Mortgage
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Wells Fargo Mortgage Review 2023

Updated on:
Content was accurate at the time of publication.

Wells Fargo at a glance

5 stars

  Minimum credit score: 620.

  Minimum down payment: 0% to 3%

  Available loan products and programs: Conventional, FHA, VA, Jumbo, USDA

  Our verdict: Wells Fargo is a good choice for buyers who want to apply for a mortgage online but still have the option of visiting a branch for in-person service. Their wide array of loans and assistance programs will cover most buyers’ needs, including first-time homeowners.

ProsCons

  Down payment and closing cost assistance programs

  Fully online application that can be saved in-progress if you need to walk away

  Extended rate lock on new-construction loans

  Home equity loans and home equity lines of credit (HELOCs) aren’t offered

  Credit score requirements aren’t posted online

  Branches aren’t available in all states

Headquartered in San Francisco, Wells Fargo is a nationwide bank holding nearly $2 trillion in assets. The bank serves one of every three households in the U.S. and is the fourth-largest retail mortgage lender in the country. Wells Fargo mortgages are available in all 50 states and the District of Columbia.

Wells Fargo mortgage products

Conventional

  • Purchase mortgages are available with 15-, 20- and 30-year fixed rates and require only a 3% down payment.
  • Adjustable-rate (ARM) loans are also an option and come with 5-, 7-, and 10-year initial fixed-rate periods.
  • Rate-and-term refinances can help homeowners save on their monthly mortgage payments, alter their loan terms or convert an ARM loan to a fixed-rate loan.
  • Cash-out refinances are available for homeowners who want to borrow against their home equity to fund other financial goals.

FHA

  • FHA purchase loans, backed by the Federal Housing Administration (FHA), are available with as little as 3.5% down.
  • FHA streamline refinances allow borrowers with existing FHA loans to refinance with little paperwork and less hassle.
  • FHA cash-out refinances are an option for homeowners who want to use their home equity to free up cash that can fund other financial goals.

VA

  • VA purchase loans, backed by the U.S. Department of Veterans Affairs (VA), offer veterans and their qualifying family members zero-down loans with competitive interest rates and no private mortgage insurance (PMI) requirement.
  • Interest rate reduction refinance loans (IRRRLs) are available to military borrowers who wish to refinance their existing VA home loans.

Jumbo

  • Jumbo loans are available for buyers seeking high-value properties including primary and second homes, as well as vacation and investment properties.

Special programs

  • USDA loans are available for buyers in rural areas who qualify as low- or middle-income earners and want to finance a house with no down payment required.
  • New construction loans allow you to purchase a brand new home that’s still being built or that was just completed. The cherry on top? Wells Fargo’s Builder Best Extended Rate Lock will allow you to lock in an interest rate range for up to 24 months.
  • The NeighborhoodLIFT down payment assistance program helps qualifying homebuyers reach home ownership by providing forgivable, zero-interest down payment loans.
  • The Dream. Plan. Home. closing cost program helps buyers by providing up to a $5,000 credit towards closing costs. To be eligible, your income can’t exceed 80% of the area’s median income and you must live in a qualifying county.

Wells Fargo mortgage rates and fees

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

Wells Fargo application experience

You can apply online for a mortgage with Wells Fargo in about 30 minutes. Don’t have 30 minutes? No problem — you can save an in-progress application for up to 30 days.

When you’re ready to close on a new home, you’ll likely need to visit a Wells Fargo branch or attorney’s office. In some cases, you can close via mail, but not all states allow it. Wells Fargo doesn’t offer any form of e-closing.

Wells Fargo customer service experience

Once you’ve applied for a mortgage, Wells Fargo also makes it easy to track the status of your application. Wondering if any additional documentation is needed or if your application has been approved yet? It can all be tracked in the online portal and, if you opt in, status updates about your loan can also be texted to your phone.

Customer service is available by phone weekdays 6:00 a.m. to 10:00 p.m. and Saturdays from 8:00 a.m. to 2:00 p.m. CST:1-800-357-6675.

How does Wells Fargo compare to other lenders?

Wells FargoBetter MortgageRocket Mortgage
Lender rating
Minimum credit scoreNot disclosed620580 to 620
Minimum down payment0% to 3%0% to 3.5%0% to 3%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Jumbo
  • USDA
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Home equity loans

How we rated Wells Fargo

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 scorecard: 5/5

  Publishes rates online

  Offers standard mortgage products

  Includes detailed product info online

  Shares resources about mortgage lending

  Provides an online application

  = 0 points ⭕= 0.5 points   = 1 point

Today's Mortgage Rates

  • 7.29%
  • 7.14%
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