, investment properties and refinancing. The bank’s time from mortgage application to closing ranges between 30 days and 90 days depending on a range of factors, according to a bank spokesperson, and the time to obtain a preapproval also varies. If you’re a highly-qualified borrower, however, you could receive a PriorityBuyer preapproval letter as soon as you apply online.
Displays mortgage rates online
Massive branch network
Will consider non-traditional credit references in application process
Offers low-down payment options to assist lower-income borrowers
Dialed back its mortgage offerings
No longer offers home equity lines of credit (HELOCs)
Below-average customer satisfaction scores and negative past customer reviews
Wells Fargo tends to offer attractive APRs on both conventional and government-backed loans, and participates in affordable housing programs. That combination of factors gives it a perfect 5 out of 5 stars for affordability.
Wells Fargo scores 5 out of 5 stars for availability. It offers many home loan options in every state.
Wells Fargo scores 4.4 out of 5 stars for borrower experience. There are many ways to contact Wells Fargo for help applying for a mortgage. However, the bank scored below average in J.D. Power’s latest mortgage origination ranking.
Wells Fargo has been around since 1852, but 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 below the industry average. It isn’t accredited by the Better Business Bureau and has a “bad” rating on Trustpilot based on more than 1,000 customer reviews.
On Bankrate, the reviews for Wells Fargo are generally positive, often pointing to the bank’s easy mortgage process, low rates and professional communication. Borrowers also note the bank matched competitor offers. Of the negative reviews, borrowers say the bank seems to prioritize existing customers over newcomers.
Wells Fargo has been in the news for several years now for various controversies. On the mortgage front, it made headlines for overcharging thousands of distressed homeowners for appraisals, underwriting ineligible FHA loans and, more recently, mortgage lending bias.
Lender compare
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Wells Fargo Home Mortgage
NMLS: 399801
|
4.8
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
4.0
Bethpage Federal Credit Union
NMLS: 449104
|
4.9
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
1.0
Wells Fargo’s Homebuyer Access grant provides $10,000 to help with a down payment. The grant doesn’t have to be repaid, but it’s only available to income-eligible borrowers in designated areas within the Anaheim; Atlanta; Baltimore; Buffalo; Charlotte; Dallas; Denver; Kansas City; Los Angeles; Memphis; Minneapolis-St. Paul; New Jersey; New York; Oklahoma City; Omaha; Ventura, California; Philadelphia; Pittsburgh; San Diego; Salinas, California; and Washington, D.C. areas.
In select states, Wells Fargo offers up to $5,000 off closing costs to borrowers with incomes at or below 80 percent of their area’s median income. This credit can be used to cover expenses like the appraisal or recording fees, and in conjunction with the bank’s Homebuyer Access down payment grant.
If you’re an existing Wells Fargo customer and applying for a jumbo loan, you could receive an interest rate discount depending on how much money you have with the bank. As of Oct. 8, 2024, the discounts break down as follows:
Wells Fargo offers rate-and-term and cash-out refinancing options. You can compare refinance rates and get an estimate of your closing costs with the bank’s online calculator.
You can apply for a mortgage with Wells Fargo in person at a branch location, online or by phone at 877-937-9357. If applying by phone, the hours are Monday through Friday, 8 a.m. to 9 p.m. ET and Saturday, 9 a.m. to 7 p.m. ET.
NMLS: 399801
4.0
23 ratings
This lender has 22 recent reviews.
87% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 750 homeowners nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Cretans To Insult You At Every Step
Sucks is the best thing I can say Petty Do not answer questions Underwriters slow, keep asking for more Slow to process I have to tier credit I have had over 30 real estate loans, always made payments on time and paid off but the processors in Oregon are cretans, arrogant, poorly managed. Do not apply at Wells Fargo Mortgage unless you like a lot of misery in your life.
Rates and terms of loan honored?
No
Closed mortgage with this lender?
No
Would you recommend this lender?
No
Jim v.
New York (Dec. 9, 2024)
Rates and terms of loan honored?
No
Closed mortgage with this lender?
No
Would you recommend this lender?
No
Zero stars
If I could give negative stars I would. My sister-in-law passed away and my wife and I inherited this mortgage. Wells Fargo has made it impossible to deal with. They broke into the home to check if it was vacant without notifying us. When I called I kept getting transferred to different branches of the company, customer service, insurance, inspection,… These different branches don’t talk to each other so they have no idea and transferred me along. Just passing the buck down the line. Getting my attorney involved. I will never do any business with Wells Fargo again
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Closed on time?
Yes
Would you recommend this lender?
No
George M.
Cleveland (Dec. 6, 2024)
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Closed on time?
Yes
Would you recommend this lender?
No
The application was a smooth process. Representatives were cool and all rates and terms were honored.
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
No
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
No
Would you recommend this lender?
Yes
I had their representative come to my office to close the mortgage. The rest of the paperwork was done via email.
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
We refinanced at a low 2 pct interest and the wait time was very reasonable
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
Easy to work with employees who are knowledgeable and helpful.
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
They're okay
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
We have got competitive rates on our mortgage. All representatives were professional And friendly customer service oriented. The responses to application were timely and easy to read.
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
they were very easy and convenient to do business with every step of theway and i enjoyed working with them
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
We had to try to find a linder with the lowest interest rates. Wells fargo was the lowest interest rate banker we found. They have been very understanding and fairly easy to deal with. Our interest rate has been 3.2 percent. Its a 30 year loan.
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Rates and terms of loan honored?
Yes
Closed mortgage with this lender?
Yes
Would you recommend this lender?
Yes