Wells Fargo Mortgage Review 2023


Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.

Insider’s Featured Mortgage Lenders

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Wells Fargo Mortgage

3.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Wells Fargo Mortgage

3.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star


Types of Loans Offered

Conforming, jumbo, VA, FHA, USDA, new construction, cash-out refinance, Dream. Plan. Home. Mortgage


Wells Fargo Mortgage

Wells Fargo Mortgage offers a wide variety of mortgages, including the Dream. Plan. Home. Mortgage, which offers assistance and grants to people who make below 80% of the area median income. But it ranks extremely low in trustworthiness.

Details


Types of Loans Offered

Conforming, jumbo, VA, FHA, USDA, new construction, cash-out refinance, Dream. Plan. Home. Mortgage

Pros & Cons
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Highlights
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Additional Reading
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About Wells Fargo Mortgages

At Wells Fargo, you can get a variety of mortgages, including: 

If you have a credit score or a poor credit score, Wells Fargo has the Dream. Plan. Home. Mortgage. This mortgage has more lax credit standards and was created for people who are below 80% of the area median income. If you want to learn about the mortgage, you’ll have to contact a mortgage consultant to see if you meet the criteria and are eligible for any grants or credits. 

Wells Fargo is a national bank with branches throughout the US. It lends mortgages in all 50 states.

Customer service is available 24/7 through telephone or online chat.

Is Wells Fargo Trustworthy?

Wells Fargo has dealt with several public controversies in the past few years. 

  • In December 2022, Wells Fargo settled allegations from the Consumer Financial Protection Bureau claiming that the bank “repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees, along with other illegal activity affecting over 16 million consumer accounts.”
  • In September 2021, the Office of the Comptroller of the Currency required Wells Fargo to pay a $250 million fine when the OCC claimed there were unsafe practices in home lending.

We use ratings from the Better Business Bureau to see how a lender may deal with customer issues. Currently, Wells Fargo has an F rating from the BBB due to government action against the business and failure to respond to multiple customer complaints.

Something to keep in mind is that a good BBB rating won’t necessarily indicate that your relationship with the lender will be the same. On its Zillow lender page, Wells Fargo has a 4.95 out of 5-star rating, based on over 4,000 online customer reviews. It also ranked at the industry average for customer satisfaction, according to J.D. Power’s 2022 US Mortgage Origination Satisfaction Study.

Wells Fargo Mortgage Interest Rates and Fees

Wells Fargo provides general mortgage rate information on its website. When you’re on the Wells Fargo home mortgage website, scroll down to the area for calculators and tools.

If you click on “Check Rates” it will show a handful of sample rates. If you want to get a personalized rate, you’ll have to provide contact information or talk to a loan officer.

In 2022, the average borrower getting a conventional mortgage from Wells Fargo paid $2,376 in origination charges, according to Home Mortgage Disclosure Act data. This is on the low end compared to other mortgage lenders.

Wells Fargo Mortgages: Overall Rating

Wells Fargo Mortgages: Pros and Cons

Wells Fargo Mortgage FAQs

You’ll need at least a 620 credit score to get a conforming mortgage from Wells Fargo, though it has more lenient credit requirements if you’re eligible for its Dream. Plan. Home. Mortgage. 

Wells Fargo was founded in 1852, making it one of the oldest banks in the US. It’s a legitimate mortgage lender and has many good reviews on its Zillow lender page, but it has an F rating from the BBB.

Wells Fargo announced in January 2023 that it will be scaling back its mortgage business to focus on current Wells Fargo customers and borrowers in minority communities. It’s not leaving the mortgage business, and it’s still possible to get a mortgage from Wells Fargo if you aren’t a current customer or a borrower in a minority community.

Once you choose your property and submit an application for approval, it typically takes 30 to 90 days until closing day with Wells Fargo.

Wells Fargo may be a good bank for buying a house, because it offers many types of mortgages and works in every US state. It has a history of public controversies, though, so you may want to look into other lenders.

How Wells Fargo Mortgages Compare

Wells Fargo vs. Bank of America

Wells Fargo offers more loan options thank Bank of America. But Bank of America’s down payment assistance offerings make it one of the best mortgage lenders out there.

If you need a lender that offers a HELOC, Bank of America will be a better match since Wells Fargo currently doesn’t offer any.

Bank of America has homebuyer assistance programs that provide home grants and credit. Bank of America’s Our America’s Home Grant program can give eligible homebuyers up to $7,500 in credit toward closing costs, and the Our Down Payment Grant System can offer up grants of up to $10,000. You’ll have to contact a lending specialist if you want to know whether you’re eligible. Its Community Affordable Loan Solution is also a great option if you live in an eligible area.

Wells Fargo also offers home grants and credits through the Dream. Plan. Home. Mortgage, but your eligibility in these programs may ultimately determine which one is the more appealing choice. 

Bank of America Mortgage review

Wells Fargo vs. Chase mortgages

Chase is one of the best mortgage lenders for first-time homebuyers, particularly if you’re a low-income borrower.

The Chase DreaMaker mortgage allows down payments of 3% with PMI at a reduced cost. It also provides grants of up to $5,500.

Meanwhile, Wells Fargo has the Dream. Plan. Home. Mortgage, which is specifically for people who make below 80% of area median income. Your decision between the two may boil to which mortgage you’re eligible for. 

Chase Mortgage review

Why You Should Trust Us: How We Reviewed Wells Fargo Mortgages

To review Wells Fargo, we used our methodology for reviewing mortgage lenders.

We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don’t have any recent public controversies.



Source link: https://www.businessinsider.com/personal-finance/wells-fargo-mortgage-review

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