Wells Fargo Mortgage Review 2026
Wells Fargo offers a standard portfolio of mortgage options, with a recent focus on current bank customers and underserved communities. Customers with significant assets in the bank are eligible for discounted rates, while qualifying borrowers may receive down payment and closing cost assistance.
See how we reached our verdict below.
- Rates are generally lower than those of most other lenders
- Current bank customers may be eligible for rate discounts
- Quick online prequalification with no impact to credit score
- Limited information on borrower requirements
- Home equity products are not available
- Must connect with a mortgage consultant for preapproval
Wells Fargo mortgage overview
Wells Fargo is a large national bank founded in 1852. In recent years, the bank announced a plan to scale back mortgage lending, with a focus on current customers and borrowers in underserved communities.
- Areas of service: 50 states and the District of Columbia
- Digital service: Online lender with mortgage branches in 21 states
- Headquarters: 333 Market Street, San Francisco, CA 94105
- Website: WellsFargo.com
Wells Fargo rates and fees
Rates
Wells Fargo publishes mortgage rates for select loan options, but you’ll have to get prequalified or contact the lender for rates that are customized to your location, mortgage type, credit score and other financial details.
Wells Fargo’s mortgage rates were among the lowest out of more than 30 providers, according to Home Mortgage Disclosure Act (HMDA) data analyzed by LendingTree. In 2024, Wells Fargo offered an average mortgage rate across all loan types of 6.37%, just 0.05 percentage points above the average prime offer rate (APOR), which is what a well-qualified borrower would pay at a typical lender.
This difference in the APOR and rates offered to borrowers, known as the rate spread, has increased in recent years for Wells Fargo. In 2023, the bank’s average mortgage rate was 0.22 percentage points below the APOR.
Fees
The average origination fee for a Wells Fargo home loan was $3,028, and average loan costs totaled $5,639, according to 2024 HMDA data. Both figures are within the standard industry range.
Wells Fargo lists examples of fees a borrower could expect for a typical mortgage on a page about closing costs on its website. Closing costs typically range from 2% to 5% of your home purchase price, the lender notes.
Wells Fargo offers up to $1,000 in closing cost credit and an interest rate discount of up to 1.25 percentage points on conventional and jumbo loans to current customers based on assets they have in the bank. The closing cost credit is available with $20,000 or more in assets deposited in Wells Fargo accounts, while rate discounts begin with $250,000 in assets.
In addition, the lender offers as much as $5,000 in closing cost credit through its Dream. Plan. Home. program and $10,000 in down payment assistance through its Homebuyer Access grant. Eligibility for both initiatives is based on a borrower’s location and income.
What types of mortgage loans does Wells Fargo offer?
Wells Fargo offers fixed-rate mortgages, adjustable-rate mortgages (ARMs), rate-and-term refinances and cash-out refinances. Loan terms include 15-, 20- and 30-year terms.
Conventional loan qualification requirements
- 620 minimum credit score
- 3% or 5% minimum down payment
Wells Fargo offers FHA loans, backed by the Federal Housing Administration (FHA), for purchasing or refinancing a home.
FHA loan qualification requirements
- 620 minimum credit score
- 3.5% minimum down payment
Wells Fargo offers VA loans, backed by the U.S. Department of Veterans Affairs (VA), for purchase and refinance.
VA loan qualification requirements
- 620 minimum credit score
- Typically no down payment required for borrowers with full VA loan entitlement
- Private mortgage insurance not required for VA loans
Wells Fargo offers jumbo loans for mortgage amounts above $832,750. Jumbo loans can be fixed- or adjustable-rate and are available for primary residences, second homes or investment properties.
Jumbo loan qualification requirements
- 680 to 740 minimum credit score
- 10.01% minimum down payment
Wells Fargo mortgage qualifications
| Credit score minimum | Conventional: 620 FHA: 620 VA: 620 Jumbo: 680 to 740 |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments.
| Conventional: 50% FHA: 50% VA: 41% Jumbo: 43% |
| Down payment minimum | Conventional: 3% to 5% FHA: 3.5% VA: 0% Jumbo: 10.01% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
Wells Fargo doesn’t publish the exact minimum requirements it uses to approve or deny mortgage applications.
However, HMDA data for 2024 shows:
- The average home purchase loan that Wells Fargo approved had a loan-to-value (LTV) ratio of 71% for purchase loans and nearly 63% across all loan types.
- More than half of customers approved for a loan had a debt-to-income (DTI) ratio below 40%.
- Wells Fargo denied about 34% of all home loan types (and 21% of purchase loan applications). Most large lenders have denial rates in the low teens up through the mid-thirties.
How to apply for a Wells Fargo mortgage
1. Choose your loan type
From the WellsFargo.com homepage, navigate to the “Home Loans” tab, then select “Buy a home” or “Refinance your mortgage.” You can also select “Get a personalized rate quote” from that menu.
2. Get prequalified
You’ll need to supply some financial and personal information, but a mortgage prequalification is the surest way to see estimated mortgage rates before applying. Wells Fargo’s personalized rate quote offers a quick online prequalification, with no impact on your credit score.
3. Submit a loan application
Submitting a full application online will get you either preapproved or conditionally approved, rather than just prequalified. You can initiate the application online, but you’ll need to speak with a mortgage consultant to complete the process. Once you receive final approval, you’ll have the option to lock your mortgage rate for a set number of days.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.
Is it safe to get prequalified with Wells Fargo?
Yes, it’s safe to get prequalified with Wells Fargo. The bank offers a personalized rate quote online with a soft credit check which won’t impact your credit score.
It’s best to get prequalified before you start shopping for homes, as many sellers won’t take your offer seriously until you do. Further, your real estate agent might not be willing to show you homes if you don’t have proof of prequalification or a preapproval letter.
Wells Fargo’s customer service experience
Wells Fargo mortgage consultants are available by phone Monday to Friday 7 a.m. to 8 p.m. and Saturday 8 a.m. to 6 p.m. CT. You can also connect with a Wells Fargo mortgage consultant in your area, or submit a contact form online to request a call back. Wells Fargo’s website doesn’t feature a live chat option.
- Phone: 877-937-9357
If you’re already a customer and have questions about your loan, you can connect with customer service by phone Monday to Friday 7 a.m. to 10 p.m. and Saturday 8 a.m. to 2 p.m. CT, online through your account, in person at a Wells Fargo branch or by mail.
- Phone: 866-234-8271
- Mail: Wells Fargo Home Mortgage, P.O. Box 10335, Des Moines, IA 50306-0335
How does Wells Fargo compare to other lenders?
|  |  |
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| LendingTree’s rating |
Expert review from LendingTree.
Back to our Wells Fargo summary |
Expert review from LendingTree.
Read our Wells Fargo vs. Bank of America comparison |
Expert review from LendingTree.
Read our Wells Fargo vs. Chase comparison |
| Minimum credit score | 620 | Not published | Not published |
| Minimum down payment | 0% to 5% | 0% to 5% | 0% to 3.5% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan.
| 0.05% | 1.19% | 0.11% |
| Loan products and programs |
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| Better for: | Borrowers with good credit who qualify for the bank’s best rates, relationship discounts and credits or down payment and closing cost assistance. | Borrowers with excellent credit (scores of 740 or above) who can qualify for a home loan with the best-advertised rates and terms. | Borrowers looking for a wider range of loan options, as well as current customers who may qualify for a rate discount. |
Wells Fargo vs. Bank of America
Wells Fargo and Bank of America offer similar packages of mortgage options — conventional, FHA, VA and jumbo loans — though Bank of America also offers doctor loans and home equity lines of credit (HELOCs). Bank of America also provides a more accessible customer service experience compared to Wells Fargo, with chat and appointment scheduler features online. And while both companies offer various rate discounts, Wells Fargo offers much lower average rates according to HMDA data.
Read more in our full Bank of America mortgage review.
Wells Fargo vs. Chase
As with Bank of America, Chase also offers a variety of loan options similar to Wells Fargo’s — conventional, FHA, VA and jumbo loans — though, again, Chase has the edge, as it offers a HELOC. Wells Fargo generally provides slightly better rates and more in down payment assistance, though Chase offers an on-time closing guarantee or borrowers get $5,000. Chase’s online experience is similar to Wells Fargo’s — however, it does provide prospective buyers more information on rates and loan products.
Read more in our full Chase mortgage review.
How LendingTree rated Wells Fargo Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Wells Fargo’s scorecard:
⭕ Publishes rates online
✅ Offers standard mortgage products
⭕ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
Frequently asked questions
Wells Fargo allows you to get a personalized rate quote or initiate an application online. You can also look at current mortgage rates for select products, including APR and points, for easy comparison with other lenders. Still, the rate you get will depend on many factors, including credit score, location and other details.
Wells Fargo is a well-known mortgage lender in business for more than 170 years and is licensed in all states and the District of Columbia.
You can view more info about Wells Fargo’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Taking out a mortgage does affect your credit — but in most cases, your score is likely to drop by only about 20 points, according to a LendingTree study. And even if your score does go down by more, it should rebound fully within a year. However, Wells Fargo’s soft pull promises that the preapproval process won’t affect your credit score.
With lower-than-average interest rates, nationwide availability and a standard product lineup, Wells Fargo home loans are a solid choice.
At the same time, Wells Fargo does have a 1.09 (out of 5) customer review rating with the Better Business Bureau. This means a majority of the Wells Fargo customers who left reviews were generally dissatisfied with the service they received.
Of the customers who left critical reviews, one common theme was frustration with communication and delays. However, delays are a common issue for many mortgage lenders across the board.
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