Wells Fargo Mortgage Review

Finance456® has an advertising campaign in early 2018 that stated its interest in regaining consumer trust.

Wells Fargo Lender Reputation

Wells Fargo is a bank that was founded in 1852. Wells Fargo has a Nationwide Mortgage Licensing System and Registry ID number of 399801.

Wells Fargo Mortgage Qualifications

Borrowers with credit scores above 760 should have no trouble finding good mortgage rates. If borrowers have a “good” credit score, they may qualify for mortgages, but may not get the best rates if their debt and income levels are below average.

If they have “fair” credit, they might pay higher mortgage rates. Those who have credit scores below 620 or have insufficient credit history might have trouble being approved for most mortgages.

Typically, Wells Fargo is most likely to accept applicants with a debt-to-income (DTI) ratio of 35 percent or less. When their DTI is between 36 and 49 percent, they may be eligible for approval if their credit score is excellent.

If buyers have a high DTI ratio, they might have limited lender options and may need to focus on lowering this ratio before applying for a mortgage.

Wells Fargo’s down payment minimum depends on the loan type. The lender typically requires 20 percent down for conventional loans. However, for borrowers interested in making a low down payment or taking out a VA or FHA loan, Wells Fargo allows a down payment of 3 or 3.5 percent.

Wells Fargo Phone Number & Additional Details

• Homepage URL: https://www.wellsfargo.com/

• Company Phone: 1-800-357-6675

• Headquarters Address: Wells Fargo, 420 Montgomery Street, San Francisco, CA 94104

• States Serviced: Wells Fargo services all 50 states, except Hawaii, Kentucky, Louisiana, Maine, Massachusetts, Missouri, New Hampshire, Oklahoma, Rhode Island, Vermont, and West Virginia.

Conclusion

Wells Fargo, a financial stalwart founded in 1852, remains one of America’s most prominent lenders, servicing an expansive portion of U.S. households. With a vast array of mortgage options, ranging from fixed and adjustable-rate loans to VA and FHA loans, the bank tailors its services to diverse client needs. While the bank’s robust offerings and commitment to customer education and service are commendable, its history isn’t without blemishes. Past scandals have somewhat tarnished its reputation, necessitating significant efforts from Wells Fargo to rebuild trust with consumers. Borrowers, while acknowledging the bank’s rich legacy and comprehensive product lineup, are encouraged to diligently weigh the pros and cons and perhaps consider alternative lending institutions to ensure the best fit for their financial circumstances.

How We Review Mortgage Lenders: 

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.
For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.