Wells Fargo Mortgage Review
Who Should Consider Wells Fargo Mortgage?
The ideal borrower for Wells Fargo Mortgage would be someone that has an average credit score of 620, average income, little to no assets, and someone that has a lot of patience and time to go through the many types of loan programs they offer as well as the loan process.
If by some small chance you get everything, they need whether that be documents or just plain information, all up front, you potentially could have a 48 to 72 hour turn time. However, most lenders and borrowers do not get everything right the first time, so plan on having a 30 to 40 day turn time.
Due to the scrutiny and the lawsuits that Wells Fargo Mortgage has been facing with lawsuits in the past and present.
On Wells Fargo Secure Website
Minimum Credit Score
Reputation - Customer Ratings & Complaints
- A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
- 1/5 on BBB customers reviews (41 reviews): BB customer reviews allow customers to post positive, negative or neutral reviews based on lender's experience.
- 1.3/5 on Trustpilot (394 reviews) TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
- J.D Power: We considered 2020 J.D. Power’s primary mortgage as well as J.D. Power’s claim satisfaction survey.
- J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest mortgage origination companies. It covers customer satisfaction, terms, communication, transparency and more.
Wells Fargo Mortgage Products, Fees, and Conditions
Wells Fargo Mortgage Pros & Cons
Alternatives Lenders For Consideration
We’ve summarized some of the most popular mortgage lenders which can use as an alternative to the Wells Fargo mortgage:
Quicken Loans is best suited for the borrower who embraces technology, who meets reasonable standards for credit score (620 – 740), and can qualify based on their income and ability to demonstrate down payment and reserve requirements for Quicken Loans’ programs. If you have low credit scores or unverifiable income, Quicken Loans is probably not where you would go for your financing. Otherwise, they are the industry gold standard.
Quicken Loans is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs. Quicken Loans has an abundant and robust online presence. You apply from your phone, your iPad, any mobile device, as well as your computer and conduct the entire process online. There are many calculators and resources to help any borrower on their web site.
Quicken Loans does not have to boast about its Customer Service ratings (usually obtained by internal polling of customers) – it is a widely respected company by both consumers and major and minor ratings agencies (BBB.com, JD Powers & Associates, ConsumerAdvocate.org, etc.). Negative ratings can be found, but they are in the minority.
New American Funding Mortgage is ideal for individuals looking for safe and secure loans backed by the government. To be eligible for this loan, you will need to have a minimum credit rating of 700, and the minimum down payment is 3%. The lender was founded in 2003 in California, and it has, from its humble beginnings, grown to become a top lender in the US. New American Funding is present in 48 states and has over 200 branches.
Some of the loan options provided by the lender include FHA, USDA, and VA government-backed loans. Jumbo loans, refinance loans, interest-only loans, and purchase loans. They also provide individuals with access to community loans that may not be provided by non-bank lenders. It is rated as a top 30 National lender in the US and enjoys a large market share in the state of Texas. You can start the loan application process online or in person, but the lender employs a physical underwriting process as it enables them to reach underserved markets.
New American Funding Mortgage is rated A+ by the Better Business Bureau. This should put your mind at ease if you want to do business with this highly-rated lender.
Sofi Mortgage is a solid loan partner for the best loans in the market. The name Sofi is an abbreviation of two words, “Social” and “Finance.” The Company specializes in personal finance, and their products are geared towards providing financial empowerment for individuals seeking loans. They require a minimum credit score of 660 and a minimum down payment of 10% for customers seeking to collect a loan. They provide full digital support for clients and do not require private mortgage insurance for jumbo loans.
Some of the loan plans offered by the provider include Jumbo loans, adjustable-rate mortgage, FHA loans, VA loans, cash-out refinance, and fixed mortgages. The initial process to get a loan can be started online, and once the preapproval has been passed, you will be assigned a loan officer who will work you through the loan process.
If you would like a quote for rated and fees, you will need to fill out a form online because Sofi mortgages do not have any available quotes on their website. It has an A rating from the Better Business Bureau, which is a testament to the company's efficiency in delivering on its promise. Sofi Mortgage is a trusted market leader in the lending space.
Wells Fargo – About The Lender
Wells Fargo is one of the largest and oldest companies that executes business all over the world. The company started in 1852 helping customers by stagecoach, to drive thru tellers, to personal originators at your hands. To this day, they still have been going strong even after almost 200 years later. However, with any bank, there are problems much like the $50 million settlement they paid 250,000 customers that were overcharged appraisal fees in October 2016.
They have had a fair share of their problems but they still have one of the largest numbers of products and programs in the banking and mortgage industry. Their main focus is to keep human interaction instead of people having an online based experience for their mortgage or finance needs.
If you need any type of mortgage that you could think of or any type of financial stage in your life, Wells Fargo would be the bank you would want to go through.