Wells Fargo Lender Review | 2024
The bottom line
Wells Fargo is one of the nation’s largest mortgage lenders, with branch offices throughout the United States. Its mortgage experts are available by phone and online. The bank offers a wide range of VA loan programs and provides personalized support to match borrowers with the right home loans.
Consumers looking to purchase or refinance a home will find a full menu of fixed-rate and adjustable-rate loans. Wells Fargo posts updated rates daily to its website, alongside a variety of resources including loan calculators and homeownership guides.Ready to buy your dream home? Start here (Dec 5th, 2023)
Well Fargo overview
Since its founding in 1852, Wells Fargo has grown into one of the country’s largest financial institutions, serving approximately 1 out of every 3 Americans.
Wells Fargo’s popularity extends to its mortgage business, too: it was the second-biggest residential mortgage lender in 2020 after Quicken Loans.
Pros & cons of Wells Fargo
All Wells Fargo mortgage loan applicants are assigned a Home Mortgage Consultant to provide guidance through the lending process. Customers can use Wells Fargo’s yourLoanTracker to review, submit and sign documents as well as to track the status of their loan application in real-time.
Pros of Wells Fargo
- Dedicated Home Loan Consultants available to help match each customer with the best mortgage loan
- Wide variety of home purchase and refinance programs, including VA, FHA, Jumbo and Conventional loans
- Offers VA construction loans and VA manufactured home loans (not all VA lenders do)
- Streamlined application process designed to reduce underwriting time and minimize unnecessary documentation
- First-time home buyer programs and refinance programs to help borrowers take advantage of historic low-interest rates
- Home buyer resources including mortgage calculators and video guides
Cons of Wells Fargo
- Ranks slightly below the industry average for overall customer satisfaction, according to the JD Power 2020 US Primary Mortgage Origination Study
How to get a mortgage with Wells Fargo
Wells Fargo’s mortgage application is generally easy to complete and can be submitted in person, online or by phone.
Once an application is submitted, a Wells Fargo lending expert will review the borrower’s employment and credit history, as well as income, assets, and existing debts. To assess the value of the home, Wells Fargo will order an appraisal of the property.
Once an applicant’s loan is reviewed and approved, Wells Fargo will offer a variety of programs for the borrower to consider – including fixed-rate and adjustable-rate loans. Approved loan applicants can then select from a variety of interest rates, points, and fees to find the loan structure best suited to their needs.
Any additional documentation can be submitted either through an online portal or via overnight mail.
In addition to expert support, Wells Fargo offers a number of online tools to help borrowers.
Customers have access to several online calculators, including one to compare fixed-rate and adjustable-rate programs, one to estimate interest savings with a refinance loan, and one to determine the potential savings from purchasing discount points.Speak with a VA mortgage specialist today (Dec 5th, 2023)
Buying a home with Wells Fargo
Wells Fargo’s Home Mortgage Consultants help applicants move through all steps of the lending process — from application to closing — as efficiently as possible.
Wells Fargo’s home buying mortgage products include:
- VA Loans: Designed for U.S. Veterans, active service members and spouses, and offering many benefits including no requirement for a down payment. Wells Fargo offers a variety of VA lending programs, including VA construction loans and VA manufactured housing loans
- Conventional Loans: A good option for buyers with good credit scores and low levels of personal debt
- FHA Loans: Popular with first-time, lower-income and/or lower-credit home buyers
- Jumbo Loans: Suited for buyers seeking to borrow more than the amount permitted for conventional loans (greater than $510,400 in most states)
Refinancing a home with Wells Fargo
Refinancing can enable homeowners to lower their monthly payments, convert from an adjustable-rate to a fixed rate, or shorten the term of their loan. Many homeowners are able to benefit from their homes’ appreciation and refinance to take cash out of their equity.
Wells Fargo’s refinance mortgage options include VA, FHA, Jumbo and Conventional loans with a variety of terms (fixed rate, adjustable rate, 30 years, 20 years, 15 years, etc.).
For VA homeowners, Wells Fargo offers a 100% VA cash-out loan — meaning you may be able to cash-out all your home equity, provided you qualify for the new loan.
Wells Fargo also offers VA Interest Rate Reduction Refinance Loans (IRRRL) with no income or asset approval required and no-appraisal options. These programs provide tremendous value for VA-eligible borrowers.
Wells Fargo experts work with borrowers through all steps of the refinancing process – from application through closing.
After a refinance loan application is approved, borrowers can identify a location and date for closing their loan and Wells Fargo will prepare all closing documentation.
Special perks for veterans with Wells Fargo
Wells Fargo has been supporting military veterans and their families for more than 160 years.
Its mortgage team includes experts who understand the unique needs of service members and their families. As a result, Wells Fargo can often provide a high level of customer support to veteran loan applicants.
Wells Fargo also offers additional benefits to active-duty service members and veterans including:
- Worldwide Military Banking: Banking discounts and benefits with many ways to access a Wells Fargo account ― even if you’re deployed
- Permanent Change of Station (PCS): Dedicated relocation team, familiar with PCS transfers and Federal Travel Regulations (FTR)
- Hands-on Banking® for Military: A free, fun financial education website tailored to the needs of active-duty service members, veterans, and their families, ranging from the basics of banking to planning for retirement
Wells Fargo’s dedicated team of Military Talent Liaisons are committed to recruiting, counseling, and advocating for military job seekers. Wells Fargo is a proud supporter of Hiring our Heroes, the U.S. Chamber of Commerce Foundation’s nationwide initiative to help veterans, transitioning service members and military spouses to find meaningful employment opportunities.
Additionally, since 2016, Wells Fargo and Scholarship America® have collaborated on the Wells Fargo Veterans Scholarship Program and the Wells Fargo Veterans Emergency Grant Program. Both programs are intended to support veterans with postsecondary education. Over the last five years, Wells Fargo and Scholarship America have awarded 137 scholarships and 233 emergency grants.
Should you use Wells Fargo?
As one of the largest mortgage lenders in the nation, Wells Fargo offers a wide variety of home lending programs at competitive rates. Those seeking a reliable, efficient lender will be well served to consider Wells Fargo.Ready to buy your dream home? Start here (Dec 5th, 2023)