Pros and cons of Wells Fargo
Wells Fargo Pros:
- Extensive branch network with over 4,000 locations nationwide
- Transparent online display of mortgage rates
- Considers non-traditional credit references during the application process
- Offers low-down payment options to assist lower-income borrowers
- Special discounts and grants for eligible jumbo and first-time buyers
Wells Fargo Cons:
- Has scaled back its mortgage offerings to focus on select borrower groups
- Received below-average customer satisfaction scores in recent studies
- Faced regulatory actions and negative customer reviews in the past
- Not accredited by the Better Business Bureau and holds a low rating.
- Average origination fees are higher than the national average.
Wells Fargo mortgage rates
Wells Fargo interest rates in 2025 tend to be competitive and often fall below the national average. While advertised sample rates are available online, personalized rates depend on your credit history, loan type, and down payment.
| Loan Type | Average Interest Rate |
| Conventional 30-Year | 6.46% |
| Conventional 15-Year | 5.99% |
| FHA 30-Year | 6.30% |
| VA 30-Year | 6.18% |
Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).
Remember that interest rates vary a lot by customer. Your rate depends on your credit score, down payment, loan type, and home price. That means you shouldn’t take average rates (or advertised rates) at face value. Instead, pick three to five lenders you’re interested in and get rate quotes from each. Then, compare the interest rates, closing costs, and other fees to see which lender can give you the best deal.
Find your lowest mortgage rate. Start hereWells Fargo review for 2025
This Wells Fargo lender review shows a bank with national reach and a renewed focus. While past regulatory issues have drawn scrutiny, Wells Fargo remains one of the largest mortgage originators in the U.S., thanks to its broad loan offerings and strong infrastructure. The bank has shifted its strategy to prioritize existing customers and borrowers in underserved communities, offering programs aimed at improving access to home financing.
Wells Fargo lends in all 50 states and Washington, D.C., with options to apply online, by phone, or at a branch. Most conventional loans require a minimum credit score 620, though government-backed loans can allow for lower scores. The bank also accepts non-traditional credit references and offers instant preapproval through its PriorityBuyer program.
Affordability
Wells Fargo scores above average on the Mortgage Reports Affordability Index, with mortgage rates that often land below the national average. However, its average origination fee is $3,339, notably higher than the $2,792 national average, which can raise upfront expenses.
Wells Fargo offers several home-buying assistance programs. Qualified buyers in select metro areas may receive a $10,000 Homebuyer Access grant, while income-eligible borrowers can get up to $5,000 in closing cost credits through the Dream. Plan. Home. Program. Jumbo loan applicants with at least $250,000 in eligible Wells Fargo accounts may also qualify for an interest rate discount.
Lending flexibility
Wells Fargo offers a wide range of home loans, including conventional, jumbo, FHA, VA, USDA options, and refinancing for current homeowners. Down payments start at 3% for conventional loans and 3.5% for FHA loans, while VA and USDA loans require no down payment. The bank also considers non-traditional credit references, which may help applicants with limited credit history qualify.
Trustworthiness
Wells Fargo has served borrowers since 1852, but recent regulatory issues have hurt its reputation. The bank scored below average in J.D. Power’s mortgage satisfaction study and has received more complaints than typical lenders, according to the Consumer Financial Protection Bureau (CFPB). It’s not BBB-accredited and holds a low Trustpilot rating. While the company is working to rebuild trust, its track record remains a concern for some.
Customer experience
Wells Fargo offers mortgage applications across all 50 states and Washington, D.C., with flexible options to apply online, by phone, or at one of over 4,000 branches. Whether you prefer digital or in-person support, the process adapts to your needs.
The PriorityBuyer® program can get you preapproved fast if you're house hunting. Qualifying borrowers may receive an instant preapproval letter online, handy for making competitive offers. You can view current mortgage rates on the Wells Fargo website to compare options, but for a personalized quote, you’ll need to speak directly with a loan officer.
Need help? Call 800-357-6675. Support is available Monday through Friday from 8 am to 11 pm ET and Saturdays from 9 am to 3 pm E.T
FAQs about Wells Fargo
Wells Fargo typically requires a credit score of at least 620 for conventional loans. Government-backed loans may allow lower scores, depending on the borrower’s financial profile.
The Homebuyer Access grant provides $10,000 in down payment assistance to qualified borrowers who buy a home in or relocate from one of nine eligible metro areas.
Through its “Dream. Plan. Home.” Program, Wells Fargo offers up to $5,000 in closing cost credits for eligible buyers earning 80% or less of their area’s median income.
Yes, Wells Fargo offers preapproval through its PriorityBuyer program. Eligible applicants can receive a preapproval letter online, by phone, or in person.
Wells Fargo mortgage rates generally fall below the national average, but borrowers should still compare quotes across lenders to find the best deal.
Is Wells Fargo the best mortgage lender for you?
Wells Fargo is a strong choice if you’re looking for a wide range of loan options, in-person support, and programs tailored to first-time or lower-income buyers. Its mortgage rates are competitive, but higher upfront fees and past service concerns may be worth considering. Wells Fargo could be a good fit if you’re eligible for one of the bank’s discounts or prefer working with a national lender. Use this Wells Fargo lender review to weigh your options and see how its offerings align with your goals.
Find your lowest mortgage rate. Start hereHow The Mortgage Reports scored Wells Fargo
The Mortgage Reports evaluates and ranks lenders based on four key factors, each weighted to reflect its impact on the borrowing experience.
- Trustworthiness (20%): Measures customer satisfaction and reliability based on Consumer Financial Protection Bureau (CFPB) complaints per 1,000 loans and ratings from reputable third-party review platforms such as Trustpilot.
- Customer experience (20%): Examines the lender’s digital and service accessibility, including the availability of an online pre-approval or pre-qualification process, ease of contact, and the presence of a current rates page on their website.
- Affordability (20%): Assesses the average origination charges and the average interest rate the lender offers.
- Lending flexibility (40%): Evaluates the lender’s minimum down payment and credit score requirements, as well as the availability of FHA, VA, and USDA loan options.
