Compare Top Mortgage Lenders
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- Fixed-rate loans.
- Adjustable-rate loans.
- Jumbo loans.
- Federal Housing Administration loans.
- Department of Veterans Affairs loans.
- U.S. Department of Agriculture loans.
- Mortgage refinancing.
The lender also offers mortgage products including the Union Plus Mortgage Program, which is available to eligible union members (current and retired) and members’ spouses, children and parents. These loans come with a mortgage assistance program that offers grants and interest-free loans so you can keep paying your mortgage if you lose income because of a layoff, lockout, strike or disability.
The lender is not accepting applications for new home equity lines of credit, citing market conditions.
Wells Fargo allows you to get prequalified or preapproved for a loan. Prequalification lets you get an estimate of your interest rate and how much you may be able to borrow based on information you provide in an online form.
You can apply for preapproval online or with a Wells Fargo mortgage consultant.
You can apply for a Wells Fargo home loan online, and you can get help from a mortgage consultant over the phone or in person. If you’re a Wells Fargo customer already, you can provide your online account credentials to have the online application prefill with some of your information.
Under some circumstances, you may be required to work with a mortgage consultant to apply. This can include if there are three or more applicants, if you have a credit score below 620 or if you have a foreign address.
Once you submit an application, you’ll have the opportunity to ask questions, compare loan options and talk through next steps. You can then track your application online. It typically takes between 30 and 90 days to get from application to loan approval, according to Wells Fargo.
You can see estimated rates, closing costs and monthly payments by providing your approximate credit score and a few other pieces of information on Wells Fargo’s website. Conventional fixed-rate loans from Wells Fargo can have down payments as low as 3%.
You should be prepared to pay closing costs of 2% to 5% of your home purchase price. These closing costs, which will be finalized three days before you close, may include origination fees, taxes and government fees, an appraisal fee, and an initial escrow payment, among other charges.
Borrowers who make less than 80% of the area median income in eligible localities can get a Dream. Plan. Home. closing cost credit of up to $5,000. Other special offers may include My Mortgage Gift awards for borrowers who get a loan within a certain time frame. My Mortgage Gift awards can be redeemed for merchandise or a prepaid Visa card.
Borrowers with credit scores below 620 will typically need to work with a Wells Fargo mortgage consultant on their applications. The lender also provides tools including an affordability calculator to help you get a sense of your loan options. You can also go through the online prequalification process to gauge your eligibility. Generally, the stronger your financial situation, including credit score, debt and savings, the more home loan options you’ll have.
Wells Fargo doesn’t specify a minimum credit score required to get a mortgage, but if your credit score is lower than 620, you may need to contact a mortgage consultant for assistance with your application. In addition to your credit score, a lender will consider factors such as how much debt you have relative to your income, called your debt-to-income ratio, and how much money you have available in your checking and savings accounts.
Wells Fargo offers home loans nationwide. The bank has mortgage loan consultants in 39 states and Washington, D.C. In other states, borrowers can contact the lender’s national team.
Wells Fargo has an F rating from the Better Business Bureau, though Wells Fargo Home Mortgage has an A+ rating. In September 2021, the Office of the Comptroller of the Currency fined the bank $250 million for shortcomings with its home lending loss mitigation program.
Wells Fargo has a rating of 1.3 stars out of 5 on Trustpilot based on more than 800 reviews.
In 2021, the Consumer Financial Protection Bureau received 4,039 mortgage-related complaints about Wells Fargo, with common issues including making payments and applying for a loan. The company provided a timely response to all but 28 complaints. It closed 3,668 with an explanation, 201 with nonmonetary relief and 162 with monetary relief.
Wells Fargo customer service can be reached via phone or online chat. The Mortgage Customer Service line is available at 800-357-6675 Monday through Friday from 6 a.m. to 10 p.m. Central Time and Saturday from 8 a.m. to 2 p.m. CT.
The company allows borrowers to get prequalified, apply for and manage their mortgage loan online.
- People who want to complete the prequalification, preapproval and application process online.
- People who want help from a mortgage consultant.
- People who want to consider multiple loan options.