Home loans are available through Wells Fargo Home Mortgage, a bank division with the same name. These loans may be used for various purposes, including purchasing an existing home or building a new one, investing in real estate, or refinancing. According to a spokesperson for the firm, the time it takes for a bank to go from receiving a mortgage application to closing may vary anywhere from 30 to 90 days, depending on various circumstances.

The amount of time it takes to be preapproved also varies. (However, if you are an exceptionally eligible borrower, you may get a PriorityBuyer preapproval letter before submitting your online application.) Even though the bank has been embroiled in several scandals in recent years, it has continued to provide mortgages even though it is progressively cutting down on that aspect of its business.

• According to J.D. Power's 2022 U.S. Mortgage Origination Satisfaction Study, Wells Fargo scored 716 out of 1,000. 716 is the industry standard for the average number of originations.
• According to J.D. Power's 2022 U.S. Mortgage Servicer Satisfaction Study, Wells Fargo scored 588 out of 1,000. The standard deviation of the maintenance industry is 607.
• As of this article's publishing, the overall customer rating for Wells Fargo on Zillow is 4.95 out of 5. The score is based on the opinions of over 4,000 different customers.

Pros

• There are examples of rates presented explicitly for a variety of loan products.
• Provides access to a broad range of financial products and loans kinds.
• According to the most recent statistics from the federal government, mortgage rates are typically on the lower end of the spectrum when compared to those offered by other lenders.

Cons

• Does not make available loans for home improvements, home equity loans, or home equity lines of credit.
• In recent years, consumer confidence has suffered due to scandals and acts taken by the government.
• You will need to get in touch with the lender to see the personalized interest rates.

Wells Fargo and Consumer Trust

Despite receiving excellent accolades for the range of loans it offers, its digital tools, and the ease with which customers may explore loan rates, Wells Fargo has suffered several setbacks over the last six years.

The legendary lender is accused of, among other alleged wrongdoings, creating phony bank and credit card accounts to fulfill aggressive sales objectives, collecting unlawful fees on mortgage rate lock extensions, and foreclosing on homeowners in mistake. In several instances, federal and state authorities have issued penalties totaling millions of dollars against the bank.

Variety of Loan Types

Wells Fargo is a "big box" lender; thus, it underwrites mortgages throughout the country and provides the extensive selection of mortgage products you would expect from such a lender. Wells Fargo has a program to educate and help certain first-time home buyers with closing costs.

Additionally, Wells Fargo is well-known for its jumbo loans, which benefit from the assistance of a dedicated private mortgage banking staff. Customers who have already done business with Wells Fargo may be eligible for more favorable interest rates on non-conforming loans.

Ease of Application

The bank provides access to the most recent innovations in mortgage technology, such as online preapproval and a fully digital loan application process. Electronic job verification and document uploading and downloading are two time- and paper-saving features that are available. You can monitor the progress of your application, communicate with other users, and electronically sign papers by logging into your Wells Fargo account.

Rates and Fees

The average origination cost charged by Wells Fargo gets it three out of five stars.

The standard variable interest mortgage offered by Wells Fargo receives four out of five possible stars.

Borrowers want to consider how the mortgage rates and lender costs compare. Paying fees upfront may result in a cheaper interest rate on a mortgage, but this is not always the case. Certain lenders may charge larger fees upfront to decrease the interest rate displayed and make their offer more appealing. Certain lenders charge larger upfront costs.

Rate Transparency

The Wells Fargo website makes it simple to get information on mortgage rates. A mortgage website that includes options for purchasing a home and refinancing may be accessed through a dropdown menu located under the heading "Home Loans." You can see sample interest rates for many typical loan products, but you will need to get in touch with the lender to view personalized interest rates.

Alternatives

The following is a list of similar lenders that borrowers may consider: PNC provides jumbo loans, and Chase assists first-time buyers with their home financing needs.