Wells Fargo Home Mortgage Review

Wells Fargo Home Mortgage comes with some of the highest rates of all the top U.S. mortgage lenders. However, it also brings excellent customers service to the table, and it’s one of the few banks to offer construction loans.
The company’s website provides you with everything you need to know about homeownership or buying a home. It’s worth visiting even if you don’t want to get a loan.

Pros

The customer experience is definitely Wells Fargo’s strong point. A simple phone call will quickly connect you with an extremely well-informed loan officer, who will answer your questions in detail, and will explain to you everything you need to know. What makes the experience even more pleasant is the fact that they’re not trying to force their products on you while they’re answering your questions.
Wells Fargo’s website is just as informative as its loan officers and it’s very user friendly. It features user friendly online applications and an interactive guide that will take you through the entire process.
Just like many other companies, Wells Fargo offers conventional and government-program mortgage and home refinancing loans with fixed and adjustable rates. It is also one of the few banks to offer construction loans. They come with many options, such as a rate-lock option that lets you set the interest rate while the home is being built. This feature protects you from rising interest rates while your home is under construction.
Wells Fargo also allows you to refinance a mortgage on a second home, which is something that other companies avoid.

Cons

Overall, Wells Fargo’s rates are higher than the industry average.
What you need you do in order to qualify
Wells Fargo requires a five percent down payment, just like other lenders. But this downpayment can be lower if you are a first-time homebuyer with great credit. And, although it prefers to work with borrowers with average credit scores or higher but can make exceptions.