Wells Fargo Mortgage Review 2023

Good for: existing customers of the bank looking for a wide selection of mortgage products.
By Phil Metzger 

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Our Take

4.5

NerdWallet rating 

The bottom line:

Wells Fargo has a solid selection of mortgage products and offers easy-to-view sample rates, but it offers home loans mainly to Wells Fargo bank and wealth management customers and borrowers in some minority communities.

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

  • Sample rates clearly posted for various loan products.
  • Offers a wide variety of loan types and products.
  • 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.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

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

Loan types and products

Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

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

Loan types and products

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

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Full Review

What borrowers say about Wells Fargo mortgage

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 716 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (Mortgage origination covers the initial application through closing day.) 

  • Wells Fargo receives a 588 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (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 score reflects 4,040 customer reviews.

Wells Fargo announced plans to reduce its mortgage-servicing portfolio in January 2023. If Wells Fargo collects your monthly mortgage payment, you may receive notice that another company is taking over servicing your loan. A new mortgage servicer will provide details about where to direct payments, and the terms of your loan will stay the same. 

Wells Fargo and consumer trust

Despite earning high marks for loan variety and digital tools, Wells Fargo has seen numerous setbacks in the past six 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 billions of dollars in fines against the bank.

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.

Wells Fargo mortgage variety of loan types

  • 4 of 5 stars

Wells Fargo announced changes to its home-lending business in January 2023 that may lower the number of borrowers who successfully apply for mortgages. CEO of consumer lending Kleber Santos said the lender will focus on Wells Fargo customers and minority home buyers. 

Underwriting mortgages nationally, Wells Fargo offers an extended list of mortgage products you would expect from a "big box" lender. Beyond conventional mortgages and government-backed FHA, VA and USDA 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.

Wells Fargo mortgage ease of application

  • 5 of 5 stars

The bank offers the latest mortgage technology tools, 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.

Wells Fargo 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.

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 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.

Alternatives to Wells Fargo mortgage

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

PNC also offers jumbo loans, and Chase offers assistance for first-time home buyers.

» MORE:

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More from NerdWallet

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).