Wells Fargo Mortgage Review 2021

Wells Fargo mortgage rates

ProductInterest RateAPR
30-year fixed rate2.875%2.996%
15-year fixed rate2.500%2.720%
5/1 ARM rate2.750%2.851%

*Rates updated 8/7/2020

Wells Fargo is the fourth-largest bank in the United States and the largest bank in the United States by branch count, with a presence in 37 states around the country. For customers who want a face-to-face mortgage experience, Wells Fargo is an option. The lender claims it remains available to borrowers with ongoing support even after a mortgage is closed, providing customer service throughout the lifetime of a home loan.

That said, potential borrowers need to be aware of lawsuits and accusations against Wells Fargo, which is currently facing a growth restriction by the Federal Reserve due to consumer abuses. Depending on what you’re after, a Wells Fargo mortgage may or may not make sense for you.

Why it might pique your interest

Wells Fargo certainly has name recognition, with a founding dating back to 1852. With branches throughout the country, there are lots of real people available to provide mortgage assistance in person wherever borrowers happen to be.

Wells Fargo makes it easy for homebuyers to check mortgage rates online, with a handy home loan calculator that presents rates based on the amount borrowed, down payment percentage, and location. You can compare loans and generate charts that make it simple to compare potential home loans with Wells Fargo as well as other lenders you’re considering.

Wells Fargo also offers an attractive mortgage option for first-time homebuyers or homebuyers who have limited funds for a down payment. The yourFirst Mortgage® product enables borrowers to put just 3% down on a fixed-rate loan. The program also allows for down payment assistance programs and the use of gift funds. Eligible homebuyers may be able to get a closing cost credit for participating in homebuyer education with the program.

Wells Fargo overview

Loan types:

  • 30 year fixed-rate
  • 20 year fixed-rate
  • 15 year fixed-rate
  • 5/1 ARM
  • 7/1 ARM
  • Refinance
  • Cash-out refinance
  • Jumbo loans
  • VA loans
  • FHA loans
  • USDA loans
  • HELOCs

Pros and cons


  • Wells Fargo yourLoanTracker™ lets you track your mortgage application online.
  • You can get a home loan for as low as 3% down with the yourFirst Mortgage® program.
  • There’s a wide variety of home loans available, including FHA, VA and Guaranteed Rural Housing program loans, as well as loans for newly built homes.
  • If you’re looking for a fixed-rate loan, there are diverse term options available, including 30-year, 30-year VA, 20-year and 15-year mortgages.
  • You can compare mortgage rates easily online with the Wells Fargo home loan calculator, which you can use to generate charts of your comparisons.
  • If you live near a Wells Fargo bank branch, it’s easy to set up a home loan appointment and walk right in to talk with someone about your home loan. Some borrowers may prefer in-person interactions for such a significant financial decision.


The final word

Wells Fargo is one of the most popular banks in the country, offering all types of home loans for buyers with a variety of financial circumstances. The bank simplifies the mortgage process by providing online research and comparison charts to borrowers. You can pop into a branch or apply for a mortgage online, with more than a dozen mortgage options to choose from, including an option with as low as 3% down.


Is Wells Fargo a good bank to get a mortgage?

Yes, but Wells Fargo may not be the best choice for everyone. Wells Fargo has more branches than any other bank in the country, making it a great option for people who want in-person service. It offers competitive mortgage rates, but it doesn’t offer the lowest average rates in the industry. Wells Fargo also offers a low down payment program for homebuyers. Plus, if you bank with Wells Fargo, you can enjoy the convenience of automatic mortgage payments.

However, Wells Fargo has some customer service issues, with mixed reviews on Trustpilot and ConsumerAffairs. This lender has also come under recent scrutiny for allegedly misleading its mortgage customers who were seeking to lower their home payments in the aftermath of the 2008 mortgage crisis. This is in addition to a history of legal issues related to its banking and lending practices.

You might find that smaller banks or credit unions will be more attentive to your individual financial situation, and you might find the process to be more efficient with an online lender. Still, Wells Fargo could be the best mortgage lender for some people. Consider your individual needs and compare personalized mortgage rates before making your decision.

Is it hard to get a mortgage with Wells Fargo?

In most cases, you’ll need a FICO score of 620 or higher to get approved for a mortgage from Wells Fargo, but in some cases, a buyer with a low credit score who is able to make a sizable down payment can still get approved for a conventional loan through this lender.

Plus, Wells Fargo offers FHA loans, which are federally-backed mortgage loans that you can generally qualify for with a lower credit score or smaller down payment. You can start the application process online or visit a branch.

How long does it take for Wells Fargo to approve a mortgage?

Once you’re pre-approved, it can take anywhere from 30 to 90 days to be fully approved for a mortgage, though the timeline will depend heavily on your individual situation. Preapprovals typically happen quickly, and sometimes can be completed in as little as one day, though Wells Fargo doesn’t specify how long preapprovals will take on average.

Nicki Escrudero

Contributing Writer

Nicki Escudero is a finance writer with more than 18 years of journalism experience. Nicki is passionate about helping people discover tools that improve their financial fitness.