Wells Fargo Mortgage Review

Joseph Meyer
Written by
Last update:

Wells Fargo Mortgage Facts

In a mortgage, you borrow money from the lender and agree to pay it back over time. In a typical mortgage, you pay off between two and four percent of the loan value each year with regular monthly payments. You may also have to pay back a lump sum once or twice over the course of a mortgage, often to cover the cost of property taxes or insurance payments.

When you apply for a mortgage, you can get it from a bank or a specialist broker. Banks tend to offer the lowest rates and brokers tend to offer the best deals. You can also get a mortgage directly from a number of mortgage lenders operating in the UK, such as Wells Fargo. This allows you to shop around for the best deal in the market.

Although most mortgages are standard when it comes to the interest rate charged on the money you borrow, a number of things can vary. This includes the size of the loan, the length of time you have to repay it, and any fees.

Many lenders make small changes to their mortgage deals from time to time to attract borrowers. Wells Fargo, for example, tends to run a number of different offers. They also have a variety of mortgage products for borrowers of different ages and circumstances, with interest rates that can vary by between one and three percentage points.

Wells Fargo Loan Specifics

All mortgage companies listen to your needs and wants in order to help you select a mortgage loan that is right for you. At Wells Fargo Mortgage, it’s common to get a variety of offers with different loan terms and rates. It’s unique in the industry to get pre-approvals as often as every month. Just remember that there are many factors that can affect the mortgage interest rate you choose.

Additionally, there are disclosures that can lead to costly mistakes. |

Some of the most common mistakes include an inaccurate appraisal, inaccurate income, or the lender not disclosing the fees tied to their mortgage. In addition to these, lenders are responsible for many other disclosures.

Wells Fargo Fixed-Rate Loans

A fixed-rate mortgage is the most common type of home loan and offers one of the lowest rates available: 3.875% as of December 2014. If you can commit to a 30-year term, the rate is even lower – 3.375% – but you will have to pay points (a fee charged just to process the loan) to get it. You can lock in your rate in the form of a permanent or balloon mortgage.

A fixed-rate mortgage is best suited to a borrower with the ability to pay off the loan quickly and won’t have to worry about a fluctuating rate negatively affecting their bottom line.

Wells Fargo Adjustable-Rate Loans

If you’re considering an adjustable-rate mortgage (ARM)to finance your home purchase, you’ll want to compare its features with those of a fixed-rate loan. Wells Fargo, one of the country’s leading mortgage lenders, offers an extensive selection of fixed-rate loans to match any kind of borrower.

A Wells Fargo 30-year fixed-rate loan carries an interest rate that remains the same for the life of the loan. Your interest rate is guaranteed at the time that you lock in your loan, and you’ll pay the same rate for the entire duration of the loan. This means that you’ll need to pay the exact amount of interest at the end of 30 years as you would at the end of year one.

Wells Fargo New Construction Loans

New construction loans are required for the purchase of some land or to build a new home. They are used by buyers who want to build or save for land down the road.

If you are buying a house after moving and do not want to sell your current home, or if you have a certain property in mind and are not ready to purchase it at this time, a new construction loan can allow you to postpone your purchase until the time is right and build your new home. If you’re looking to build a vacation home or want to buy a lot and build a home later, a new construction loan can help you do that.

Wells Fargo Jumbo Loans

In my last post, I discussed Wells Fargo Home Mortgage. Let’s start by looking at what they offer and who can take advantage of it.

Wells Fargo is known for their consumer-friendly services, but you’re probably thinking that such a big bank would cost a lot of money. In reality, even average consumers can get a 10- or 15-year fixed rate for 4.5 to 5 percent. This is quite good given that the average lender charges over 5 percent on a 30-year conventional loan. We can see that Wells Fargo is democratizing an otherwise elitist and exclusionary industry.

A Wells Fargo Home Mortgage Advantage account can also save you from problems that can come from not having enough cash on hand when you close on your home loan. Many lenders, in an effort to be more consumer-friendly and to get more business, will reserve a certain amount of the loan for the closing costs. This is a great policy for buyers because the lenders are essentially giving them some cash that will not be charged interest. The caveat is that the lender could get really sticky on how you pay back the costs. The lender might even demand that the closing costs be paid by electronic funds transfers directly from your checking account in small installments over the next three years.

Wells Fargo FHA Mortgage Loans

Federal Housing Agency (FHA) approved loans require less down payment than a conventional mortgage loan. An FHA Mortgage loan is one of the few mortgages available to borrowers with a credit score as low as 620. FHA mortgages are insured, so lenders take less risk. The result is that FHA loans usually have more flexible credit and underwriting guidelines, which means you might get a better deal than with a conventional mortgage.

Wells Fargo is an FHA loan lender that offers competitive rates, fees, and low down payment options.

Wells Fargo VA Loans

Are you a Veteran or Do You Know a Veteran?

If you are a Veteran or know a veteran, it is important to understand what types of home loans they can qualify for. In this post, we’ll go over the many options that are available to qualifying veterans and how they can save thousands of dollars on their home loan.

Wells Fargo Cash-Out Refinance Loans

Many home loan services will allow you to modify the amount on your mortgage loan when your financial situation changes, including switching to a lower interest rate or getting the same loan amount with a lower monthly payment. Wells Fargo will allow you to do this on a cash-out refinance loan, although there are certain requirements.

Wells Fargo USDA Loans

The USDA loan helps homeowners to save money when buying a property. The program works in a way that makes the property more affordable for people with low to moderate income.

Homeowners have to have a credit score of 580 (or higher) and a debt-to-income ratio of 36 percent.

And applicants have to provide documents showing that they will be living in the property and that they make no more than 120 percent of Area Median Income.

If you want to get a USDA loan, then your property has to be located in a rural area. You can use the USDA loan calculator to see if you are eligible for a loan.

Wells Fargo Mortgage Customer Experience

Wells Fargo Lender Reputation

The Wells Fargo Bank mortgage reviews section only provides a glimpse into the level of service the bank provides. The reviews are submitted by people like you who have first hand experience using Wells Fargo mortgage services with Wells Fargo personal loans.

You’ll be surprised by the waves of positive atmosphere that engulfs you while you type in your desired search terms in Search Box. Wells Fargo is a household name, but unfortunately the bank has been plagued with controversy after controversy. It’s no longer just about mortgages and other financial services. It has snowballed into multiple consumer banking scandals.

The bank itself is in the best position to answer the questions that you are looking for, however, the problem lies in its ability to get its message across to the media and public. It is no longer able to convince the general public with its boastful claims.

That is why it is important to dig deeper and find out what the customers have to say. That is also the reason behind this Wells Fargo mortgage review section. It will help you learn about their services and products in addition to looking up at the customers reviews for yourself.

You will find that customers do not usually lie or slip up while sharing their thoughts with you. They will give you unbiased views and express their thoughts on the products and services provided by the bank. They can also give you a fair idea of the type of customer service provided by the bank.