Wells Fargo Mortgage is a diverse lending company with a plethora of banking services and products. In the following paragraphs, we shall delve specifically into the mortgage services that Wells Fargo offers. Our goal is to hopefully address some potential customers’ most frequently asked questions and concerns.

Here we will examine the loan application process. The pros and cons of doing business with Wells Fargo will come next. Last but not least, we’ll check out customer service reviews, as well as provide all pertinent contact information for this lending company.

Wells Fargo Mortgage – Details and Overview

Wells Fargo was the startup of Henry Wells and William Fargo in New York City in 1852. The company was established to provide banking services to the pioneers in the west. Thus, one side goal was to link them to the eastern United States. Currently, Wells Fargo’s corporate office is housed San Francisco, California, located at 420 Montgomery Street. The former pioneer of frontier commerce is now a financial holding company. They offer home mortgages, banking, leasing services, insurance, credit cards, and wealth management advice. It is also the preferred lender of one in three Americans.

Wells Fargo Mortgage Loan Process Explained

It is easy to see if you pre-qualify for a Wells Fargo mortgage. First, look up this link and fill out the preliminary form. Simply fill in your name, address, phone number, and email and answer a couple of questions. Example questions include: “Are you currently working with a real estate agent?” and “When do you intend to apply for financing?”. You will also be asked to choose between meeting with a local consultant at a branch or discussing your needs via phone or email.

Wells Fargo offers adjustable-rate mortgages (ARMs), fixed-rate loans, Veteran Affairs loans, and Federal Housing Administration (FHA) loans. Each loan type has different terms and conditions, as well as costs. As of the first quarter of 2016, Wells Fargo’s 7/1 ARM loan had an interest rate of 3.375% with an APR of 3.48%, while the 5/1 ARM loan had an interest rate at 3.125% with an APR of 3.417%.

The company was quoted as offering a 30-year fixed-rate loan at an interest rate of 3.875% and an annual percentage rate (APR) of 3.904% in May 2016, while a 15-year fixed-rate loan was quoted at an interest rate of 3.125% and an APR of 3.176%. 30-year FHA fixed-rate loan has an interest rate of 3.75% and an APR of 4.758%. The 5/1 ARM Veteran Affairs loan has an interest rate of 3.125% with a APR of 2.835%, while the 30-year Veteran Affairs fixed-rate loan has an interest rate of 3.5% and an APR of 3.786%. Wells Fargo does require a 5% down payment on all loans, but it will work with first time buyers with excellent credit.

PROs and CONs of Wells Fargo Mortgage

PROs:

  • You can access all your accounts online or on your mobile device at any time instead of waiting in line at the bank.
  • The company is a “one stop shop” for all your financial needs, not just mortgages.
  • You will receive free account alerts and mobile push notifications so you will know when your payment is due.
  • The company supports local and national organizations and charities that contribute to the arts, culture, education, civic engagement, human services, and the environment.
  • You can rest easy knowing that you are working with a longstanding and financially stable institution that is unlikely to fail, even in tough times.

CONs:

  • Because of the large size of the company, you are often subjected to less than personalized service, as opposed to a smaller organization such as a community bank or credit union.
  • There have been numerous technical issues that have impacted the ability of online customers to conduct banking transactions.
  • Because Wells Fargo is a larger institution, it is difficult to receive immediate answers when help is needed right away.
  • Between the the months of March and July 2012, the U.S. Public Interest Research Group found that Wells Fargo generated the largest amount of complaints among all United States financial institutions.
  • Wells Fargo has an inordinate amount of various customer complaints that can be easily found all over the internet on multiple financial and consumer websites.

screenshot of the Wells Fargo official website

Wells Fargo Mortgage Customer Service Review

Reviews with regard to Wells Fargo’s customer service record are polarizing. Lending Tree gives Wells Fargo only two stars out of five based on its 59 customer reviews. This is mostly due to poor reviews reflecting lack of response and less-than-desirable customer service. The best reviews highlight competitive costs and interests rates. Consumeraffairs.com rated the bank with only one star out of five.

Conversely, TopTenReviews,com raves about Wells Fargo’s customer service, stating that it has a consumer-friendly website with an excellent guide for home buyers and responsive and learned loan officers easily reached by phone.

Contact Information

Wells Fargo Mortgage can be reached in the following ways:

Summing Up

In conclusion, Wells Fargo is one of the largest home mortgage lenders in the country and they offer several products and services. They are rock solid, have a most dependable reputation, and offer online access to all accounts. Do you find Wells Fargo to be one of the better financial institutions to borrow from? Have you ever had a mortgage with them? If so, share your experiences with our readers in the comments!

Images taken from the WellsFargo website.