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Wells Fargo Mortgage Review 2022

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Wells Fargo is a national bank headquartered in San Francisco and founded in 1852. Today, the bank has nearly $2 trillion in assets, serves one of every three households in the U.S. and is the third-largest retail mortgage lender in the country. Wells Fargo mortgages are available in all 50 states and the District of Columbia.

Who is this lender for?
  • First-time homebuyers
  • People building a new-construction home
  • Military service members and veterans seeking a VA loan
  • Families needing a jumbo loan

8/10 LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. 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 “standard product offerings” criterion if they offer at least two of the four standard loan programs (Conventional/FHA/VA/USDA). In some cases, additional information was provided by a lender representative.

  = 1 pt   = 0 pts

  1.   Application online
  2.   Product info online
  3.   Rates listed online
  4.   Helpful articles about mortgages and homebuying
  5.   Standard product offerings
  6.   Special programs
  7.   Info about how to qualify for products offered online
  8.   E-closing availability
  9.   Licensed in at least 35 states
  10.   After-hours and weekend access to loan officers

Wells Fargo pros and cons

Pros

  Down payment and closing cost assistance. Wells Fargo has several programs to help first-time homebuyers with down payments and closing costs, including a forgivable loan program and a closing cost grant. These programs are only available in certain areas.

  Call-back option with loan officer. If you want to schedule a call with a loan officer, you can request a call back rather than wait on hold.

  Extended rate lock on new-construction loans. If you’re building a new home, Wells Fargo will allow you to lock in an interest rate range for up to 24 months. This will ensure you’ll be able to afford your mortgage when your home is move-in ready.

Cons

  Branches not available in all states. While Wells Fargo lends nationwide, there may not be a branch in your area. States like Ohio don’t have locations or loan officers available in person.

  Home equity loans not available. Wells Fargo says its home equity loans are currently not available, citing market conditions and the COVID-19 pandemic.

  Credit score information not posted online. Wells Fargo doesn’t tell potential customers the credit score they’ll need to qualify for the lender’s different mortgage programs. You’ll need to touch base with a loan officer to find out.

Wells Fargo borrowing requirements

Minimum credit scoreNot disclosed
Minimum credit score 
  • Not disclosed
Minimum down payment 
  • 0% on VA and USDA loans
  • 3% on conventional loans
  • 3.5% on FHA loans
Available loan terms 
  • 30-, 20- and 15-year fixed-rate loans
  • 5/6 adjustable-rate loans
Available loan types 
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • New construction

Wells Fargo mortgage rates and fees

Wells Fargo publishes current mortgage rates online, and also gives potential borrowers the ability to fill out a short form with information on their location, home purchase price, down payment and credit score range to get a customized rate quote online.

The company doesn’t disclose its lender fees online. However, Wells Fargo says its closing costs typically range from 2% to 5% of the purchase price. Closing costs can include:

  • Origination fees
  • Appraisal fees
  • Inspection fees
  • Insurance
  • Taxes
  • Government fees

Wells Fargo mortgage products

Purchase and refinance

Wells Fargo offers conventional loans and the three major government loan products — FHA, VA and USDA loans. Conventional loans are available with fixed or adjustable rates. The fixed-rate loans may have a down payment as low as 3%. Wells Fargo also offers jumbo loans for borrowers needing a loan amount greater than Fannie Mae’s and Freddie Mac’s limits.

FHA loans are available with a down payment as low as 3.5%. Wells Fargo doesn’t disclose the credit score needed to qualify, though the underwriting guidelines require a score of at least 580 for this down payment option. VA loans are available for eligible military service members and veterans with no down payment required. USDA loans are also offered to low-income borrowers buying a home in a designated rural area.

Wells Fargo offers cash-out refinance loans, in which you take out a new mortgage for a larger amount than your current balance. The difference comes to you as cash.

Special programs

Wells Fargo’s NeighborhoodLIFT program offers a forgivable loan to help make a down payment on a mortgage. The loan has no interest, and is forgiven after five years as long as the homeowner lives in the home as their primary residence during that time. This program is only available in the Houston, Minneapolis-St. Paul, Philadelphia and San Francisco Bay areas.

The lender also offers up to $5,000 in closing cost grants through the “Dream. Plan. Home.” program. Only borrowers with a household income of less than 80% of their area’s median income qualify, and only in certain counties within 11 states, as well as the District of Columbia.

How does Wells Fargo compare to other lenders?

Wells FargoFlagstar BankPenFed
Minimum credit score 
  • Not disclosed
  • Not disclosed
  • 650
Minimum down payment 
  • 0% on VA and USDA loans
  • 3% on conventional loans
  • 3.5% on FHA loans
  • 0% for VA and USDA loans
  • 3.5% for FHA loans
  • 3% for first-time homebuyers
  • 5% on conventional loans
Loan products and types 
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • New construction
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Renovation
  • Conventional
  • VA
  • Jumbo
  • HELOC
Special programs offered 
  • NeighborhoodLIFT down payment forgivable loan
  • “Dream. Plan. Home.” closing cost grant
  • Flagstar Gift Program
  • Destination Home Mortgage
  • First-time homebuyer loan
  • Lender credits
Lender ReviewFlagstar BankPenFed

 

Today's Mortgage Rates

  • 5.34%
  • 4.55%
  • 3.31%
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