Wells Fargo Mortgage Explained
This article explains all you need to know about Wells Fargo mortgage.
Wells Fargo was founded in 1852. FHA and VA loans are available, as are jumbo, home repair and new construction mortgages.
US lender Wells Fargo was founded in 1852. According to Wells Fargo, one in three American households is served.
It was forced to terminate hundreds of employees who registered bogus accounts in 2016. The lender has worked hard to regain consumer trust.
Credit score, debt-to-income ratio, and government issued ID are all that is required.
However, Wells Fargo currently has a BBB rating of 1/5, Trustpilot rating of 1.7/10, and Consumer Advocate rating of 7.5/10.
Not every logo is a good choice. A smaller bank may be cheaper.
Wells Fargo mortgage Pros
* Low-down-payment options
* Large branch network
* Accepts non-traditional credit references
Wells Fargo mortgage Cons
* No existing home equity lines of credit (HELOCs)
* Low customer satisfaction rankings and negative prior reviews
Borrowers can choose from traditional fixed-rate and adjustable-rate mortgages, VA and FHA loans, and jumbo mortgages. Expands additional home mortgage choices
* Visit www.unionplusmortgage.com for details. You can’t get a mortgage with terrible credit. It helps first-time buyers understand the mortgage procedure.
Wells Fargo ARMs Adjustable-rate mortgages’ interest rates may fluctuate after a set period. These loans feature an interest rate cap that limits rate increases.
Potential sellers or refinancers should consider this mortgage.
mortgages for homes
This type of mortgage helps clients build new homes. These loans are usually only valid during construction. These loans assist buyers move into newly built or almost finished homes.
WF Jumbo
This form of loan allows buyers to borrow more than Fannie Mae and Freddie Mac allow. The FHFA says the jumbo loan minimum is $453,100.
Wells Fargo has fixed-rate and adjustable-rate jumbo loan options. Jumbo mortgages can help folks who cannot afford high monthly payments.
WFVA Loans
Veterans and other eligible borrowers can get VA loans. They have set and adjustable pricing. Gifts and grants can help cover closing costs.
Many homeowners prefer VA loans because of the inexpensive monthly mortgage insurance. A one-time VA financing fee is charged to the loan amount.
WF Cash Out Refinance
It entails taking out a new loan to help pay down an existing mortgage. For homeowners looking to refinance in the following situations:
Since inflation has fallen since their first mortgage, they choose lower interest rates and longer loan terms.
USDA Bank Loans
For low- to moderate-income rural homebuyers, the USDA offers Guaranteed Rural Housing Loans.
The USDA charges a one-time guarantee fee and an annual cost. These loans are suitable for those on a restricted budget who want to relocate to rural areas.
Wells Fargo Client Service
JD Power’s 2017 Primary Mortgage Originator Satisfaction Survey gave Wells Fargo a three-star grade. It got 4/5 stars for problem solving.
The company’s commitment to consumers is reflected in its extensive FAQ section.
In September 2018, Ellie Mae reported a 44-day average closure time, whereas Wells Fargo reported 30-90-day range.
Any questions not answered in the FAQ can be sent to Wells Fargo customer service. These articles assist consumers understand their loan alternatives and choose the best mortgage for them.
The company also offers an online mortgage calculator. Home value, down payment, credit score, and location all factor into Wells Fargo’s loan estimation.
Also, the bank assists online applicants step-by-step. But no online quote for borrowers. Call 1-800-357-6675 or 1-877-291-4333 for Wells Fargo mortgage specialists.
Wells Fargo may demand borrowers to submit a government-issued ID number. Numbers for Social Security, Taxpayer ID, Green Card, Visa, Alien ID, and Passport
Online customer reviews can be contentious, especially given recent issues with this lender. In August 2018, the San Francisco Business Times reported on hundreds of unintentional foreclosures.
From 2010 until 2015, this technology issue stopped clients from refinancing. In 2016, Wells Fargo was fined billions and dismissed thousands for account fraud.
Wells Fargo began a drive to regain consumer trust in early 2018.
FHA, VA, USDA, Fixed-rate, adjustable-rate, and cash-out refinance
Bank charges
The bank’s fees vary. Get an idea of your closing costs with the bank’s online customizable rate calculator.
The bank’s website updates mortgage rates frequently.
Reputation
In J.D. Power’s latest mortgage origination customer satisfaction study, Wells Fargo scored 832 out of 1,000. In servicing, Wells Fargo scored 781 out of 1,000, below average.
Online services
For first-time buyers, Wells Fargo’s website offers a My FirstHome digital education experience. Borrowers can also utilize calculators and comparison tools to budget. You can talk with a loan officer online, and you can track your loan application’s progress.
Loan minimums
A 620 credit score is required by Wells Fargo. For select customers, the bank will accept utility bills and rental payment verification as alternative credit data. DTI max varies.
On top of that, the bank offers a 3 percent down payment option for buyers whose combined income is at or below 80% of the county’s median family income.
Wells Fargo mortgage: Conclusion
Wells Fargo offers fixed and adjustable FHA rates. This loan is appropriate for buyers with no down payment.
FHA loans only require 3.5 percent down. For the down payment and closing charges, they can accept gift money from a non-resident co-applicant.
Thanks for taking the time to read this blog post on Wells Fargo Mortgage.
