MoneyGeek’s Take

Wells Fargo Mortgage Review

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Edited byKatherine Kurtz

Updated: October 24, 2022

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As one of the country’s leading loan originators, Wells Fargo provides various mortgage loan products. They offer fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, low down payment options, government loan options, loans for newly built homes and cash-out refinancing loans. They require a minimum down payment of at least 3%.

At a Glance: Wells Fargo Mortgages


Wells Fargo Mortgage Loan Types, Details and Requirements

Every mortgage loan company has its own offers, requirements and policies. MoneyGeek reviewed Wells Fargo’s mortgage loan to help you find everything you need to know about the company.

Mortgage Types Offered

  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage
  • Jumbo Loans
  • Low Down Payment Options
  • FHA Loans
  • VA Loans
  • Guaranteed Rural Housing Program Loans
  • Newly-Built Home Loans
  • Cash-Out Refinancing Loans

Wells Fargo does not offer USDA loans.

Mortgage Rates

Wells Fargo’s mortgage rates are affected by various economic indicators in financial markets. They also consider the borrower’s mortgage type, loan amount, repayment term, credit score, property details and other specific information. As such, mortgage rates can vary daily and per borrower.

Additional Fees

You don’t have to pay annual or prepayment fees when getting a mortgage loan from Wells Fargo. However, as with other mortgage lenders, there are various closing costs associated with a Wells Fargo mortgage loan. These include:

  • Lender fees: This includes tax service fees, processing fees and optional discount points fees. Buying discount points will reduce your mortgage rate.
  • State and local statutory fees: You need to pay a Record Deed Fee and a Record Mortgage Fee when taking out a mortgage loan.
  • Appraisal fee: Wells Fargo will charge you the cost of determining your property’s market value.
  • Credit Report: You need to pay a credit report fee, which covers the bank’s expenses when they evaluate your credit worthiness.
  • Title-Related Fees: There are various title-related fees that you need to pay when getting a mortgage loan. This amount varies depending on your state’s policies.

Minimum Borrowing Requirements

Wells Fargo does not advertise their credit score requirements for mortgage loan borrowers. However, you need a minimum down payment of anywhere from 3% to 20% depending on the type of loan you apply for.

Wells Fargo Mortgage Application Requirements

When applying for a Wells Fargo mortgage loan, you’ll be asked to provide your personal information and details about your property. It’s a good idea to prepare the following:


Your Social Security number


Identification cards


Recent payslips or certificate of employment


Tax returns


Bank statement


Other documents proving your financial capability

Is Wells Fargo Right for You?

Since loan offers and features vary depending on the company, you should review Wells Fargo’s mortgage loan products to ensure they are a fit for your needs.

Who Wells Fargo Is Perfect for

Wells Fargo is a solid choice for all kinds of borrowers as it has a wide range of mortgage loan products. The bank offers conventional loans, government loans, jumbo loans and home refinancing loans. As long as you qualify with this company, you have the option to pay your loan with a fixed or an adjustable rate.

Existing Wells Fargo clients get to enjoy perks such as lower interest rates and a streamlined application process. You have the option to apply for a loan online or in-person. While the process can take around 30–90 days, you can submit documents and view updates on your computer or mobile device.

Who Should Not Choose Wells Fargo

Wells Fargo may not be the loan provider for you if you have a poor credit score or you lack a solid employment history. Likewise, if you’re looking for top-notch customer service, it’s best to consider other companies. Wells Fargo received numerous customer complaints online, and the bank also received a below-average J.D. Power customer satisfaction score.

If you’re looking for in-person transactions in the 14 states where Wells Fargo does not have a branch, it’s best to look for another provider. Lastly, if you’re uncomfortable transacting with a company that has been involved in various frauds and scandals, Wells Fargo may not be for you.

How to Apply for a Wells Fargo Mortgage Loan

MoneyGeek explains the steps that you’ll need to take when getting a mortgage loan from Wells Fargo.


Fill Out Application Form

You can start by going to Wells Fargo’s Home Mortgage Loans page and clicking “Get started today.” You’ll then be asked to provide your personal information and details about the property. If you’re pre-approved, you will have to provide the required documents so the bank can further process your loan.


Wait for Approval

Wells Fargo will review the information and documents you provided. Typically, this process can take 30–90 days depending on your loan type and terms. You can view updates about your application through Wells Fargo’s website.


Review Loan Agreement

Once your loan is approved, Wells Fargo will issue a loan agreement. Take this opportunity to double-check your interest rate and the fees associated with your loan. It’s also a good idea to review your loan amount and repayment terms, as they may be different from what you applied for. It’s best to contact Wells Fargo if you have questions about your loan details.


Sign Loan Agreement

If you’ve reviewed all the documents and found them to be in order, you can sign the agreement. Wells Fargo allows you to e-sign your forms.



It’s best to contact Wells Fargo to ensure you fully understand your closing process, as this can vary within states. Usually, closings can be held at a Wells Fargo branch or at an attorney’s office. During this step, you should prepare all the closing costs, including your down payment. This is the time when you’ll be receiving your loan’s proceeds.


Make Payments

To repay the loan, you have the option of enrolling in an automatic mortgage payment program. You can also send payments through your Wells Fargo account, wire transfers, phone payoffs or via check.

What to Do if You Are Rejected by Wells Fargo

Loan approval is not guaranteed just because you’ve submitted all the required documents and completed the application process. There are various reasons why your loan can get denied, including a low credit score, insufficient income, lack of employment history, incomplete documentation and more.

If your mortgage loan application has been rejected by Wells Fargo, you can reach out to a representative. You should ask them the exact reason why your loan has been denied so you can address any issues. It’s recommended that you fix issues with your profile first before you apply for another loan.

Additionally, MoneyGeek suggests that you speak with your bank, financial advisor or loan officer in case your loan gets rejected. Get additional information and resources so you can understand the options available to you.

Although it’s upsetting, getting a rejection shouldn’t stop you from pursuing your dream of owning a home. You should work hard to improve your profile in order to get approved on your next application.

Frequently Asked Questions About Mortgages From Wells Fargo

MoneyGeek reviewed Wells Fargo’s mortgage loan so you can decide if this company is the right one for you. We answered some frequently asked questions to help you learn more about the company and its mortgage loan products.

Wells Fargo’s home mortgage loan products cater to all kinds of houses, such as single-family homes, townhomes and multi-family homes. However, they offer a separate product to finance condominium purchases.

You can apply for a Wells Fargo mortgage loan as long as you can provide the required documents to the bank. However, having the necessary documentation doesn’t mean your application will be approved. You must meet Wells Fargo’s qualifications to receive a mortgage.

Wells Fargo offers fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, low down payment options, FHA loans, VA loans, guaranteed rural housing program loans, newly-built home loans and cash-out refinancing loans.

The minimum line of credit for a Wells Fargo mortgage loan is $25,000.

Depending on your loan, your down payment can be as low as 3%. Some borrowers may even be eligible for 100% financing.

If you’re getting a conventional loan with a less than 20% down payment, you’re required to get PMI.

Yes. Wells Fargo needs to conduct a property appraisal so they can determine the value of your property.