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Wells Fargo Review

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Reviews 27

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Sarah Badani
Sarah Badani
Jul. 15, 20214 min read

Wells Fargo summary

Wells Fargo has a variety of mortgage loan options for new and returning homebuyers. Offering both fixed-rate and adjustable-rate loans, a range of repayment options, and 3% down payments, Wells Fargo makes it easy for just about anyone to get a loan. Approval ratings are higher since Wells Fargo doesn’t just look at credit score, making it a great choice for first-time buyers or those with lower credit scores.


  • Extremely flexible approval requirements
  • 3% interest rates and down payments
  • Tons of information and online tools


  • Hard to modify loans in progress
  • Reputation took a hit recently

Wells Fargo at a Glance

Loan TypesHome purchase, refinancing, home equity lines of credit, fixed, adjustable-rate
Featured LoansVA, FHA, Jumbo
Repayment Terms5, 10, 15, 30 years
Minimum Down Payment3%
Minimum Credit Score620
Suitable ForFirst time or return home buyers

Wells Fargo Wells Fargo Visit Wells Fargo


Wells Fargo has been in business for well over 100 years, servicing consumers with a wide range of financial products, including loans, credit cards, and bank accounts. Its mortgage loans are among the most flexible, easy to work with, and feature competitively-marked interest rates. So, Wells Fargo mortgage loans are great for most new home purchases.

Suitable For?

With so many programs to choose from, low-interest rates, and reasonable loan terms, Wells Fargo is really a great choice for new buyers. What's more, Wells Fargo is experienced, knowledgeable, and supportive. Despite being a multi-billion-dollar corporation, this brand doesn't just leave you with a lot of questions unanswered. Instead, it walks you through every step of purchasing or refinancing a house and even sticks with you after you've moved into your new home.

Wells Fargo also offers consumers good online tools like a loan tracker, loan calculator, and monthly expenses calculators. These tools are available online and are totally free. They can help new buyers understand where to start, how much money a loan entails, and how to budget properly in order to finance their new home purchase.

Types of Loans/Products

Wells Fargo covers the spectrum when it comes to mortgage loan varieties. You can get everything from fixed-rate mortgages to ARMs, FHA loans, VA loans, and Jumbo loans. Wells Fargo even has more specialized mortgage loans, including new constructions, renovations, and military mortgage loans.

Fixed-rate mortgages

These keep the interest rate static the entire life of the loan. Wells Fargo offers 15- and 30-year fixed-rate loans.

Adjustable-rate mortgages (ARM)

These interest rates fluctuate throughout the life of the loan. This is a good option if you’re looking to sell your home in a few years. Wells Fargo offers 7/1 ARM and 5/1 ARMs.

Jumbo loans

Conventional mortgage loans have a loan limit (usually between $400,00-$600,000). Jumbo loans are available for loans larger than this amount. Jumbo loans are available in a variety of options, including 30 and 15-year fixed rates and 7 or 10/1 ARM.

FHA loans

Federal housing administration loans are a lot more flexible, so many people find it easier to get approval for one. FHA loans are also available for lower down payments, but sometimes, the interest can be higher.

VA loans

These are suitable for current or former US military members. They come with benefits like lower down payments, no mortgage insurance premiums, and easier approval ratings.

Wells Fargo has a unique option for first-time purchasers: yourFirst Mortgage is a program that allows people to buy a home with a 3% fixed rate, $750 closing cost credit, and incredibly flexible requirements. Here’s a breakdown of this offer:

  • Credit required: 620 (flexible)
  • Down payments: 3%-5% plus down payment assistance programs
  • Who is eligible: No specific income or counseling requirements, but mortgage insurance is required

The Application Process

Wells Fargo makes applying for a loan refreshingly simple. For one thing, there is plenty of information online. So, you can do all the initial research yourself without having to spend time on the phone with an agent.

Once you’re ready to get started, you can apply online, over the phone, or at one of the 8,000+ locations around the country. The online process goes like this:

  • Fill out the application form.
  • You can upload and sign documents using an e-consent app from your computer or phone.
  • Once you’ve completed the initial process, someone will be in touch with you for more details.

What we appreciated about this process was the online portal. This lets you check the status of your loan, upload any additional documents, and provides a convenient checklist of things you need to do.

Rates and Fees – The Bare Basics

Wells Fargo makes it easier for people to purchase homes by offering small down payment options and low-interest rates. Obviously, like with all lenders, the lower the down payment, the higher the interest rates will be and vice versa. Notwithstanding, Wells Fargo still offers fair and low rates as per industry standards.

With the yourFirst Mortgage program, homebuyers can pay a scant 3% down for their homes. In addition, Wells Fargo has several features to help consumers along even further, including:

Closing costs credit

If you go through a homebuyer education course, Wells Fargo will give you a $750 closing costs credit. You will also be eligible for lower interest rates when you finish the course.

Down payment assistance programs

Wells Fargo runs NeighborhoodLIFT programs. These programs are the homebuyer education courses discussed. When you attend events in your neighborhood, you’ll be able to find available grants, get help from local nonprofit organizations, receive valuable financial education, and find out more about discounts available to you.

What's nice about this bank is that it doesn't have a lot of the usual fees involved with most lenders. You won't need to pay an application fee, and Wells Fargo doesn't charge you for early payments either (prepayment penalty). You may have to pay closing costs and origination fees, but these fees are often discounted or waived completely, depending on where you live.

Repayment Terms

Wells Fargo has a wide range of repayment terms, so you can really find one that suits your budget and situation. Terms include 5-, 10-, 15-, and 30-year loans with both fixed and adjustable rates.

Help & Support

Wells Fargo is well-known for having incredible customer support. It has 24/7 phone support via several toll-free numbers, and you can send an email to the support team as well. What’s more, Wells Fargo has a tremendous knowledge base with all the questions and answers you could possibly need for DIY troubleshooting or information gathering. The knowledge base is searchable and well-organized.

How Wells Fargo Compares

Wells FargoQuicken LoansVA Rate Lock
Credit requirements620620Varies based on lender
Minimum down payment3%3%Varies based on lender
DTI ratio35% or less50% or lessVaries based on lender
FeesClosing costs and origination fee (sometimes)Origination fee, closing costsVaries based on lender
Repayment terms5-, 10-, 15-, 30-year fixed and adjustable rates15- or 30-year fixed rate, 5/1 or 7/1 ARMVaries based on lender


Wells Fargo is one of the 4 biggest banks in America today. It's also been around since the 1800s, so you know you're dealing with a solid brand. Wells Fargo offers plenty of options for new homebuyers, flexible repayment terms, and some of the lowest rates around. You can enjoy a 3% down payment, low fees, and an easy online application process as well.


Q: Can I make mortgage payments online?

A: Yes. Wells Fargo has an easy to use online portal that lets you manage all of your mortgage details, including status, payments, and interest data.

Q: How do you determine my interest rate?

A: Interest rates are calculated based on a number of factors, including the current financial markets, your credit history, and the loan amount.

Q: Can I get preapproval from Wells Fargo?

A: Yes. Frequently, Wells Fargo will pre-approve borrowers for a mortgage loan. This will make the loan process go faster and more smoothly for you.

Q: Do I need homeowners insurance for a Wells Fargo mortgage?

A: Generally, you will be required to have proof of homeowners insurance before you can close on your loan. If you put down a larger down payment, sometimes this can be waived.

Physical Address

Corporate Offices:

Wells Fargo

420 Montgomery Street

San Francisco, CA 94104

Wells Fargo Wells Fargo Visit Wells Fargo

Sarah Badani
Written bySarah Badani

Sarah Badani has extensive research and review experience in the finance industry. With a degree in psychology and education, she brings a level of depth and understanding along with her own flavor to spice up each topic in a unique and inviting way.

Wells Fargo
AverageReviews 27
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Trustpilot reviews

See what some costumers are saying about Wells Fargo
Wells Fargo
AverageReviews 27
  • author
    Sharon Smith
    Mar 28, 2022
    Too many charges

    I wind up getting monthly charges for not using ATM card while I had covid!!!!!!!


  • author
    Chamomile Me
    Aug 28, 2021
    Worst customer service ever

    Worst customer service ever! I closed all my accounts with Wells Fargo after being a customer for 15 years. Very sad what has happened to this bank.


  • author
    Joseph Rhinewine
    May 25, 2021
    Not horrible, for a bank.

    Not horrible for a bank. I cultivated a relationship with a Wells-Fargo branch, as a small business owner. They were very gracious and reversed many fees. But then, why do we face so many fees? Because banks exist to make money. I will say that I am in the process of switching to a credit union, but it takes time to make such a switch, and, until recently, credit unions lacked some of the services that big banks can offer small businesses. If you bank with a traditional bank, you will be ripped off. Wells Fargo has treated me okay, but they aren't really much better than the average bank. They nickle-and-dime me just like every bank does to everyone except for their giant, corporate clients. It's the banking system that needs reform; the individual banks aren't really the problem. Wells-Fargo is... okay. I have stuck with them for a decade, and I wouldn't bank elsewhere, except for a credit union, a whole different system.


  • author
    Glen Sipper
    Feb 12, 2021
    held my money for 2 weeks EVEN WHEN THE…

    held my money for 2 weeks EVEN WHEN THE CHECK CLEARED 2 WEEKS !!! AND THEN HIT ME FOR OVER LIMIT FEES WT#!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


  • author
    Miss Miles
    Dec 24, 2020

    I have been a loyal customer of Wells Fargo when it was Wachovia and the service has went down hill. I installed windows this year in my home and that was the biggest mistake I've ever made. I was misinformed about the entire retail account and the payment structure. I pay my installment amount monthly AND on time, regardless of losing my job and Covid-19, THIS bank continuously charges me over $100.00/month on top of my nearly $200.00 payment on this retail loan. I applied for the Covid-19 relief believing the bank that I have been faithful too for decades would help me. NOT!!! Instead they punish you for whatever reason. They have the proof that I lost my job, acquired another but at a much lower salary and refuse to assist. I did not ask for much but my God... How can I can pay this debt off if you keep adding on to it?! I cannot get ahead. After this debt is paid off, I am moving on to another bank. Years ago, I was told not to do business with Wachovia aka Walk Over YA and now I see why. I am highly disappointed. At least I kept my loyalty. Thank God, I did not obtain my home through Wells Fargo.


  • author
    Jul 14, 2020
    I love wells Fargo

    I love wells Fargo There reps are very knowledgeable And kind and helpful.


  • author
    Jun 18, 2020
    They did what they are supposed to with…

    They did what they are supposed to with our financial services


  • author
    Micki Marion
    Jun 01, 2020
    Another bad review for Wells Fargo....

    On 05/01/2020 WF, my bank of over 35 years, was presented with a check that I had written on 04/01/2009 for $1,100.00. Yes, 2009! The check had been written to hold a rental property in Denver CO. 11 years prior. When I opted out of the property, the owner wrote cancel on the agreement and indicated the check would be destroyed. At the time, I had no reason to believe she wouldn’t and simply forgot about it. My bad, for not placing a stop payment at that time but checks were very much a normal part of life and had this woman believed the money was owed to her, the check would’ve been cashed 11 years ago. I contacted Wells and explained the situation, they gave me a credit back only to debit my account again 10 days later for $1,100.00 saying it was my fault and they “don’t have to not honor” a stale dated check. I called the bank of Ms. Pemberton and they explained that they would be happy to refund the money but my bank had to simply return the check as stale dated. I notified Wells again and they moved the case to the check fraud department only to decline the request, again stating that they do not have to do that. I then went to the bank, spoke with Kim at this branch, only to be shown a page in the policy manual dated, July 2019 that again says that Wells “may honor stale dated checks” and pretty much told me Wells Fargo doesn’t have to go above and beyond for a 35 year customer and to not count getting my money back. Remember, this check was 11 years old. But, she opened a claim in the Resolution Department. I just received word back from that department that in fact, they will not return the check to First Bank, even though they have been assured there would be no dispute. Common sense would say that going above and beyond for a long term customer as well as for my mother, a 30+ year employee of the bank would be the appropriate response, especially when it is such a simple request. I will be closing all of my accounts at this horrible, “policy” driven bank after 35 years due to this experience. Way to step up for your customers Wells Fargo.


  • author
    Jun 17, 2020
    Called originally about my ATM card not…

    File a complaint with the better business Bureau as complaints to wells fargo go ignored Called originally about my ATM card not being received yet on day it expired got nothing but excuses and hung up on made complaint first person sat for 8 minutes silent before hanging up on me that's a case manager did another complaint was to be contacted within 10 days never contacted me this second case manager left several messages no call back when I did manage to get him on phone he did nothing but repeat one line script and hung up on me two times same thing rather obvious they don't care and will do nothing they fail to answer any valid questions ever and just make excuses while claiming they care and that the behavior received by me and I'm sure many others isn't acceptable rather telling by there actions and hang ups including managers they seem to think they are above everything and everyone and do what they want we the customer are just a disturbance to them update 5-22-2020 4 case managers ( who alledgedly deal with complaints) and they still refuse to do anything at all and continue to ignore any and all complaints. we are just a disturbance to them. how dare we expect help, an answer to a simple valid question ( guess were not paying them enough in fees) the case managers and there secratarys claim to be the highest you can go ( have no boss) so talking t yourself before they hang up on you repeatedly ( if can get past the secretary who hangs up on you also) shows how little they value the customers


  • author
    Jan 16, 2020
    Nightmare experience

    Simply use another way to get a home mortgage!


  • author
    Kenneth Walker
    Jan 04, 2020
    I thought this bank was good

    I thought this bank was good, they had a local branch and the people were friendly. 6 months later, they closed our branch and left an ATM. No one to help person to person, very fast to charge fees for something out of your control, not very helpful on the phone. Just a bad experience, so I am closing my account and moving to a local bank.


  • author
    Dec 20, 2019
    The worst bank

    The worst company, i wish i saw these reviews before i opened this bull crap acct. promises are made when u speak to escalations they tell u that they have 12 executive offices. Bunch of criminals. Will be filing a bbb complaint . I spoke with steve mitchum the supervisor from cust care executive service. And he didnt give a fam ant my situation. He said when my case come up someone will call me


  • author
    Dec 19, 2019
    The worst company

    The worst company, i wish i saw these reviews before i opened this bull crap acct. promises are made when u speak to escalations they tell u that they have 12 executive offices. Bunch of criminals. Will be filing a bbb complaint . I spoke with steve mitchum the supervisor from cust care executive service. And he didnt give a fam ant my situation. He said when my case come up someone will call me


  • author
    P Martin
    Dec 18, 2019
    Got to be the hardest company to do…

    Got to be the hardest company to do with in the world. Just do not use them. Pure hell trying to get them by phone.


  • author
    Kodie Rychel
    Dec 17, 2019

    Garbage. Liars. They are nice up front but when the SHTF it’s nothing but bad.


  • author
    Dec 03, 2019
    Try somewhere else than Wells Fargo…

    Try somewhere else than Wells Fargo Bank or Wells Fargo Mortgage. Wells Fargo is only good at taking your money. Wells Fargo Mortgage operations apparently are run out of a national office in Oregon. They are disorganized, arrogant, totally inconsiderate of customers. SLOW. Go somewhere else. Complaints to management did no good.


  • author
    Jay Forrester
    Nov 24, 2019



  • author
    Dale Owen
    Nov 06, 2019
    Not even worth one star!

    Update from 24 Oct review. Yesterday WF closed my accounts as requested. But, funds didn't transfer to my requested account. So during a 46 minute phone call and talking to three different people, two which didn't have a clue about my situation, I finally got to speak to a customer service lady who kindly researched the problem. Result is that my funds are being WIRED and will take two to five business days?! to reach my designated account. So it has now been over a month since I first attempted to close my accounts and still have possibly another week until I have access to my money. Not good enough. So I repeat: Save yourself some heartache and bank somewhere else please. Thanks for listening.


  • author
    Dale Owen
    Oct 24, 2019
    Probably the worst bank in the world

    Probably the worst bank in the world. Have had checking and savings accounts with them for years. Over three weeks ago an automatic transfer from checking to savings failed. They had inactivated my savings account for no reason. It took me over 10 days to be able to speak to someone. I had already decided I wanted to close both of my accounts and was told I could use internet banking to do so with a daily limit of $15000. First I had to verify trial deposits to the gaining account which has now taken three days. Now find max of $5000 per day and takes 4 days. Then can't get verification code; not in service. Called again 22 minutes at international rates (live in England). Told can close accounts using a four page form that has to be notarized by a U S Embassy official in London 75 miles away and send form by post. Funds will be wire transferred for $30 fee. Total interest I have earned probably less than $5 so they have used my money for years for nothing and will charge me $30 and require lots of extra hassle to get my money back. So do yourself a favor and bank elsewhere.


  • author
    Haylee Best
    Oct 06, 2019
    the best bank in the world trust with…

    the best bank in the world trust with all of my business and will DEFO help and step in an investgite any type of FRAUD JL knows this when ever making any online purchase the best way to be protected is to use your debit or credit card from WF if you are not smart person and do western union. pay people with direct money transfers that gives god knows who all your banking ifor OR bi coin ad now the new walmart gift card or american express gift card if you pay that way then you get deserved to be ripped off OH or gift money as friends and family via pp BEST BANK HAS YOUR BACK


  • author
    Willy Ogorzaly
    Aug 27, 2019
    What a nightmare..

    What a nightmare... did you know they lend out the money you deposit to people who probably can't pay it back, and only pay you a small fraction of the interest? All of the risk, none of the reward. Arguably the biggest scam in history. Long bitcoin, short the banks


  • author
    May 30, 2019



  • author
    Kathleen Mcgee
    May 19, 2019
    When I enter Wells Fargo the employees…

    When I enter Wells Fargo the employees allways are there to help me with any of my needs Kathleen McGee


  • author
    Nov 10, 2018
    Five phone calls to different…

    Five phone calls to different departments to try to get a transfer and situation still blocked because no way of identifying me : so no access to my money because credit card wasn’t automatically renewed and old one cancelled because not used within 6 months. Conclusion: no way to access my money and, being in Europe, Wells Fargo is not offering any other alternative to identify me than “going into a branch” ! Thanks for your help !!!!


  • author
    Feb 16, 2018
    They call 2 weeks before payment is due…

    They call 2 weeks before payment is due and always take 2 payments out of my account. Even after the fact of paying my loan off 3 months ago. They are crooks and not organized.


  • author
    Oct 16, 2014
    Dårlig service og de snyder

    Jeg har haft en kunde, som har købt en iphone, hvor hun har valgt at overfører penge gennem Wachovia bank. Wachovia banken forventer, at jeg skal forudbetale et stort beløb, for at gennemføre den pengeoverførsel, som min kunde har lavet, så jeg kan modtage de penge, som kunden skylder mig, og det er bare noget fjusk. Når jeg spørger banken, hvornår jeg får min penge, svarer de ikke. Men når jeg ikke går med til at forudbetale et beløb (som de kan tjene ekstra på), skriver de flere mails og forsvar dem på alle måder og lokker mig til at forudbetale, hvor jeg ikke har gået med til . Så jer der venter og vælger at lave en bankoverførsel gennem dem, skal i ikke stole på! De laver fjusk og de har altid en grund og problem klar for at narrer kunderne.


  • author
    Torben Kihlgast
    Jul 11, 2008
    mangler penge fra en overførsel tilbage fra d. 10/5

    Jeg skriver og skriver .. MEN ingen svar.. tror de fusker..


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