Wells Fargo Mortgage Review 2020

3.3 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

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.

Wells Fargo Mortgage Pros & Cons


  • Website Access – You can access your accounts and loans either on a computer, mobile, or tab. You can also upload all documents needed for each account and/or loan on website.
  • Multiple products and programs –Wells Fargo has not only mortgage products but also all sort of other financial needs,
  • Mobile Access –This is a great feature. You don’t actually have your credit card to access your accounts at any bank or ATM. You can just use your mobile device and scan your account information.
  • Charitable Bank –Due to the mass amount of success and money this bank has, they are willing and able to organize, support and contribute to numerous charities and national organizations.
  • Stable – This bank has been around for almost 200 years so no matter what the circumstances of your account or loan, this bank will never shut down.


  • Customer Service –According to reviews, it seems that because they are such a large lender, they don’t seem to have too much time or patience for their customers. They don’t work with their customers when in distress.
  • Lawsuits and Settlements –With government actions taken and disappointed customers, Wells Fargo’s reputation has not done them justice in which case has not built up too much trust with past, present or future consumers.
  • Unique rates and fees –Because of Wells Fargo’s unique rates and fees, you won’t know what their internal fees along with the fees for the rate of your loan until you are officially at the closing table. This can be a good thing or a bad thing. Normally, for most borrowers, this is a very bad thing given that most consumers need to know the amount of money they are paying for anything and everything right down to the penny.
  • Website Tools -Even though they are trying to get with the 21st Century and getting updated with online tools for each individual loan, their system still has kinks that need to be worked out to keep up with the other lenders that are online based.

Wells Fargo Mortgage Products, Fees, and Conditions

Wells Fargo offers fixed and adjustable (ARM’s) rate mortgages for all different programs from Conventional with a 3% down payment, FHA with a 3.5% down payment, VA with a 0% down payment, USDA with a 0% down payment, New Construction, Cash Out, Rate and Term Refinances, Home Equity Lines of Credit, Jumbo and HARP loans.

Each individual type of loan they offer has great benefits like no mortgage insurance, down payment gifts and grants, onetime waivable fees, like closing costs, legal fees, prepaid, VA funding fees, and so on. Wells Fargo has many options and incentives with each program that can help any type of borrower with credit issues, income restrictions, high DTI and even lack of assets for close.

Wells Fargo Mortgage Process – How To Get a Loan

Wells Fargo now has an online tool called the “Loan Tracker” that you can access by computer, mobile phone, and even a tablet. This tool will allow you to apply, track, upload documents, and even access the status of your loan and where it is in the process.

1. Complete your loan applicationFind a home mortgage consultant and they will provide you with a pre-approval letter that will allow you to find out exactly how much you are able to borrow. Once the right property is found, your mortgage consultant will help you finish your loan application.
2. You will receive your disclosure package through your loan tracker. At that point, you will upload all documentation that may have been requested of you, such as income and assets.
3. Property valuation process. The mortgage team will then order an appraisal report to find out the true value of your property. At that point, they will send all of your documents off to an underwriter to complete or request more documentation to get to your last step, which is closing.
4. Loan Closing. Wells Fargo will then review your final numbers, your escrow account, property, and then they will schedule your closing date.

Should You 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 in the past and present and the reviews of long- or short-term customers that have been with this lender, borrowers BEWARE and make sure you do your own research before landing on this bank.