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Wells Fargo Review

BySarah BadaniNov. 15, 2020

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In a Nutshell

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

Wells Fargo customer testimonials

PoorReviews 24
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  • 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.


Wells Fargo