Wells Fargo Home Mortgage Review

Wells Fargo is not only a mega-bank, but also a mega-mortgage lender. The second biggest in the nation, in fact. Learn why so many people choose Wells Fargo Home Mortgage here.

Lending flexibility 4.0
Customer service 3.5
Ease of application 3.5
Online experience 4.5
Minimum down payment 3%
Minimum credit score 620
Loan Products Offered

Fixed-rate mortgage
Adjustable-rate mortgage
Jumbo mortgage
FHA mortgage
VA mortgage
USDA mortgage
yourFirst mortgage

Best Features

  • Competitive rates and closing costs
  • Online tools make it easy to compare loans and find the lowest-cost mortgage
  • Branch locations nationwide make face-to-face interactions possible


  • Customer satisfaction scores are average, but improving year to year
  • The bank is in the process of recovering from past failings


Wells Fargo is an American staple, with its roots as a stagecoach company stretching back into the 1800s.

Today, Wells Fargo carries on its legacy as one of the nation's foremost banks and lenders. In fact, in 2018 it was the second-biggest mortgage company in the U.S. (after Quicken Loans).

So, what can you expect if you choose this bank as your mortgage lender? First and foremost, competitive rates and closing costs that rival or beat other big names in the mortgage industry.

When it comes to customer service, the bank is average. But it's worth noting that customer satisfaction scores have been rising over the past three years.

But for most people, the decision will come down to price. Compare Wells Fargo rates and closing costs with a few other lenders. If this bank is affordable for you, it's worth a closer look.

Compare Wells Fargo Mortgage Rates

Wells Fargo is neck-and-neck with other big banks when it comes to mortgage rates. Which is to say its rates are competitive. But it might not be the lowest rate quote you get.

But keep in mind that — at least at the time of this writing — Wells Fargo includes fewer “discount points” in its mortgage rate estimates than some other lenders. That means you wouldn’t have to pay as much in closing costs to actually get the rate shown.

30-Year fixed-rate mortgage estimates at major banks

Wells Fargo
Quicken Loans
Bank of America
Interest Rate1
3.75% 3.875% 3.625% 3.625%
3.855% 4.13% 3.713% 3.832%
Discount Points3
0.25 1.875 1.0 0.935
Monthly P&I Payment
$889 $903 $876 $876

Here we compared Wells Fargo mortgage rates with other major banks and lenders. We found its rates and monthly payments to be about average. But remember, average rates can differ based on the types of loans and clients a lender specializes in.

Rates shown are current as of 12/2/2019. Monthly principal and interest payments are based on a home price of $240,000 and down payment of 20% for a home located in Washington. 

These numbers are a snapshot meant for general comparison only. Your own mortgage costs will vary depending on your loan, your finances, the economy, and other factors.

Verify your new rate (Jan 18th, 2020)

Wells Fargo mortgage review for 2020

It’s hard to think about Wells Fargo without remembering some of the bank’s recent issues.

Reports of millions of accounts being wrongly opened emerged in 2016. And more recent problems have come to light about unnecessary fees being imposed on some mortgages, and a “computer glitch” that led to hundreds of people facing foreclosure.

And yet — Wells Fargo still ranked as the second-most popular U.S. mortgage lender in both 2017 and 2018, according to the Consumer Financial Protection Bureau.

So clearly, the company is getting things right for many homeowners.

This could have something to do with its competitive rates, helpful online tools, and steadily rising customer satisfaction scores. (The company scored 16th in J.D. Power’s 2017 mortgage survey, 14th in 2018, and 12th in 2019.)

Here we explore the ins and outs of Wells Fargo Home Mortgage, so you can decide for yourself whether this is the right mortgage lender for you.

Working with Wells Fargo Home Mortgage

The Wells Fargo website is modern, informative and easy to navigate. And, importantly, you can begin your online application, save it partway through, and then finish it off later.

Wells Fargo also has a uniquely helpful “compare mortgage loans calculator.” This lets you compare customized rates and costs for different loan types side-by-side.

Even better, you don’t have to put in any contact info to use this tool. All you need to tell it is your purchase price, down payment, credit score and the state and county in which you’ll be buying.

Sample Wells Fargo Loan Comparison, Wells Fargo Mortgage Review from The Mortgage Reports

Sample Wells Fargo loan comparison chart based on a $240,000 purchase price and 20% down payment in King County, WA. Your own rate and payments will be different

The calculator will then give you a list of mortgage types that might suit you and today’s rates for each. Select multiple loan types, and you can compare rates, closing costs, and monthly payments side-by-side.

Those who prefer to do business face-to-face will find Wells Fargo’s extensive, 5,700-strong branch network attractive.

It has a presence in most states, and you can use a branch locator tool on its website to find your nearest location.

But take note that the bank is currently engaged in a branch-closure program. It says it plans to shut down 700 of those sites by 2020.

Wells Fargo customer service reviews

As we mentioned above, Wells Fargo has crept up through the ranks in J.D. Power’s 2017, ’18, and ’19 mortgage surveys. Most recently it jumped from below-average to average — not a stellar position, but a sure sign of improvement in customers’ eyes.

Mortgage Originations4
CFPB Complaints5
Complaints per 1,000 mortgages6
2019 JD Power Rating7
Wells Fargo
312,000 419 1.34 837/1,000
Quicken Loans
396,000 171 0.43 880/1,000
155,000 202 1.30 850/1,000
Bank of America
111,000 236 2.13 843/1,000

Wells Fargo also does relatively well when it comes to customer complaints. Data registered with the Consumer Financial Protection Bureau shows that Wells Fargo is right in line with Chase, the next-biggest mortgage bank. And it does better than some peers, like Bank of America.

Overall, its performance suggests you probably wouldn’t choose Wells Fargo Home Mortgage solely for its customer satisfaction. But you shouldn’t rule it out, either.

Loan products at Wells Fargo Home Mortgage

As you’d expect of a big bank, Wells Fargo has a wide range of mortgage products. These include:

  • Fixed-rate mortgages — Choose your fixed-rate loan term from 30, 20 or 15 years (only 30 or 15 years for jumbo loans) with low down payment options
  • Adjustable-rate mortgages — Choose a fixed rate for an initial 5- or 7-year period (or 10 if you want a jumbo loan). After that, your rate can fluctuate each year
  • VA loans (30 years) — VA loans offer zero down payment for qualifying service members and veterans, plus other privileges
  • FHA loans — Use an FHA loan to put down as little as 3.5 percent of the purchase price. But note that you’ll have to pay continuing mortgage insurance with down payments less than 20%
  • USDA loans — Wells Fargo calls this program the Easy to Own Guaranteed Rural Housing program. Like all USDA loans, it allows zero down payment in qualified rural or suburban areas
  • Jumbo loans — For when you want to borrow more than Fannie Mae and Freddie Mac allow in your area. In most of the U.S., a jumbo loan is anything bigger than $510,400
  • New construction loans — An easier way to borrow when you’re building from the ground up
  • yourFirst Mortgage — A Wells Fargo proprietary product that lets you buy with a low down payment of 3 percent. Available to both first-time buyers and existing homeowners, in spite of the name

There’s a very good chance that the type of mortgage you’ll need is on Wells Fargo’s list.

Wells Fargo Mortgage credit score requirements

Wells Fargo requires a 620 credit score for most mortgage borrowers. But that rule is not set in stone.

If you have a sparse credit history, Wells Fargo Mortgage is worth an even closer look. That’s because it will consider non-traditional credit information an application.

That doesn’t mean Wells will lend to those with serious issues in their credit histories. But it will take into account alternative on-time payments made by those who have low scores because they haven’t borrowed much in the past.

Where can you get a loan with Wells Fargo Home Mortgage?

NMLS ID: 399801

With over 5,000 locations across 36 states, Wells Fargo has more branches than many other big banks.

Indeed, some reports say it has the most. So it may be ideal for those who prefer to conduct their business in person, especially if they don’t have an existing relationship with a local bank or credit union.

Wells Fargo Bank Branches, Wells Fargo Mortgage Review form The Mortgage Reports

Wells Fargo operates more than 5,000 brick-and-mortar locations in 36 states

And for those who prefer digital services, the Wells Fargo Home Mortgage website is informative and fairly easy to navigate. And the ability to save an application part way through and complete it later gives borrowers extra flexibility.

Is Wells Fargo the best mortgage lender for you?

Competitive rates and rising customer satisfaction scores are a testament to Wells Fargo’s popularity as a mortgage lender.

And while it’s hard to ignore the bank’s spotty track record, there may be a silver lining. The bank is now under intense scrutiny from customers and regulators. It’s making a serious effort to improve — and data shows that for many, it’s succeeding.

So if Wells Fargo can offer you a competitive mortgage rate, it’s definitely worth your consideration. You can check your personalized rates right here.

Verify your new rate (Jan 18th, 2020)

Compare to These Lenders

Minimum down payment: 3.5%
Minimum credit score: 580
Minimum down payment: 3%
Minimum credit score: 580
Minimum down payment: 0%
Minimum credit score: 620
  1. Interest Rate: The rate you pay in interest per year based on the current loan balance.
  2. APR: The total cost of getting the loan including the interest rate and closing costs.
  3. Discount Points: Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. - Read More
  4. Mortgage Originations: The number of mortgages this lender closed. The most recent data available is from the 2017 Mortgage Market Activity and Trends, Consumer Financial Protection Bureau (CFPB), published May 2018.
  5. CFPB Complaints: The number of mortgage origination or closing related complaints filed with the Consumer Financial Protection Bureau in 2018. We ignore complaints about issues that don't concern mortgage applications and closings, such as loan servicing, since some lenders don't service loans and therefore would have an unfair advantage in complaint numbers.
  6. Complaints per 1000 mortgages: The number of mortgage-related complaints compared to this lender's total mortgages originated. Due to data availability, we're comparing 2017 originations with 2018 complaints to arrive at the number of complaints per 1000 mortgages originated.
  7. JD Power Rating: On a 1,000 point scale, consumer insight company JD Power scores large banks across six factors: channel interactions, deposit accounts, credit accounts, investment accounts, convenience, and problem resolution.