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  Wells Fargo Home Mortgage

Wells Fargo Home Mortgage

in Home Purchase Mortgages from Wells Fargo Bank · NMLS ID #399801

Unaffiliated

Wells Fargo Home Mortgage

Unaffiliated

in Home Purchase Mortgages from Wells Fargo Bank · NMLS ID #399801

SuperMoney Net Recommendation Score +60

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +60, equating to 4.2 on a 5 point rating scale.

+60

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

3 users recommend
2 users are unsure
0 users don't recommend
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Highlights
Community Rating Strongly recommended
Loan Amount $10,000 - $20,000,000
Loan Term (Years) 15 - 30 years
Credit Score Range 620 - 850
Number of Reviews 5

Wells Fargo Home Mortgage Review

Wells Fargo Home Mortgage is offered by Wells Fargo Bank (NMLS #399801), a bank founded in 1852 and based in San Francisco, CA. Wells Fargo Home Mortgage is available in 50 states (and Washington, DC).

Key Takeaways
  • 6 different mortgage programs offered. Wells Fargo Home Mortgage offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
  • Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
  • Refinancing for large mortgages. You can refinance mortgages with balances of up to $20,000,000 with Wells Fargo Home Mortgage.
  • Standard interest rates types. Wells Fargo Home Mortgage offers and fixed-rate mortgages.
  • Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Wells Fargo Home Mortgage.
  • Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Wells Fargo Home Mortgage.
Wells Fargo Home Mortgage Pros & Cons
Pros Cons
  • Considers applicants with fair credit.
  • Offers financing for single family, multi-family, and manufactured homes.
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.
Wells Fargo mortgage FAQ

How much can you borrow via Wells Fargo Bank?

Wells Fargo mortgage allows borrowers to apply for loan amounts of up to $20,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Wells Fargo mortgage?

Wells Fargo mortgage offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Wells Fargo Bank offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Wells Fargo mortgage offers home loans with APRs starting at 3.37% and up to 4.63%.

Does Wells Fargo mortgage charge an application fee?

Do they charge mortgage origination fees?

Yes, Wells Fargo mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Wells Fargo mortgage offers the following mortgage types:

  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Wells Fargo mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Wells Fargo mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for this business card is (800) 877-4833.

What is the support contact email?

The support contact email for this business credit card is socialresponsibility@wellsfargo.com.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly recommended based on community reviews that rate customer service and user experience.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Late Fee Amount $0 - $30
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Minimum Age 18
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Recent Bank Statements
  • Recent Pay Stubs
  • Social Security Number
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Investment
Primary Residence
APR 3.37% - 4.63%
Loan Amount $10,000 - $20,000,000
Loan Term 15 - 30 years
Interest Rate Types Offered N/A
Mortgage Programs
  • FHA
  • Jumbo
  • USDA
  • VA

Wells Fargo Home Mortgage Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +60, equating to 4.2 on a 5 point rating scale.

+60

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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