Wells Fargo, having been around for over 150 years, is one of the oldest financial institutions currently doing business in the United States. More importantly, Wells Fargo is the largest mortgage lender in the United States by volume, more than doubling its nearest competitor Chase. Wells Fargo mortgage rates tend to be competitive with its key mortgage lending rivals and provides various mortgage and mortgage refinance programs as highlighted below:
Wells Fargo Mortgage Rates – Mortgage Types
Wells Fargo offers a number of mortgage and mortgage refinance programs to suit your specific home financing/refinancing needs including.
Fixed-Rate Mortgage: The two most popular mortgage loans at Wells Fargo are the fixed-rate and adjustable-rate mortgage loans. Under the traditional Wells Fargo fixed-rate mortgage loan, customers are able to lock-in a set interest rate over the duration of the mortgage term. Wells Fargo offers several loan term options including 10-year, 15-year, 20-year, 25-year, and 30-year terms. Customers can enter into a traditional (also referred to as “conforming”) loan for a principal amount of $417,000 or less.
Jumbo Mortgage: For mortgages over the $417,000 principal threshold, Wells Fargo offers a “non-conforming” Jumbo mortgage loan. These Jumbo mortgage loans are available in a variety of fixed-rate and adjustable-rate options. Like so many of its competitors, Wells Fargo charges a bit more in interest on its Jumbo mortgage products when compared to its traditional/conforming mortgage loans.
Adjustable-Rate Mortgage (ARM): The other popular mortgage loan offering from Wells Fargo is its adjustable-rate mortgage (ARM). Under a Wells Fargo ARM mortgage customers pay a fixed principal and interest payment for a set amount of years and once that initial term ends the rate is adjusted annually. Wells Fargo offers initial periods of 5, 7, and 10 years for its ARM products with total terms extending out much further. In addition, Wells Fargo mortgage rates on its ARM products include an interest rate cap that sets a maximum on how high the adjusting interest rate can go.
yourFirst Mortgage: Wells Fargo launched its yourFirst Mortgage program to help low to moderate income first time homebuyers a chance to purchase homes under favorable conditions. Under the yourFirst Mortgage program customers can put down as little as 3% for its down payment and potentially receive down payment assistance. In addition, homebuyer education could qualify customers for an interest rate reduction if the down payment is less than 10%.
FHA Mortgage: Wells Fargo offers Federal Housing Administration (FHA) mortgage loans for both purchases and refinancing needs. Wells Fargo mortgage rates under the FHA mortgage loans are available in a variety of fixed-rate and adjustable-rate options and requires less cash upfront for the down payment. Current FHA mortgage holders may be eligible for an FHA Streamline Refinance which would require much less paperwork to complete.
Veteran Affairs (VA) Loan: Wells Fargo offers VA loans for veterans and other borrowers who meet the eligibility requirements of the VA program. Wells Fargo mortgage rates under the VA loan banner are pretty flexible, offering a broad range of rate, term, and cost options with no monthly mortgage insurance requirement. In addition, current VA mortgage holders could qualify for a VA-to-VA refinance (VA Streamline Refinance) which would not only reduce the amount of paperwork necessary but could also qualify for the Interest Rate Reduction Refinance Loan (IRRRL) program.
Home Affordable Refinance Program (HARP): Wells Fargo participates in the HARP program, which was created by the federal government and designed to help eligible homeowners refinance their homes to a lower mortgage rate even if the home is under water. To be eligible for the HARP program you need to be current on your mortgage, haven’t already refinanced the same property under HARP, and your current mortgage is owned or guaranteed by Fannie Mae or Freddie Mac. Do note the HARP program is set to expire in September of 2017.
In addition to the various mortgage programs highlighted above Wells Fargo also offers a few home equity line of credit (HELOC) products, most notably a fixed-rate advance feature which locks in a fixed-rate on the HELOC for terms of 1-20 years and a mortgage + home equity financing option.
Wells Fargo Mortgage Rates – Review & Complaints
Like so many of the others, a quick search for Wells Fargo Mortgage over at ConsumerAffairs.com does not paint a pretty picture for the company, but like we said before, it is a complaint site so don’t expect many positive rankings there. Some of the most common complaints when it comes to Wells Fargo mortgage rates include: issues with loan modifications, poor customer service, increase in fees without warning, and competitor’s offering lower interest rates.
In regards to competitor’s offering lower rates, rates fluctuate every day so I’m sure there have been times when wells fargo mortgage rates were higher than most and times when they were lower. As a common practice we suggest homeowners and potential homeowners shop around for the best rates and as such recommend checking out this 60-second rate wizard to find the best mortgage rates available for you today!