Wells Fargo Mortgage Review

About Wells Fargo Home Mortgage

Wells Fargo Home Mortgage

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial financial services through more than 8,400 locations, 13,000 ATMs, online, and mobile devices. We’re headquartered in San Francisco, but we’re decentralized so every local Wells Fargo location is a headquarters for satisfying our customers’ financial needs and helping them succeed financially. We do business with 70 million customers and one in three U.S. households. Wells Fargo has approximately 268,000 team members in 42 countries and territories across our more than 90 businesses. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. Our vision: “We want to satisfy our customers’ financial needs and help them succeed financially.” Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.© 2018 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. NMLSR ID 399801. Equal Housing Lender.

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Interest Rates
Fees & Closing Cost
Customer Service

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Working with Wells Fargo

As one of the largest banks in the country, Wells Fargo offers mortgages in all 50 states and the District of Columbia. Wells Fargo has 5,700 retail banking branches in 36 states. It does not have branches in Hawaii, Indiana, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont or West Virginia.

You can start the process of applying for a Wells Fargo mortgage by speaking to a home mortgage consultant in a branch office, starting an online mortgage application, calling the mortgage customer service line or completing a short form to have a mortgage consultant contact you.

The minimum credit score required for a Wells Fargo mortgage depends on the type of loan you choose, since Wells Fargo offers a variety of loan programs, including conventional loans and mortgages backed by the FHA or the VA. Typically, the minimum credit score for a conventional loan is 620. The minimum credit score for an FHA loan is 500.

If your credit score is on the lower side or you have other issues that make getting approved for a loan a little more challenging, Wells Fargo does offer manual underwriting, allowing its mortgage consultants to make a judgment approval based on your overall financial picture rather than a computer model.

Wells Fargo originates mortgages for:

  • Single-family homes
  • Multifamily homes
  • Condominiums
  • Co-ops
  • New construction loans

Wells Fargo mortgage products

Wells Fargo offers a wide range of mortgage products. These include:

Purchase loans

Refinancing loans

Home equity

  • Home equity line of credit (HELOC)
  • Cash-out refinance

Wells Fargo special mortgage programs

  • your First Mortgage™: Conventional, fixed-rate mortgages with a 3% down payment. This program permits borrowers to use money from gifts and assistance programs to cover down payments and closing costs. Borrowers who go through a homebuyer education program may qualify for a credit toward closing costs.
  • Union Plus® Mortgage Program: A special financing program for active or retired union members. Eligible borrowers can receive a retail gift card worth $500 after buying a home, or a $300 gift card after refinancing. The program provides special mortgage payment assistance if a borrower experiences an unexpected loss of income.
  • Private Mortgage Banking: High-net-worth borrowers with complex income or asset management situations can get customized mortgage options through Wells Fargo Private Mortgage Banking. This is available for the purchase or refinance of primary, secondary, vacation and investment properties.

The mortgage application process

Potential borrowers have a number of options when it comes to starting the mortgage application process with Wells Fargo. Here’s an overview of the process.

  • Start an application. The bank accepts applications online, over the phone at 1-877-937-9357 or in person at one of its local offices. If you choose to start the application online, you can save your application and come back to it later.
  • Track your progress. If your loan is eligible, you will receive an email invitation to set up an account on the yourLoanTrackerSM system. This online tool allows a borrower to see their loan’s progress from a computer, smartphone or tablet. You can also use yourLoanTracker to pose questions to your home mortgage consultant, upload required documents and review disclosures online.
  • Lock your interest rate and get an appraisal. Your Wells Fargo mortgage consultant will help you determine the right time to lock your interest rate to ensure it will stay the same even if market rates fluctuate before you close on your loan. The consultant will also order an appraisal of the property you intend to buy.
  • Close. Your mortgage consultant will work with you to schedule a closing date. Depending on laws of the state in which you live, the closing may take place at the office of your realtor, the title company or an attorney. The time to close your loan will vary, but the Wells Fargo website states once you’ve been preapproved, closing typically occurs within 30 to 90 days.

Communication during the process

Throughout the process of applying for and closing on a Wells Fargo mortgage, you will have a team to help. Your first and main point of contact will be a local mortgage consultant, but you may also hear from a loan processor, underwriter and closing agent. You can work with your team in person, by phone, email or online through the yourLoanTracker system.

Pros and cons of a Wells Fargo mortgage


  • Wells Fargo offers a wide variety of mortgage loan products.
  • Borrowers can start the application process online, in person or by phone.
  • yourLoanTracker system allows borrowers to track the status of their loan online, upload required documents and review disclosures.
  • Special loan programs are available for first-time homebuyers, union members and high-net-worth borrowers.
  • Wells Fargo mortgages are available in all 50 states and the District of Columbia. However, it does not offer FHA loans, Guaranteed Rural Housing Loans or VA loans for properties in Guam, Puerto Rico, the Virgin Islands, Northern Mariana Islands or American Samoa.
  • With a large branch presence throughout the country, Wells Fargo offers a face-to-face lender-borrower relationship.


  • As of 2011, Wells Fargo no longer offers reverse mortgages.
  • The digital experience is limited.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.