Yahoo Finance

The Yahoo view: Existing Wells Fargo customers and borrowers in underserved communities will get the most out of a Wells Fargo mortgage with grants, lower rates, and closing cost credits.

Wells Fargo is working to please its customers and reach out to underserved households. It has invested $100 million to boost homeownership in minority communities and expanded a grant program to an additional dozen metro areas, coming to 20 regions in total.

With impressive programs designed to help those working hard to buy a house, Wells Fargo mortgages are worth considering.

Learn more: The best mortgage lenders for first-time home buyers

Key benefits

• Existing Wells Fargo customers may qualify for lower interest rates on conventional mortgages.

• Homebuyer Access grant offers $10,000 in down payment assistance to borrowers with qualifying income who live in an eligible location.

• A $5,000 credit toward closing costs is available to borrowers within income limits in certain areas.

Need to know

• Published interest rate assumptions vary according to the loan product but can include up to one discount point, a 25% down payment, and a credit score of 740.

• Wells Fargo has had several regulatory actions in recent years. However, it ranks just above average in customer satisfaction, according to the latest J.D. Power Mortgage Origination Satisfaction Study.

Learn more at Wells Fargo’s mortgage website.

Wells Fargo mortgage home loan product offerings

Wells Fargo mortgage offers the following types of home loans:

• Conventional loans

• FHA loans

• VA loans

• Purchase mortgages

• Refinance loans

• Cash-out refinance loans

• Fixed-rate mortgages

• Adjustable-rate home loans

• Jumbo loans

• Construction loans

Wells Fargo mortgage does not offer the following types of home loans:

• USDA loans

• Interest-only mortgages

• Lot loans

• Guest house loans

• Second home loans

• Nonqualified mortgages

• Investment property loans

• Energy efficient mortgages

• Renovation loans

• 1%-down payment mortgages

• Buydown loans

• Bridge loans

• Manufactured home mortgages

• Piggyback loans

• ITIN mortgages

• Medical professional loans

• HELOCs

• Home equity loans

• Reverse mortgages

Learn more: How does a construction loan work?

Wells Fargo mortgage for first-time home buyers

Wells Fargo supports first-time home buyers with a well-organized guide explaining loan programs, down payment assistance, 3% down conventional mortgages, and closing costs grants it offers.

A "homebuying basics" section is broken down into bite-sized steps:

• Preparing to buy

• Prequalification

• Home shopping

• Closing on a house

From there, a mortgage learning center offers additional details and tips for buying a first home.

A home loan FAQs section addresses questions about credit scores, down payments, assumable mortgages, and many other mortgage topics.

There is no doubt that if you're an existing Wells Fargo customer, the bank has ample resources for first-time buyers.

Dig deeper: Everything first-time home buyers should know

Wells Fargo mortgage for home equity lending

Here's where Wells Fargo falls short — it doesn't offer home equity loans or lines of credit. Instead, it serves up personal loans and cash-out refinancing as alternatives.

Personal loans can be a good option, but the interest rates are often higher than home equity products, and the interest is not tax deductible. Interest paid on a HELOC or HEL can be.

And a cash-out refinance may not be a good choice if you have an interest rate on your current mortgage that is lower than today's mortgage rates.

Dig deeper: The best cash-out refinance lenders

Wells Fargo home mortgage loan rates 2025

The all-important question every home buyer wants the answer to: What will be my mortgage rate? Wells Fargo has a page listing rates for four of the most common types of mortgage loans: 15- and 30-year fixed-rate conventional loans, 30-year VA loans, and 10/6 adjustable-rate mortgages. A separate tab reveals three refinance rates, for 15- and 30-year fixed refis and a 30-year fixed-rate FHA refinance.

These national rates have varying assumptions as to down payment, credit score, and home location, according to the loan product. When we checked, we saw a 30-year fixed conforming mortgage rate assuming a 20% down payment, 0.875 discount point, and 740 credit score.

To see an interest rate based on your credit profile, you'll need to provide:

• The location where you are interested in buying

• The purchase price of the home

• Your down payment

• Your contact information

Wells Fargo says the inquiry will not affect your credit score, but you may be contacted by phone, text, and email.

Read more: How to get the lowest mortgage rates

How Wells Fargo mortgage scores on mortgage rates and loan costs

Yahoo Finance uses 2024 Home Mortgage Disclosure Act data from almost 5,000 mortgage companies to score mortgage lenders on issued mortgage rates and total loan costs. We score each lender on a scale of 1 (lowest) to 5 (highest).

For example, with mortgage rates, a lender with a lower score charged a higher-than-median mortgage interest rate for loans issued in 2024. A higher score would indicate a lender granted lower-than-median home loan interest rates to borrowers in 2024.

With total home loan costs, a lower score would indicate that a lender charged higher-than-median total home loan costs in 2024. A high rating would mean that a mortgage lender offered lower-than-median all-in home loan costs in 2024.

Wells Fargo home loan rates score: 3 out of 5 stars

Wells Fargo total loan costs score: 3 out of 5 stars

What this means: Wells Fargo mortgage offered a near-median mortgage rate of 6.375% and a near-median total loan cost of $5,741.03 to borrowers in 2024.

Wells Fargo mortgage application

Wells Fargo offers a prequalification process that provides an estimated mortgage interest rate, as noted above. It will also let you know the loan amount "you may qualify for." It's a good starting point, but when you are ready to get serious and start house hunting, you'll want to secure a mortgage preapproval.

Wells Fargo mortgage preapproval

The online preapproval and application process is driven by a third-party application many lenders use, so it's typical of what you'll find just about everywhere.

You'll need to have a good deal of financial information on hand and ready to upload. If you're an existing customer, the bank can prefill some of the info.

Read more: How long is mortgage preapproval good for?

Wells Fargo mortgage calculators and home-buyer tools

If you're ready to run some numbers, Wells Fargo has one primary calculator: home affordability. Three other "calculators" are actually prequalification workflows for a home purchase, refinance, or cash-out refinance.

You can search for homes and get an estimate on your current home's value with two tools available only to existing Wells Fargo customers. You can track prices on homes you're interested in or explore recent sales to see how values are trending in your area.

Wells Fargo isn't loaded with home-buying tools and resources, but there are enough to get a first-timer started or to help a refinancing homeowner.

Dig deeper: How much house can I afford? Use our home affordability calculator.

Wells Fargo mortgage pros and cons

Pros

• Sample mortgage rates are easy to find, with ample disclaimers explaining how the rates are computed. Personalized rates are available, though you may be contacted. 5 stars.

• With a long list of loan options, Wells Fargo earns 4 stars for affordability. We would like to see some second mortgage options, though, namely HELOCs and home equity loans.

Cons

• Loan costs and mortgage rates are average, according to 2024 loan data compiled by the government and analyzed by Yahoo Finance. That earns Wells Fargo 3 stars in both categories.

• The library of learning resources is skimpy and earns a low 2-star rating.

How Wells Fargo Home Mortgage compares to other mortgage lenders

Wells Fargo mortgages vs. Bank of America mortgages

Large banks like Wells Fargo and Bank of America are known for community development initiatives. It's part of their charter as national banks and stems from the Community Reinvestment Act of 1977. So, both banks offer generous home-buying incentives to low- and moderate-income households.

However, their loan products differ when it comes to home equity products for homeowners. Wells Fargo does not offer home equity loans or HELOCs, while Bank of America has both.

For first-time homebuyers, either bank can be a good choice. For home equity solutions, Bank of America stands apart.

Bank of America mortgage review

Wells Fargo mortgages vs. PNC Bank mortgages

Wells Fargo and PNC Bank have a lot in common. Both were established in 1852 and grew from a regional service footprint — Wells Fargo in the West and PNC in the East — to ultimately become nationally known financial institutions.

Both have the breadth of services customers expect from large banks. Yet, there are some key differences. PNC offers a home loan program for medical professionals; Wells Fargo does not.

Both have grants available to first-time homebuyers in certain areas; Wells Fargo offers up to $10,000, but you might qualify for up to $15,000 with PNC.

Matching your needs to the best mortgage lender takes a little research.

PNC Bank mortgage review

Wells Fargo mortgage FAQs

What is the 800 number for Wells Fargo mortgage?

For buying or refinancing a home, you can speak to a Wells Fargo mortgage consultant by calling 1-877-937-9357.

Is Wells Fargo a good bank for a mortgage loan?

With a record of offering typical mortgage rates and loan costs (according to Yahoo Finance research), we think the answer can be yes. Shopping Wells Fargo, along with two or three other lenders, will be the true test.

Is Wells Fargo getting rid of mortgages?

No. However, Wells Fargo made headlines in 2023 when it announced that the bank would only be offering mortgage loans to existing customers. If you are not currently a Wells Fargo bank customer, you may be out of luck.

---

Methodology:

Yahoo Finance reviews and scores mortgage lenders with quintile scoring in five primary categories: 1) Interest rates. Using 2024 Home Mortgage Disclosure Act data from almost 5,000 mortgage companies, we score mortgage lenders on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the willingness of a lender to offer government-backed loans, low down payments, down payment assistance, and consideration of nontraditional credit. 3) Loan costs. HMDA data is again analyzed, and lenders are rated based on total loan costs compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We score lenders based on whether rates are enhanced with discount points or high credit score requirements, disclaimers revealing rate assumptions, sample advertised rates, and whether adjustable or no discount point rate estimates are available. 5) Online features. An analysis of the educational material, calculators, and additional resources available to users.

Review of Nationwide Multistate Licensing System (NMLS) data on regulatory actions can trigger a penalty to the score of any lender with a consumer mortgage-related administrative or enforcement action within the past five years.

Advertisers or sponsorships do not influence ratings.

Editorial disclosure for mortgages:

The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.

This article was edited by Laura Grace Tarpley.