Wells Fargo Mortgage Review 2024

Good for: existing customers of the bank looking for a wide selection of mortgage products, as well as self-employed borrowers and home buyers without Social Security numbers.
Phil Metzger
By
Last updated on January 18, 2024
Edited by
✅ Fact checked and reviewed
Johanna Arnone
Edited by
✅ Fact checked and reviewed

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Our Take

4.0

Home loans overall
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The Nerdy headline:

Wells Fargo has an impressively wide selection of mortgage products — including conventional loans for manufactured homes and ITIN loans — and offers easy-to-view sample rates. Its mortgage rates also tend to be lower than competitors’. However, it doesn’t offer home equity products, and it lends mainly to Wells Fargo bank and wealth management customers, and borrowers in some minority communities.

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Wells Fargo
Wells Fargo: NMLS#399801

Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros

  • Sample rates clearly posted for various loan products.
  • Offers a wide variety of loan types and products, including options for borrowers who work for themselves and those without Social Security numbers.
  • Mortgage rates tend to be on the low side compared with other lenders, according to the latest federal data.

Cons

  • Home loans business is broadly focused on bank customers.
  • Doesn’t offer home improvement loans, or home equity loans or lines of credit.
  • Scandals and government actions have damaged consumer trust in recent years.
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Full Review

Wells Fargo and consumer trust

Wells Fargo earns high marks in our analysis for its loan variety and digital tools, but we've also penalized the lender's star rating due to recent findings of wrongdoing. In the past eight years, federal and state regulators have levied billions of dollars in fines against the bank, including redress for mortgage customers. The bank was fined in 2022 for, among other violations, improperly assessing mortgage interest charges and improperly repossessing homes.

A lender’s NerdWallet star rating is negatively affected by recent regulatory actions for violations that harmed mortgage customers. When shopping for a mortgage lender, do an online search to see if the company is in the news, and why.

Wells Fargo's mortgage loan options

  • 3 of 5 stars

In January 2023, Wells Fargo announced that it would focus its home lending business on Wells Fargo customers and minority home buyers. Although the bank still underwrites purchase and refinance loans nationally, it issues new mortgages mainly to these borrowers.

Wells Fargo offers many mortgage products you would expect from a "big box" lender — and some you wouldn’t. Beyond conventional mortgages and government-backed FHA and VA loans, Wells Fargo offers programs aimed at advancing racial equity in homeownership, particularly for Black and Hispanic borrowers. Wells Fargo is also notable for its jumbo loans, which boast support from a specialized private mortgage banking team.

The lender also offers additional tougher-to-find options, including loans for self-employed borrowers, conventional loans for manufactured homes and an ITIN option for home buyers without Social Security numbers.

Wells Fargo does not offer home equity loans or lines of credit.

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What it's like to apply for a Wells Fargo mortgage

  • 4.5 of 5 stars

The bank offers the mortgage technology tools you might expect, from online preapproval to a full digital loan application. Time- and paper-saving capabilities include electronic employment verification and document upload and download.

You can sign into your Wells Fargo account to track your application's status, exchange information and e-sign documents. You’ll need to make contact with a mortgage consultant before you can apply for a loan.

If you have questions for the lender, phone numbers are available on most pages of Wells Fargo’s website. When we called one number in our research, we briefly waded through a phone menu before being transferred. After a short hold, a sales specialist answered questions promptly and completely.

Wells Fargo’s website also features a chat option at the bottom of most mortgage-related pages. The chat features live responses from loan consultants, and on the day we tried it, answers were satisfactory and informative, if slightly general.

Wells Fargo's mortgage rates and fees

  • 3.5 of 5 stars

  • Wells Fargo earns 3 of 5 stars for average origination fee.

  • Wells Fargo earns 4 of 5 stars for average mortgage interest rates.

NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders. Overall, Wells Fargo had average origination fees, with mortgage rates that were lower than average in the industry.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Wells Fargo's mortgage rate transparency

  • 4 of 5 stars

Mortgage rates are easy to find on the Wells Fargo website. A dropdown under “Home Loans” offers access to a mortgages page with options for buying a home or refinancing. You can look at sample rates for common loan products, but you will have to make contact with the lender to see customized rates.

Sample interest rates and APRs for Wells Fargo purchase loans.
Sample interest rates and APRs for Wells Fargo purchase loans.

What borrowers say about Wells Fargo mortgages

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

  • Wells Fargo receives a score of 714 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 730. (Mortgage origination covers the initial application through closing day.) 

  • Wells Fargo receives a score of 594 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 601. (A mortgage servicer handles loan payments.)

  • Wells Fargo receives a customer rating of 4.95 out of 5 on Zillow, as of the date of publication. The rating reflects more than 4,200 customer reviews.

In January 2023, Wells Fargo announced plans to reduce its mortgage-servicing portfolio. If Wells Fargo collected your monthly mortgage payment, another company may have taken over servicing your loan. New mortgage servicers provide details about where to direct payments, and the terms of the loan stay the same.

Alternatives to a home loan from Wells Fargo

Here are some comparable lenders we review that borrowers can consider.

PNC Bank also offers a variety of jumbo loans, and Fairway offers harder-to-find options such as ITIN and renovation loans.

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John Buzbee contributed to this review.

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Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).

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