Overview of Wells Fargo Home Mortgage
A division of the namesake bank, Wells Fargo Home Mortgage, provides mortgage loans for various purposes, including home purchases and new construction, investment properties, and refinancing. A company spokesperson stated that the bank’s time to process a mortgage application through closing varies from 30 days to 90 days, depending on several variables. The time it takes to receive preapproval also varies. (However, if you’re a highly qualified borrower, you might get a PriorityBuyer preapproval letter as soon as you submit your online application.) The bank continues to offer mortgages even Despite the fact that there has been no shortage of debate it lately, even though it seems to be gradually shrinking that area of its business.
The benefits of Wells Fargo Home Mortgage
Those who prefer a traditional bank with many branch locations or borrowers with limited credit histories
Breakdown of Wells Fargo Home Mortgage’s overall score
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- Affordability: Although you may be able to find lower-rate offers elsewhere,The interest rates that Wells Fargo promotes on its website generally competitive when compared to Bankrate’s averages. Like many other lenders, the bank allows you to buy down your rate at closing.
- Availability: Wells Fargo provides mortgages to borrowers, including real estate investors, in every state, along with banking services.
- According to J.D. Power, customer satisfaction for mortgages at Wells Fargo was slightly above average in 2022. It provides numerous practical ways to apply for a loan and is one of the biggest banks in the nation.
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Methodology
The editorial staff at Bankrate rates mortgage lenders on a scale of one to five stars based on several aspects of the lender’s goods and services to determine the lender’s Bankrate Score. Our reviews are independent and unaffected by our partnerships with Bankrate’s partners, who pay us.
Affordability: 5/5
As of this review, Wells Fargo’s mortgage rates were marginally lower than the averages reported by Bankrate. A complete estimate of closing costs, including origination fees, can be obtained by entering a few details about your credit score, the property you want to buy, and the down payment you intend to make into the bank’s online customized rate calculator. The lender fees charged by the bank vary.
Availability: 5/5
Wells Fargo has nationwide operations and offers conventional, FHA, VA, and USDA mortgages among its loan options. For people refinancing or purchasing more expensive homes, the bank also provides flexible options for jumbo loans. For a conventional mortgage, you must have a minimum credit score of 620.
Borrower experience: 4.7/5
Since 1852, there has been a Wells Fargo. The bank has recently come into conflict with regulators and has been linked to some questionable business practices. The bank outperformed the sector average in J.D. Power’s most recent study on customer satisfaction with mortgage origination. It lacks BBB accreditation, though, and according to more than 800 customer reviews, it has a “Bad” rating on Trustpilot.
However, you’re interested in getting a loan from the bank. In that case, its website has many valuable tools for borrowers, such as the My FirstHome digital education experience that can help you decide if you’re ready to stop renting. Using calculators and comparison tools, you can also understand the costs of buying or refinancing.
You can start the mortgage process by getting prequalified online, going to a branch, contacting a loan officer at 877-937-9357, or calling customer service at 800-357-6675 (available Monday through Friday from 6 a.m. to 10 p.m. CT and on Saturdays from 8 a.m. to 2 p.m. CT). The bank’s website also has a handy chat feature.
Wells Fargo Home Mortgage refinancing
The refinancing options available from Wells Fargo are varied. The bank’s online calculator lets you compare refinance rates and get a ballpark figure for your closing costs.
Featured Image: Unsplash © joão vincient lewis
