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Wells Fargo Mortgage Refinance

in Mortgage Refinance from Wells Fargo Bank · NMLS ID #399801

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Wells Fargo Mortgage Refinance

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in Mortgage Refinance from Wells Fargo Bank · NMLS ID #399801

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Highlights
Loan Amount N/A
Loan Term (Years) 15 - 30 years

Wells Fargo Mortgage Refinance Review

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

Key Takeaways
  • 4 different mortgage programs offered. Wells Fargo Mortgage Refinance refinances FHA, VA, jumbo, conforming, and conventional mortgages.
  • Specializes in single-family homes. Only offers mortgages for single-family homes, but not for multi-family properties or manufactured homes.
  • Non-standard interest rates available. Wells Fargo Mortgage Refinance offers adjustable-rate mortgages, hybrid mortgages, and fixed-rate mortgages.
  • Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • No origination fee. Wells Fargo Mortgage Refinance does not charge a fee for processing your loan application.
  • Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 550 are considered.
Wells Fargo Mortgage Refinance Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with fair credit.
  • Available in all 50 states.
Wells Fargo Mortgage Refinance FAQ

What is the maximum loan term for a mortgage refinance via Wells Fargo Mortgage Refinance?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Wells Fargo Mortgage Refinance offers mortgages refinancing with terms ranging from 15 to 30 years.

What is the estimated funding time for a mortgage refinance with Wells Fargo Mortgage Refinance?

Wells Fargo Mortgage Refinance will typically fund mortgage refinances within 90 days of approval.

Does Wells Fargo Mortgage Refinance charge a mortgage origination fee?

No, Wells Fargo Mortgage Refinance does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Wells Fargo Mortgage Refinance charge prepayment fees?

No, Wells Fargo Mortgage Refinance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs does Wells Fargo Mortgage Refinance offer?

Wells Fargo Mortgage Refinance offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
  • VA: 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.

What property usage types does Wells Fargo Mortgage Refinance allow?

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

  • Primary home
  • Secondary homes and vacation properties
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Availability

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

Feature Breakdown

No Prepayment Fee
Origination Fee (%) 2% - 5%
Credit Score Range 550 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Property Type
  • Single Family Home
  • Townhome
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
APR Starting at 2.375%
Loan Term 15 - 30 years
Interest Rate Types Offered
  • Hybrid Mortgage
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • VA
  • Conventional Mortgages
  • Jumbo

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