Home Buying » Mortgage Lender Reviews » Wells Fargo Mortgage Review 2021
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Wells Fargo Mortgage Review 2021

Wells Fargo is one of the most popular mortgage lenders. What are their pros and cons and should you consider it?
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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.  

wells-fargo-mortgage-logo

On Wells Fargo Secure Website

Funding Options

Minimum credit score - 620

PROS

CONS

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 Pros & Cons

Pros

Cons

Wells Fargo Mortgage Application Process

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. 

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.

Mortgage Reviews Methodology

The Smart Investor’s selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. We also look at types of loans and what specific products are available. Finally, we look at the ability to get information online and to carry out online processes as well as customer service, rate information and complaints that have been filed.