Wells Fargo Mortgage Review 2024
620 to 640
0% to 3.5%
Conventional, FHA, VA, jumbo, refinance loans
See how we reached our verdict below.
- Rates are generally lower than other lenders
- Current bank customers can be eligible for rate discounts
- Loan options are available in all 50 states
- Home equity products are not available
- Mortgage lending is focused on current bank customers and minority borrowers
- You’ll have to get prequalified to see rates customized for your location and financial situation
Wells Fargo mortgage overview
Wells Fargo is a major national bank that’s been in business since 1852. The bank announced a plan in 2023 to scale back mortgage lending with a focus on current customers and minority borrowers in underserved communities.
- Areas of service: 50 states and District of Columbia
- Digital service: Online lender with mortgage branches in 19 states
- Headquarters: 420 Montgomery St., San Francisco, CA 94104
- Website: WellsFargo.com
Wells Fargo rates, terms and fees
Rates
Wells Fargo publishes current mortgage rates online for some loan options, but you’ll have to contact the lender for rates customized for your location, credit score and other financial details.
Wells Fargo’s mortgage rates were the lowest among more than 30 providers, according to data from the Home Mortgage Disclosure Act (HMDA) analyzed by LendingTree. Wells Fargo offered an average mortgage rate across all loan types for 2023 that was 0.22 percentage points below 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, saw a sharp decline from 2022, when Wells Fargo’s average was 0.28 points above the APOR.
Fees
The average total origination fee for a Wells Fargo home loan was $2,678, according to the 2023 HMDA figures, which is 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.
What discounts does Wells Fargo offer?
Wells Fargo offers jumbo loan rate discounts to current customers based on assets they have in the bank. Discounts start with assets of $250,000 deposited in Wells Fargo accounts.
The lender also offers as much as $5,000 in credit toward closing costs through its program called Dream. Plan. Home. The purchase must be a primary home in designated areas. Down-payment assistance is also available for borrowers who qualify.
What types of mortgage loans does Wells Fargo offer?
Wells Fargo offers a variety of home loans including:
Conventional loans
Wells Fargo offers fixed-rate mortgages, adjustable-rate mortgages (ARMs), rate-and-term refinancing and cash-out refinancing.
Conventional loan qualification requirements
- 620 minimum credit score
- 3% minimum down payment
FHA loans
Wells Fargo offers FHA loans, backed by the Federal Housing Administration (FHA), both for purchasing and refinancing a home.
FHA loan qualification requirements
- 640 minimum credit score
- 3.5% minimum down payment
VA loans
Wells Fargo offers VA loans, which are backed by the U.S. Department of Veterans Affairs (VA), including for purchase and interest-rate reduction (IRRRL) refinancing.
VA loan qualification requirements
- No down payment required for borrowers with a full VA loan entitlement
- No minimum credit score is set by VA loan requirements
- Private mortgage insurance not required for VA loans
Jumbo loans
Wells Fargo’s jumbo loans are managed through a private mortgage banking group, and loans are available for primary and vacation homes, as well as investment properties.
Jumbo loan qualification requirements
- No minimum loan amounts specified
- 620 minimum credit score
Wells Fargo mortgage qualifications
| Credit score minimum | 620 to 640 |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: 45% FHA: 43% VA: 41% |
| Down payment minimum | Conventional: 3% FHA: 3.5% VA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
Wells Fargo doesn’t disclose the exact minimum requirements it uses to approve or deny your application.
However, HMDA data for 2023 shows:
- The average home purchase loan that Wells Fargo approved had a loan-to-value (LTV) ratio of nearly 74% 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 more than 35% of all home loan types (and nearly 19% 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 prequalified” from that menu.
2. Get prequalified
You’ll need to supply some financial and personal information, but it’s the surest way to see mortgage rates you can qualify for before applying.
3. Submit a loan application
Submitting a full application online will get you preapproved, rather than just prequalified. Once approved, Wells Fargo will lock your mortgage rate for the number of days you select.
Documents you’ll need for prequalification or preapproval
- 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. Although in many cases prequalification involves a hard pull on your credit, and with Wells Fargo it’s just a soft pull. (Though even with a hard pull, the effects on your score are small and temporary).
It’s best to get prequalified before you start shopping for homes because many sellers won’t take your offer seriously until you do. Plus, 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
You can contact Wells Fargo Monday to Friday, 7 a.m. to 8 p.m. CST. You can also enter contact information to request a call from a mortgage representative. Wells Fargo’s website does not feature a live chat option.
- Email: You can send an email through Wells Fargo’s Secure Email system.
- Phone: 866-577-5719
If you’re already a customer and have questions about your loan, you can reach out to Wells Fargo by logging into your account online, by phone or in person at a bank branch.
How does Wells Fargo compare to other lenders?
|  |  |
|
|---|---|---|---|
| LendingTree’s rating | |||
| Minimum credit score | 620 to 640 | 600 to 620 | Not disclosed |
| Minimum down payment | 0% to 3.5% | 0% to 3% | 0% to 3% |
| 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 2023. The higher the number, the more expensive the loan. | -0.22% | 1.35% | 0.17% |
| Loan products and programs |
|
|
|
| Better for: | Current bank customers and minority home buyers in designated areas. | Borrowers who are seeking a wider array of loan products, particularly current customers eligible for rate discounts. | Current customers with assets in the bank that can make them eligible for a rate discount. |
Wells Fargo vs. Bank of America
Wells Fargo and Bank of America each offer similar packages of mortgage options — conventional, FHA, VA and jumbo loans, although Bank of America also offers home equity lines of credit (HELOC). And while both companies offer rate discounts for current bank customers, you might not find a Wells Fargo mortgage representative at a branch in every state.
→ Read more in our full Bank of America mortgage review.
Wells Fargo vs. Chase
Wells Fargo and Chase offer a similarly limited variety of loan options — conventional, FHA, VA and jumbo loans; you won’t find home equity products at either lender. Wells Fargo generally offers somewhat better rates, though Chase customers with assets in the bank might find a lower rate there.
→ Read more in our full Chase mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree 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’s scorecard:
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
Frequently asked questions
Wells Fargo allows you to apply for a home loan and get approved online. You can also look at current mortgage rates, including APR and points, for easy comparison with other lenders, though the rate you get will depend on many factors, including credit score, location and other details.
Wells Fargo is a legitimate 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 affects your credit, but in most cases, your score is likely to drop by only about 20 points. 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 will not affect your credit score.
Wells Fargo has a 1.1 (out of 5) rating with the Better Business Bureau. This means a majority of the more than 57 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 with delays. However, delays are a common issue for many mortgage lenders across the board.