Wells Fargo Mortgage Review for 2024

Wells Fargo is not only a mega-bank, but also a mega-mortgage lender. Learn why so many people choose Wells Fargo Home Mortgage here.

Lending flexibility4.7
Customer service4.5
Ease of application3.0
Online experience4.3
Our Score
Wells Fargo
Minimum down payment3%
Minimum credit score620
Loan Products Offered

Conventional mortgages
Jumbo mortgages
FHA, VA, and USDA loans
New construction loans

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
  • The bank is in the process of recovering from past failings
  • Not currently underwriting HELOCs


The Mortgage Reports may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.

So, what can you expect if you choose Wells Fargo 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 improved over time, according to J.D. Power's annual customer survey.

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.

Wells Fargo mortgage rates

Wells Fargo mortgage rates are, on average, slightly higher than those of other providers. But keep in mind that Wells Fargo typically 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.

When you compare lenders’ rates, be sure they all include the same amount of discount points so you’re comparing apples to apples.

Average 30-year mortgage rates at major lenders

Wells FargoRocket MortgagePennyMacFreedom Mortgage
Average 30-Year Interest Rate, 202113.14%3.00%2.87%2.66%
Median Total Loan Costs, 20211$3,600$4,670$5,870$3,880
Median Origination Fee, 20211$1,330$2,430$1,520$0

Average rate and fee data were sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Note that mortgage rates have increased since 2021. So this table is not indicative of the rate you’re likely to receive today. However, it can show you how major companies compare to one another in general.

Find your lowest mortgage rate. Start here

Wells Fargo mortgage review 2024

Wells Fargo is an American staple. Headquartered in San Francisco, its roots as a stagecoach company stretch back into the 1800s. Today, Wells Fargo carries on its legacy as one of the nation’s foremost banks and lenders. But 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 home loans, and a “computer glitch” that led to hundreds of people facing foreclosure. And yet — Wells Fargo is in the top five most popular U.S. mortgage originators, according to the Consumer Financial Protection Bureau most recent data. So clearly, the financial institution is getting things right for many homeowners.

This could have something to do with its competitive mortgage 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, 12th in 2019, and 7th in 2020 — only to sink to 15th in 2021.

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

The Wells Fargo website is modern, informative and easy to navigate. More importantly, you can begin your online application, save it partway through, and then finish it off later. Wells Fargo has a fully digital application process, and its “yourLoanTracker” system helps keep customers in the loop about the status of their loan applications without having to contact a mortgage consultant.

The company also has a uniquely helpful mortgage calculator. This lets you compare customized rates and costs for different loan types side-by-side. Even better, you don’t have to submit 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. The mortgage calculator will then give you a list of loan options that might suit you and today’s rates for each. Select multiple loan types, and you can compare rates, closing costs, and monthly payments. This will help you forecast your mortgage payments, including homeowners insurance and property taxes.

Those who prefer to do business face-to-face with a home mortgage consultant will find Wells Fargo’s extensive branch network attractive. The financial institution has a presence in most states, and you can use a branch locator tool on its website to find your nearest location.

Wells Fargo customer service reviews

As we mentioned above, Wells Fargo has crept up through the ranks in J.D. Power’s 2017, 2018, 2019, and 2020 mortgage origination surveys. Despite its 2021 rankings, this shows steadily increasing customer reviews in areas like the application and approval process, communication, loan closing, and loan offers.

Customer service at major lenders

CFPB Complaints, 20214Complaints Per 1,000 Mortgages, 20215J.D. Power Satisfaction Score, 20216
Wells Fargo4880.58832/1,000
Rocket Mortgage3760.24876/1,000
Freedom Mortgage2620.35829/1,000

Wells Fargo has more complaints than most would like to see, according to data registered with the Consumer Financial Protection Bureau (CFPB). Still, it does have fewer than one complaint per 1,000 home loans.

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. Keep in mind these customer service facts detail Wells Fargo’s performance as a loan originator, but not as a loan servicer.

Loan products at Wells Fargo

Those buying a new home or refinancing their current mortgage may find what they’re looking for with Wells Fargo’s wide range of mortgage options. These include:

  • Conventional loans: This type of loan conforms to loan limits set by Fannie Mae and Freddie Mac, which are currently $ in most parts of the country. In some instances, home buyers can qualify for a conventional mortgage with as little as 3% down payment and a FICO score of 620
  • VA loans: This loan option is backed by The Department of Veteran Affairs, and it offers a zero-down mortgage for qualifying service members and veterans, plus other privileges
  • FHA loans: This loan program is backed by the Federal Housing Administration, and you can use an FHA loan to put down as little as 3.5% of the purchase price. But note that you’ll have to pay continuing mortgage insurance premiums (MIP) for the life of the loan
  • USDA loans: Wells Fargo calls this mortgage product the Easy to Own Guaranteed Rural Housing program. Like all loans backed by the U.S. Department of Agriculture, it allows zero down payment in qualified rural or suburban areas
  • Jumbo loans: Provides financing above conforming Fannie Mae and Freddie Mac loan limits
  • New construction loans: An easier way to borrow when you’re building from the ground up. You may even qualify for an extended rate lock during the building period
  • 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. After that, your rate can fluctuate each year

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

Refinancing with Wells Fargo

In addition to home purchase loans, Mission Loans also offers refinancing. Homeowners can choose between refinance loans that will lower their monthly payments, reduce interest repayment, or tap home equity.

  • Rate-and-term refinance: Exchange your original mortgage with a new one that offers more favorable loan terms or a lower interest rate
  • Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash. This loan type may be ideal for debt consolidation or for those purchasing investment properties

Wells Fargo does publish its refinance rates online, which makes comparison shopping a bit easier.

Does Wells Fargo offer HELOCs?

Homeowners looking to tap their equity may have fewer options with Wells Fargo. The bank does not offer home equity loans, and it suspended home equity lines of credit (HELOCs) during the COVID-19 pandemic. At the time of this writing, this hiatus was still in place, and it’s unknown whether Wells Fargo will offer HELOCs in the future.

According to the Wells Fargo website, “Due to current market conditions, we are temporarily suspending new applications for home equity lines of credit.”

Still, the lender does offer cash-out refinancing to homeowners who’ve built enough equity into their homes. Borrowers will also find personal loans at Wells Fargo.

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 on a mortgage application. This doesn’t mean Wells Fargo 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 or no scores because they haven’t borrowed much in the past.

Where can you get a mortgage with Wells Fargo?

NMLS ID: 399801

With thousands of locations from coast to coast, Wells Fargo has more branches than many other big financial services providers. Indeed, some reports say it has the most branches. So it may be ideal for those who prefer to conduct their business in person with a loan officer, especially if they don’t have an existing relationship with a local bank or credit union.

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

Wells Fargo Mortgage FAQ

Does Wells Fargo have good mortgage rates?

In our analysis, Wells Fargo mortgage rates are about average for the industry. But importantly, the mortgage interest rates Wells Fargo advertises often include fewer discount points than competitors. That means you wouldn’t have to pay as much upfront to actually get the rate shown. So look at combined rates and points from Wells Fargo to see how it compares to other lenders.

What is yourFirst mortgage?

Although this specific loan program has been discontinued, yourFirst mortgage was a low-down-payment home loan from Wells Fargo. Despite no longer being open to new applicant, Wells Fargo still provides mortgage solutions for first-time home buyers. In many cases, eligible borrowers can put as little as 3 percent down on a conventional loan.

What credit score is needed for a Wells Fargo mortgage?

Wells Fargo’s underwriting process typically requires a credit score of 620 or higher to get a mortgage. However, a strong financial portfolio might work in your favor if your credit score is a little lower. For example, if you have a FICO score just under 620, but plenty of savings and a big down payment, Wells Fargo might still accept you for a mortgage.

What credit score does Wells Fargo use?

Wells Fargo uses FICO credit scores to decide whether borrowers qualify for mortgages. For most Wells Fargo mortgage programs, you need a FICO score of 620 or higher to qualify.

Will Wells Fargo lower my mortgage payment?

If you’re experiencing financial hardship, Wells Fargo might be able to help you lower your mortgage payment through loan modification. A loan modification is when your lender helps you restructure your mortgage to make it more affordable. That could mean lowering the interest rate or increasing the loan term to lower your monthly payments. Mortgage modification is typically only available for homeowners who need mortgage relief and don’t qualify for a refinance.

Does Wells Fargo do FHA loans?

Yes, Wells Fargo offers FHA loans. FHA loans (backed by the Federal Housing Administration) are popular with first-time home buyers. They’re available with just 3.5 percent down and typically have lower credit score requirements.

Does Wells Fargo offer preapprovals online?

You can start the mortgage preapproval process on Wells Fargo’s website, but you’ll likely be contacted by a mortgage consultant to complete the process. A preapproval shows your price range and also shows sellers you’re a serious buyer.

Is Wells Fargo a good bank?

Despite its missteps within the past decade, Wells Fargo continues to improve its reputation with customers and regulators alike. If it offers you the lowest rate and fees, Wells Fargo could be a good choice for your mortgage. But if you’re offered a lower interest rate elsewhere — or you’re not comfortable working with Wells — there are plenty of other competitive mortgage lenders out there.

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. 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 borrowers, 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.


The Mortgage Reports considers multiple factors when reviewing lenders. These factors include credit and down payment requirements, loan types offered, customer service indicators, and availability of online tools. We then use these factors to rank lenders in four categories:

  • Lending flexibility: Includes the number of loan types offered, special programs offered, minimum down payment requirements, and minimum credit score requirements
  • Customer service: Includes CFPB complaints per 1,000 loans and average rating from other top rating services
  • Ease of application: Includes the availability of an online pre-approval or pre-qualification process
  • Online experience: Includes the robustness of the lender’s online offerings, including online chat availability, phone number availability, and learning center/help center availability
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  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using TheMortgageReports.com mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings