Wells Fargo Review: Is It the Right Mortgage Option for You?
Written by
Rudri Patel
Edited by
GOBankingRates Staff
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Wells Fargo is considered one of the largest banks in the United States. The bank has a presence in all 50 states with over 4,700 physical locations. The bank offers a range of services including personal and business account services, car loans and mortgages.
Wells Fargo offers a variety of mortgage loans including conventional, jumbo, FHA, USDA and VA loans. The prequalification process only takes a few minutes, and you can apply online, in person or do a combination of the two.
Standout features of the Wells Fargo loan experience include in-person support, a variety of loan options and down-payment assistance. Find out more about the ins and outs of the Wells Fargo mortgage process.
How the Wells Fargo Mortgage Process Works
The mortgage process is easy to navigate at Wells Fargo. Let’s take a look at the application, process, speed of approval, how documents are submitted and how to contact customer support if you encounter an issue.
Application process
At Wells Fargo, you can apply for a mortgage online, in person, over the phone or with a combination of these two options. You can initiate your Wells Fargo mortgage application online. You can prequalify by answering six questions online.
Speed of preapproval
Prequalification will take only a few minutes and won’t impact your credit score. However, full approval will take longer — usually one to two weeks — since you’re required to provide additional documentation.
How documents are submitted
The following documents are required for the approval process:
- W-2 and 1099 forms from the past two years
- Recent pay stubs
- Bank statements and investment account summaries
- Federal income tax returns (especially for self-employed applicants)
- Proof of additional income source
These can be submitted via online upload, in person, or via mail or fax.
Level of customer support
If you have questions about your mortgage application, you can contact customer support by phone, online, in person or through the mobile app.
- Phone: Reach out to mortgage customer service at 1-866-234-8271, available Monday through Friday from 7 a.m. to 10 p.m., and Saturday from 8 a.m. to 2 p.m. CST.
- Online: Access your mortgage dashboard via Wells Fargo Online to manage your loan, upload documents and communicate with your mortgage team.
- In-person: Schedule appointments or walk into a branch for face-to-face assistance.
- Mobile app: Use the Wells Fargo Mobile app to manage your mortgage account, make payments and stay updated on your loan status.
Pros and Cons of Wells Fargo Mortgage Loans
If you’re considering a Wells Fargo mortgage, it’s helpful to weigh the pros and cons:
Pros
- Availability of loans. Wide range of loan options. Wells Fargo has conventional, jumbo, FHA, VA and USDA loans.
- Low down-payment options. Customers can pay as little as 3% down on conventional loans.
- Nationwide presence. The bank offers mortgage services across all U.S. states and Washington, D.C., with over 4,700 branch locations.
Cons
- Lack of home equity products. Wells Fargo lacks specialty loans or home equity lines of credit (HELOC).
- Reputation issues. Consumer confidence in the bank is down because of legal issues.
- Limited online approval. While prequalification can be done online, receiving full approval may require speaking to a loan officer.
Wells Fargo Loan Options
Wells Fargo has several loan choices. Take a look at this list to find the right fit for you:
Conventional loans
Wells Fargo offers a couple of conventional mortgages — fixed rate and adjustable rate. The fixed rate mortgage has the following features:
Fixed rate mortgages
- Same interest rate for the life of the loan
- Terms: 15 or 30 years
- Predictable monthly payments
- Best for: Long-term homebuyers
Adjustable rate mortgages
- Variable interest rate throughout the life of the loan
- Lower introductory interest rate
- Cap on high interest rate
- Best for: Short-term homebuyers
FHA
A Federal Housing Administration (FHA) mortgage is a home loan backed by the government. Here are the key features:
- Easier credit qualification
- Down payments as low as 3.5%
- Mortgage insurance required
- Best for: Homebuyers with lower credit scores
VA
If you’re a current or former military member, you’re eligible for the Veterans Administration (VA) loan. Check out the highlights of this loan:
- No down payment required
- No private mortgage insurance requirement
- Competitive interest rates
- Best for: Eligible veterans, active-duty service members and their families
USDA
The United States Department of Agriculture (USDA) offers loans to homebuyers in rural or suburban locations. Key features include:
- No down payment requirement
- Income and geographic limitations apply
- Available in eligible rural areas
- Best for: Moderate- and low-income rural homebuyers
Jumbo loans
Jumbo loans are available for larger properties. The highlights include:
- Stricter credit limits
- Upper limits in 2025: $766,550 or more
- Lower debt-to-income ratio required
- Best for: High-value property homebuyers
Refinance options
Wells Fargo refinance options include rate-and-term, cash-out and FHA Streamline refinance.
- Rate-and-term refinance allows you to modify your interest rate or loan term or both without impacting the loan amount.
- Cash-out refinance can help you refinance for a higher loan amount than your current mortgage. You can receive the difference in cash.
- Best For: Homeowners who want to reduce monthly payments and can tap into their equity.
First-time homebuyer programs
First-time homebuyers can benefit from a Dream Plan mortgage. Features include:
- Down payments as low as 3%
- Reduced mortgage insurance
- Homebuyer education required
- Best For: First-time buyers looking for education and affordability
Wells Fargo vs. Other Mortgage Lenders
How does Wells Fargo stack up against other mortgage lenders?
| Feature | Wells Fargo | J.P. Morgan Chase | Rocket Mortgage |
|---|---|---|---|
| Apply Online | Yes | Yes | Yes |
| Fast Approval | Prequalification takes 1 to 3 days, full approval may take up to 2 weeks | Typically one to three days | Often within minutes |
| In-Person Help | Yes | Yes | No |
| Mobile App | Yes | Yes | Yes |
| Loan Types | Standard, FHA, VA, jumbo, first-time, refinance | Conventional, FHA, VA, jumbo, first-time | Conventional, FHA, VA, jumbo |
| Clear Fees | Fees vary by branch | Transparent online fee estimates are available | Fee estimates are transparent |
| Best For | Customers who prefer in-person help | Digital-first users who also want the stability of a big bank | Customers who want a tech-savvy experience |
Who Should Consider a Wells Fargo mortgage?
Here’s a snapshot of who should or shouldn’t consider a Wells Fargo mortgage:
Best for:
- First-time homebuyers
- Digital-savvy applicants
- W-2 income earners
Not ideal for:
- Applicants with a credit score below 600
- People looking for home equity products
- Self-employed borrowers
What Real Customers Say About Wells Fargo
Take a look at ratings and reviews about Wells Fargo from Zillow, J.D. Power and the Better Business Bureau (BBB):
Zillow
Out of 4,396 reviews, Zillow rates Wells Fargo 4.96 out of 5 stars. Reviews are generally positive with customers saying, “The experience has been nothing short of 10 stars,” and, “They walked me through every step of the loan process with patience and clarity…”
J.D. Power
Well Fargo scored 731 out of 1,000 points in J.D. Power’s 2024 mortgage origination customer satisfaction study, which is considered above average.
BBB
Wells Fargo hasn’t been accredited by the BBB. However, it’s received an A+ rating.
Frequently Asked Questions (FAQs)
- Is Wells Fargo a legit mortgage company?
- Yes, Wells Fargo is a legitimate mortgage lender. Wells Fargo is one the largest banks in the country with over 4,700 locations. The mortgage lender offers several loans including conventional, FHA, VA and jumbo loans.
- How fast can I get preapproved?
- The prequalification process is quick with six questions that take less than three minutes. However, a full loan approval may take up to two weeks.
- What credit score do I need for Wells Fargo?
- You need a credit score of 620 to 640 for a conventional loan. For an FHA loan, the minimum credit score is 600.
- Can I refinance through Wells Fargo?
- Yes. You can refinance through Wells Fargo. You can opt for a rate-and-term refinance, cash-out refinance or FHA Streamline refinance.
- Does Wells Fargo charge high fees?
- Fees are transparent and competitive at Wells Fargo. They charge a $1,000 underwriting fee, and closing costs are 2% or 3% of the home purchase price.
