Wells Fargo Mortgage Review 2025

Wells Fargo overview

Wells Fargo Home Mortgage, part of the namesake bank, offers home loans for a variety of needs, including home purchases and new builds, investment properties and refinancing. The bank’s time from mortgage application to closing ranges between 30 days and 90 days depending on a range of factors, according to a bank spokesperson, and the time to obtain a preapproval also varies. If you’re a highly-qualified borrower, however, you could receive a PriorityBuyer preapproval letter as soon as you apply online.

Pros and cons of Wells Fargo

How Bankrate scored Wells Fargo

Affordability: 5/5

Wells Fargo tends to offer attractive APRs on both conventional and government-backed loans, and participates in affordable housing programs. That combination of factors gives it a perfect 5 out of 5 stars for affordability.

• Interest rates: Wells Fargo advertised mortgage rates well below Bankrate’s averages at the time of this review. 
• Down payment: Wells Fargo offers conventional loans for 3 percent down, FHA loans for as little as 3.5 percent down and VA and USDA loans with no minimum down payment requirement. The bank also provides up to $10,000 in down payment assistance to eligible homebuyers in more than 20 locations across the U.S.
• Closing costs: With Wells Fargo, you might need to pay an origination charge, which covers application and underwriting fees. You can get a complete estimate of closing costs by inputting a few details on the bank’s website, including your credit score, down payment and property address.

Availability: 5/5

Wells Fargo scores 5 out of 5 stars for availability. It offers many home loan options in every state.

• Home loans offered: Wells Fargo offers conventional, jumbo, FHA, VA and USDA loans. 
• Footprint: The bank works with borrowers in all U.S. states and Washington, D.C., though it’s prioritizing existing customers.
• Where to find: You can apply for a mortgage with Wells Fargo online, by phone or in person at one of the bank’s 4,000-plus branch locations.

Borrower experience: 4.4/5

Wells Fargo scores 4.4 out of 5 stars for borrower experience. There are many ways to contact Wells Fargo for help applying for a mortgage. However, the bank scored below average in J.D. Power’s latest mortgage origination ranking.

• Preapproval and application process: You can get preapproved with Wells Fargo online, over the phone or at a bank branch. If eligible, you could get a PriorityBuyer preapproval letter instantly online.
• Transparency: Wells Fargo shares current mortgage rates on its website, but to get a customized quote, you’ll have to contact a loan officer.
• Customer service: You can reach Wells Fargo’s mortgage customer service team at 800-357-6675, Monday through Friday from 8 a.m. to 11 p.m. ET and Saturdays from 9 a.m. to 3 p.m. ET.

Wells Fargo reputation

Wells Fargo has been around since 1852, but in recent years, the bank has run afoul of regulators and become associated with some disreputable practices. In J.D. Power’s latest study of mortgage origination customer satisfaction, the bank scored below the industry average. It isn’t accredited by the Better Business Bureau and has a “bad” rating on Trustpilot based on more than 1,000 customer reviews.

What consumers say about Wells Fargo 

On Bankrate, the reviews for Wells Fargo are generally positive, often pointing to the bank’s easy mortgage process, low rates and professional communication. Borrowers also note the bank matched competitor offers. Of the negative reviews, borrowers say the bank seems to prioritize existing customers over newcomers.

Wells Fargo in the news 

Wells Fargo has been in the news for several years now for various controversies. On the mortgage front, it made headlines for overcharging thousands of distressed homeowners for appraisals, underwriting ineligible FHA loans and, more recently, mortgage lending bias.

Wells Fargo special offers

Homebuyer Access grant

Wells Fargo’s Homebuyer Access grant provides $10,000 to help with a down payment. The grant doesn’t have to be repaid, but it’s only available to income-eligible borrowers in designated areas within the Anaheim; Atlanta; Baltimore; Buffalo; Charlotte; Dallas; Denver; Kansas City; Los Angeles; Memphis; Minneapolis-St. Paul; New Jersey; New York; Oklahoma City; Omaha; Ventura, California; Philadelphia; Pittsburgh; San Diego; Salinas, California; and Washington, D.C. areas.

Dream. Plan. Home. closing cost credit

In select states, Wells Fargo offers up to $5,000 off closing costs to borrowers with incomes at or below 80 percent of their area’s median income. This credit can be used to cover expenses like the appraisal or recording fees, and in conjunction with the bank’s Homebuyer Access down payment grant.

Incentive pricing on jumbo loans

If you’re an existing Wells Fargo customer and applying for a jumbo loan, you could receive an interest rate discount depending on how much money you have with the bank. As of Oct. 8, 2024, the discounts break down as follows:

• At least $250,000 in assets: 0.125% off your rate
• At least $500,000: 0.250%
• At least $750,000: 0.375% 
• At least $1 million: 0.500% 
• At least $2.5 million: 0.625% 
• At least $5 million: 0.875% 
• At least $10 million: 1.000%
• At least $25 million: 1.125%
• At least $50 million or more: 1.250%

Refinancing with Wells Fargo

Wells Fargo offers rate-and-term and cash-out refinancing options. You can compare refinance rates and get an estimate of your closing costs with the bank’s online calculator.

How to apply for a mortgage with Wells Fargo

You can apply for a mortgage with Wells Fargo in person at a branch location, online or by phone at 877-937-9357. If applying by phone, the hours are Monday through Friday, 8 a.m. to 9 p.m. ET and Saturday, 9 a.m. to 7 p.m. ET.