Review: Wells Fargo Home Mortgage

Main advantages

Competitive rates

Wells Fargo publishes a list of its current mortgage rates, updated daily. These rates are very competitive with those offered by other lenders, especially for borrowers with strong credit. Note that the rates listed on the website generally assume a top FICO® score (740 or higher) as well as a 20% deposit.


As one of the largest mortgage lenders in the United States, Wells Fargo offers many different options. For purchases, the bank offers:

The bank offers several different refinance loan structures as well as home equity lines of credit (HELOC) with variable rate and fixed rate options. Wells Fargo also helps facilitate financing for new home construction and offers group loans for purchase and renovation.

The dream. Plan. The Home.℠ Mortgage offers flexible underwriting guidelines (lower credit score) for borrowers who earn no more than 80% of the median income in the area where they live, although unlike some competitors’ products, the insurance private mortgage (AMP) is still required with down payments below 20%.

Excellent teaching tools

The Wells Fargo website has a ton of educational articles and videos that can guide you through the mortgage process. Confused about the difference between interest rates and APRs? There is a quick and easy to understand video about it. There are also videos that offer explanations of down payments, determining your price range, the difference between pre-qualification and pre-approval, the mortgage process itself and many more.

Fixed Rate HELOC

Most banks that offer mortgages have HELOCs, but Wells Fargo Home Mortgage is a little different. While the bank’s HELOCs all start with variable rate lines of credit (as is the industry standard), Wells Fargo offers borrowers the option to convert all or part of their balance into a variable rate advance. fixed with a fixed interest rate for a term of 1-20 years. [Note: Wells Fargo has temporarily suspended new HELOC applications due to the COVID-19 pandemic.]

Low down payment options

In addition to the usual ways to buy a home with less than 5% down, such as USDA, FHA, and VA mortgages (all of which are offered), Wells Fargo also offers a special home purchase loan program. a first home. It is a conventional fixed rate mortgage with a 3% down payment requirement. Unlike some other programs, like USDA loans, Wells Fargo’s First-Time Homeowner Program has no maximum income limit. To qualify, at least one of the borrowers on the loan must be a first-time home buyer.

Huge geographical presence

Wells Fargo has an extensive branch network with more than 5,000 branches across the United States, more than any of its competitors. And many of them have on-site mortgage advisers. If you prefer in-person help during the home financing process, it’s hard to find a lender with more in-branch presence than Wells Fargo.

Flexible loan terms

Wells Fargo offers great flexibility when it comes to loan terms. It provides daily updated interest rates on its website for all of the above loan terms, as well as APRs, which show the overall cost of borrowing, including origination fees.

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