Wells Fargo Mortgage Review 2021

Good for: borrowers looking for a national lender with a wide selection of mortgage products for home buyers in all financial stages.

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Our Take

5.0

NerdWallet rating 

The bottom line: Wells Fargo has a world-class selection of mortgage products and offers competitive, easy-to-shop rates.

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 & Cons

Pros

  • Provides numerous online conveniences, including loan application and process updates.
  • Current rates clearly posted for various loan products.
  • Offers a wide variety of loan types and products.

Cons

  • New applications for home equity lines of credit suspended during COVID-19 crisis.
  • Government actions and scandals have damaged consumer trust in recent years.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

620

Min. Down Payment

3%

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan Types and Products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

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Full Review

Wells Fargo Mortgage has been a leading originator and servicer of residential mortgages for most of a quarter century. The bank has a loan product selection that is long and wide, along with ample online conveniences to streamline the mortgage application experience.

Here’s a breakdown of Wells Fargo’s overall score:

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Wells Fargo offers the extended list of mortgage products you would expect from a "big box" lender. Beyond conventional mortgages and government loans from the Federal Housing Administration, Department of Veterans Affairs and Department of Agriculture, Wells Fargo Mortgage offers:

The bank has adopted all of today’s in-demand technology tools, from online preapproval to a full digital loan application. Time- and paper-saving capabilities include:

With a computer or any mobile device, you can sign into yourLoanTracker, the online bridge between you and your Wells Fargo Mortgage loan advisor. This is where you can track your application's status, exchange information and e-sign documents. It also has a to-do list to help keep you and the bank on task.

If you’re not into tech, Wells Fargo has over 1,000 offices in 49 states. The missing state? Vermont. However, Wells Fargo does underwrite mortgages nationally.

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One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:

Borrowers should consider the balance between 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.

You can decide to buy — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward  when you sign the loan paperwork.

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Mortgage rates are easy to find on the Wells Fargo website. A dropdown under "Loans and Credit" offers quick access to a mortgages page with options for buying a home, refinancing or taking advantage of home equity. Choose one to find rates, loan comparisons and other tools.

Despite earning high marks for loan variety, digital tools and competitive, easy-to-find rates, Wells Fargo has seen numerous setbacks in the past few years.

The venerable lender has been accused of opening fake deposit and credit card accounts to meet aggressive sales goals, collecting improper fees on mortgage rate lock extensions and foreclosing on homeowners in error, among other alleged wrongdoing. In some cases, federal and state regulators have levied millions of dollars in fines against the bank.

"We're committed to making things right for all of our customers, including home lending customers, and earning back the public's trust," says Todd Johnson, senior vice president of Wells Fargo.

Although these regulatory actions don’t enter into NerdWallet’s star rating, borrowers are encouraged to weigh a lender’s customer service record when shopping for a mortgage.

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