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Wells Fargo® Mortgage of February 2023

Wells Fargo®
Apply for Mortgage from Wells Fargo® verified by our specialists. On 08.02.2023 you have access to 14 car loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 14

Updated:
13.01.2023
13:18
VA loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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FHA loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Conventional fixed-rate loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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1000
30-year fixed-rate conventional loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Rate
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Effective interest rate on the product

6,375% - 6,571%
Term
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Loan term for the financial product

30 years
30-year fixed-rate jumbo loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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650
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Rate
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Effective interest rate on the product

5,625% to 5,745%
Term
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Loan term for the financial product

30 years
15-year fixed-rate jumbo loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Rate
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Effective interest rate on the product

5,500% to 5,682%
7/6-month ARM jumbo loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,375% - 6,275%
Term
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Loan term for the financial product

7/6-month
30-year fixed-rate VA
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,000% to 6,6600%
Term
i

Loan term for the financial product

30 years
15-year fixed-rate conventional
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,000% to 6,6600%
Term
i

Loan term for the financial product

15 years
7 years and 6 months ARM conventional
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,000% to 6,6600%
Term
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Loan term for the financial product

7 years and 6 months

Wells Fargo® Mortgage Calculator

Mortgage amount
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The amount you want to receive

USD
USD
100000 $
600000 $
Mortgage amount
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Mortgage amount

USD
USD
50000 $
1000000 $
Down payment
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Specify the percentage of the down payment

%
$
3
30
Your mortgage amount
$
Mortgage term
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Specify the desired length of the mortgage loan

years
months
5
30
Interest rate
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Choose the interest rate on the loan

1 %
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Type of payments
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Specify the type of payment for calculating

Mortgage online application

Mortgage amount:
10000 $
200000 $
Term:
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Specify the loan term for the calculation

15
30 years
Mortgage online application
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 $
Loan term
0 months
Monthly payment*
1 143 $
More

Types of mortgage loans

Reviews

4.2
Liam H
Liam H
03.02.2023 at 13:05
The account has a high monthly fee, which quickly eats into my savings and makes it difficult to grow my balance...
Review
5
Ethan J
Ethan J
03.02.2023 at 12:55
I recently opened this card and I am extremely satisfied with my experience so far. The account provides a high interest rate, which is a great way to grow my savings...
Review
Arrowhead Advance
2.4
Noah J
Noah J
10.12.2022 at 10:15
I still have a not very pleasant feeling about this company. The company is not licensed, is not a legitimate lender. This suggests fraud. It is important for me that everything is legal and stable...
Review
Arrowhead Advance
2.8
Mason J
Mason J
04.12.2022 at 10:25
Arrowhead Advance gave me cash very quickly and simply.To be honest, I didn't expect it from a lender company. It is very convenient to use your account on the site...
Review
Arrowhead Advance
3.2
Olivia H
Olivia H
01.12.2022 at 06:07
My experience with getting a personal loan from this company was quite pleasant. The service was fast, no one asked about any collateral or my creditworthiness. Such things are always annoying...
Review
Spotloan
4.4
Noah J
Noah J
30.11.2022 at 20:45
Before taking out a loan, I compared Spotloan with other lenders and found out that their rates are the most acceptable. The mobile application works flawlessly. I quickly received approval...
Review
Wells Fargo® Mortgage of February 2023

Types of Mortgage provides Wells Fargo

You can buy a house or refinance an existing loan with Wells Fargo. Currently, Wells Fargo Bank has the following mortgage loans:

If you want to take a loan for a house purchase, the interest rates of these loans vary from 5,000% to 6,000%, while the annual percentage rate (APR) is from 5,559% for a 15-years fixed rate to 6,660% for a 7/6-months ARM.

Refinance interest rates are higher, and there are only four home lending options available:

  • A 7/6-month ARM jumbo loan has an interest rate of 5.375% and an APR of 6.275%.
  • A 15-year fixed-rate jumbo loan has an interest rate of 5,500% and an APR of 5,682%.
  • A 30-year fixed-rate jumbo loan has an interest rate of 5,625% and an APR of 5,745%.
  • A 30-year fixed-rate conventional loan has an interest rate of 6,375% and an APR of 6,571%.

Adjustable rate mortgage loans (ARMs) have their interest rates change after some time. For example, your 7/6-month ARM may have a fixed interest for 7 years, but then, for 6 months, it will be changed according to the Prime Rate. This way, your mortgage may cost more over time if the Prime Rate increases.

For mortgage options, Wells Fargo requires a down payment:

  • Conventional fixed-rate loans require a 3% down payment.
  • FHA loans are available with a 3.5% down payment.
  • VA loans come with a low to no down payment.

Pros and cons

Pros

  • Many loan options with different terms. Wells Fargo has mortgage loan options for buying a home and refinancing. You can get jumbo, conventional, or government-backed mortgages according to your needs.
  • You can pre-qualify for a mortgage. Wells Fargo has an online pre-qualification for borrowers with no credit score check.
  • Wells Fargo can help you cover insurance.

Cons

  • There are no lines of credit or home equity loans available. Wells Fargo stopped issuing such loans in 2021, so the borrowers looking for HELOCs need to find other lenders.
  • Wells Fargo has a history of mismanagement of its mortgages, auto loans, and deposit accounts. It was applying higher payments to their consumer accounts and charged fees illegally.

Main requirements

To determine if you are eligible for the mortgage, Wells Fargo requires you to prove your identity, income, and employment and provide the home value details.

If you are buying a property, you will need to get a property inspection. It is not an appraised value most lenders require.

The bank also requires you to obtain mortgage insurance. You will present an insurance binder and pay for the insurance coverage.

The bank will ask for your personal information, like name, physical address, phone number, and email. You can prove your identity with SSN or a driver's license. Additionally, you will have to provide income and employment documents. The bank will assume your debt-to-income (DTI) ratio to determine if you can pay the home mortgage back.

Your credit score plays an important role in your creditworthiness. The interest rate you will get will depend on your score. Wells Fargo generally requires a FICO score of over 700. The lower your score is, the higher your rate will be.

How to apply for a mortgage?

Wells Fargo allows its customers to apply for mortgages online, in person, or via phone.

To apply in person, you will need a mortgage consultant via your local Wells Fargo branch or via the bank's website. Schedule the appointment and, on the application date, bring the required documents with you.

If you want to start your application online, you need to prepare the documents and only access the Wells Fargo website. If you are already a Wells Fargo customer, some information will be pre-filled.

The online application process is the following:

  1. Access the bank's main website page;
  2. Click the "Home Loans" button;
  3. Choose if you want to get pre-qualified or apply;
  4. Fill in the mortgage application. You will need to provide your personal details, employment, and financial information, submit the documents regarding your home's value, appraisal, and home ownership documentation, and fill in the loan details by choosing the loan amount and term.

Once you submit the form, you will need to wait for the response. The Wells Fargo representative will contact you to state the decision in 30 to 90 days. If you are approved, you will sign the agreement and can receive the available funds. If you are rejected, Wells Fargo must state the reasons for the rejection in a clear manner.

How to pay off a home loan?

You will receive money in your checking or savings accounts via mailed check or in person. The payment date starts 25-30 days after you receive the funding.

Wells Fargo accepts wire transfers, phone or check payments, and Bill Pay.

  • To pay by phone, you need to contact the bank Monday through Friday until 7:30 pm CT.
  • For cashier's checks, certified checks, and Bill Pay, you need to mail them drop-off at Wells Fargo Home Mortgage.

To make payments on your home loan, you can opt for automatic or online payments. Automatic payments are debited on a preset day each month. Online payments can be managed through your Wells Fargo account.

You cannot make payments with a credit card. However, you can set up auto payments on your home mortgage to withdraw the payments from your checking account each month.

The funds are applied the same day if the money was received by the deadline for the payment option. If not, the funds will be applied on the next business day. The deadline for wire transfers is 2 pm CT, Monday through Friday. For phone payments, the deadline is 7:30 pm CT, Monday through Friday. For cashier's checks, certified checks, or Bill Pay, the deadline is 5:40 pm CT.

Financial institutions and mailing services can charge fees for wire transfers, Bill Pay, or checks. You will additionally pay closing costs and need to cover other charges, like origination and late payment fees.

FAQ

Which credit score does Wells Fargo Mortgage use?

Wells Fargo pulls borrower credit reports from the Experian credit bureau. The credit score is FICO. For homeowners applying for a home mortgage, it should be over 700 to qualify for the best terms. However, sometimes it can be lower, from 620, for VA loans.

What is the current interest rate for a Wells Fargo mortgage?

The interest rates for home mortgage loans from Wells Fargo lender currently range from 5,000% to 6,000%. Refinance rates are slightly higher, from 5.375% to 6.375%. ARM home mortgage loans are based on the Prime Rate, so if it increases, your interest rate will increase too. 

Can I make my Wells Fargo mortgage payment online?

You can make home mortgage payments to Wells Fargo online, in person, or by sending checks. To make payments on your mortgage online, you need to be enrolled in Wells Fargo Online. Then, from your mortgage account, access Transfer and Payment.

Is Wells Fargo untrustworthy?

Wells Fargo has issues concerning their consumer accounts management. For auto loans, deposit accounts, and home mortgage loans, the company issues illegal payments and fees. If you think the company is untrustworthy compared to other lenders, you can complete the application with other banks and see if you are approved and on what terms.