Review: Wells Fargo Home Mortgage


Top perks

Competitive rates

Wells Fargo publishes a list of its current mortgage rates, updated daily. And its rates are highly competitive with those offered by other lenders, especially for borrowers with strong credit. Note that the rates listed on the website generally assume a top-tier FICO® Score (740 or above) as well as a 20% down payment.


As one of the largest mortgage lenders in the U.S., Wells Fargo offers many different options. For purchases, the bank offers fixed-rate conforming loans with terms of 30, 20, and 15 years, 7/1 and 5/1 ARMs, jumbo loans with fixed or adjustable rates, VA mortgages, as well as FHA and USDA loans. The bank offers several different refinance loan structures and as well as home equity lines of credit (HELOCs) with both variable- and fixed-rate options. Wells Fargo also helps facilitate financing for new construction homes and offers bundled purchase and renovation loans.

The Dream. Plan. Home.℠ mortgage offers flexible underwriting (lower credit score) guidelines to borrowers who earn no more than 80% of the area median income where they live.

Excellent educational tools

Wells Fargo’s website has a ton of educational articles and videos that can help guide you through the mortgage process. Don’t understand the difference between interest rates and APRs? There’s a quick, easy-to-understand video about it. There are also videos that offer explanations of down payments, determining your price range, the difference between pre-qualification and pre-approval, the mortgage process itself, and many more.

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Fixed-rate HELOCs

Most banks that offer mortgages have HELOCs, but Wells Fargo Home Mortgage is a bit different. While the bank’s HELOCs all start out as variable-rate credit lines (as is the industry standard), Wells Fargo offers borrowers the option to convert all or part of their balance into a fixed-rate advance with a set interest rate for a term of 1-20 years. [Note: Wells Fargo has temporarily suspended new HELOC applications due to the COVID-19 pandemic.]

Low down payment options

In addition to the usual ways of buying a home with less than 5% down, such as USDA, FHA, and VA mortgages (all of which are offered), Wells Fargo also has its yourFirst Mortgage loan. This is a conventional, fixed-rate mortgage that has a 3% down payment requirement. Unlike some of the other programs, like USDA loans, yourFirst Mortgage has no maximum income limitation. And despite its name, you don’t even need to be a first-time home buyer to take advantage.

Huge geographical presence

Wells Fargo has a massive branch network with about 5,400 branches throughout the U.S., many of which have on-site mortgage consultants. If you prefer in-person help during the home financing process, it’s tough to find a lender with more of a branch presence than Wells Fargo.

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Flexible loan terms

Wells Fargo offers lots of flexibility when it comes to loan terms. It provides daily updated interest rates on its website for all of the above loan terms, as well as APRs, which indicate the overall cost of borrowing including origination charges.

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