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Wells Fargo Refinance Home Mortgage
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More Wells Fargo Customers Say The Bank Decided To Pause Their Mortgage Payments Without Asking
Primarily known for being one of the largest banks in the United States, Wells Fargo also has one of the largest mortgage lending operations. The company offers a variety of mortgage purchase and refinance options to suit a wide range of borrowers, as well as an excellent library of educational tools to help potential customers understand the mortgage process.
In this Wells Fargo Mortgage review, we take a deep dive into the bank’s products, the pros and cons of using them for your mortgage needs, and whether Wells Fargo is the best option for you.
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This lender is ideal for: low-income borrowers who need flexible credit requirements, borrowers who want to work with a lender in person, those who need a HELOC, and those who receive subsidized loans.
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Wells Fargo publishes its current list of mortgage lenders, updated daily. These rates are very competitive with those offered by other lenders, especially for personal loans. Note that the rates listed on the website generally assume the highest FICO® score (740 or above) and received a 20% down payment.
As one of the largest mortgage lenders in the United States, Wells Fargo offers many different options. For purchases, banks provide;
The bank offers various loan structures as well as home equity lines of credit (HELOCs) with variable and fixed rate options. Wells Fargo also helps make financing easier to build new homes and offers packages for purchases and renovations.
Dream. advice Home.℠ Flexible mortgage underwriting (under credit score) guidelines for borrowers with incomes up to 80 percent of the median income in their area of residence, although unlike some competitors, Private Mortgage Insurance (PMI) A pledge of less than 20% is still required.
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Wells Fargo’s website has a wealth of educational articles and videos to help guide you through the mortgage process. Don’t understand the difference between rate and APR? It’s a quick, easy-to-follow video. There are also videos that explain payments, setting your price, the difference between pre-equalization and pre-approval, the mortgage process itself, and more.
Most banks that offer mortgages have HELOCs, but Wells Fargo Home Mortgage is a little different. While bank HELOCs were initially all different lines of credit (which is the industry standard), Wells Fargo offered borrowers the option to convert all or part of their balance into a fixed rate loan for terms of 1-20 years.
In addition to common home options with less than 5 percent down, such as USDA, FHA, and VA mortgages (all available), Wells Fargo has a special first-time home buyer loan program. This is a traditional fixed-rate mortgage with a 3% down payment. Unlike other programs, such as the USDA loan, Wells Fargo’s first-time home buyer program does not have a maximum income limit. To be eligible, at least one borrower must be a first-time home loan buyer.
Wells Fargo has an extensive branch network, with more than 5,000 branches in the United States, more than all of its competitors. Many of them are mortgage advisors on site. If you prefer in-person assistance in the home financing process, it’s hard to find a lender with more branches than Wells Fargo.
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Wells Fargo offers a lot of flexibility when it comes to loan terms. Many lenders provide information on their website for all of the above loan terms, as well as the APR, which indicates the total amount of the loan, excluding origination fees.
Many competitors offer low mortgage options without private mortgage insurance (PMI), but Wells Fargo does not (except for VA loans). First-time homebuyer products can still be great to get a traditional mortgage with a small down payment, but it will pay PMI, which will add significantly to monthly costs.
To be fair, Wells Fargo has a wide variety of products. But few of its mortgage products (with the exception of first-home loans for buyers) are unique. Some competitors offer more creative options, such as self-financed loans, interest-only loans, no collateral and no PMI loans, and more.
The Wells Fargo mortgage application process requires borrowers to connect with a home mortgage advisor and go through multiple rounds back and forth. While you don’t need an in-person consultation, the application process may not be as quick and easy as some of its more tech-focused competitors.
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Rocket Mortgage is the largest home lender in the United States. Rocket Mortgage offers almost all of the same loan options as Wells Fargo, with the main difference being that the process is completely online and more streamlined. Rocket Mortgage has earned a top-notch rating for customer service, so if you want the application process to be as easy as possible, Rocket Mortgage is worth a look.
If you are a low-to-moderate-income household without a large down payment, it can be a good option. Citi HomeRun offers a mortgage loan program with 3% down, just like Wells Fargo’s low loan program, but without mortgage insurance.
The first step in the mortgage application process in Wells Fargo is contacting a home mortgage advisor, which involves submitting a contact form on the bank’s website with some of your information. Your advisor will guide you through the rest of the application process, and submit the documents normally through your bank’s LoanTracker portal.
After you submit your application and requested documents, Wells Fargo will conduct a title search and evaluation before sending your application to underwriters. The process is fairly standard, but not as streamlined and easy to navigate as some of Wells Fargo’s competitors.
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It’s worth filling out an application and getting a rate from at least a few lenders, even if some office sounds like a good fit. This is important when shopping for any type of loan, but it is especially important when looking for a mortgage.
He is why. Although mortgage rates tend to be about the same, each lender has their own way of valuing audits, so it is not uncommon for the same borrower to receive significantly different rates from different lenders. A small difference in mortgage rates can mean thousands of dollars in savings over the life of the loan. Multiple mortgage applications shouldn’t hurt your credit just as long as all your applications fall within the two-week shopping window, so there’s no reason not to limit your shopping time.
Well Fargon’s recycling rate is slightly higher than the national average. But the difference is minimal, and Wells Fargo charges less than many other lenders for low mortgages. Like many lenders, Wells Fargo charges a higher interest rate on this home equity loan than on the purchase loan.
Fargo’s mortgage rate trends are higher than the national average. Even some lenders charge less for FHA loans, but Wells Fargo does not. On the bright side, Wells Fargo offers rock-bottom rates for borrowers with a discount of only 0.5 mortgage points. Other lenders advertise a lower down payment, but charge higher (and sometimes even higher) fees. This is a reason to carefully compare offers, which sometimes seem to be more expensive.
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Matt is a Certified Financial Planner® and Investment Advisor based in Columbia, South Carolina. Ascent and parent company The Motley Fool has written over 4,500 personal publications and was the 2017 SABEW Best Business Award winner. Matt writes a weekly investing column (“Ask”) that is syndicated on USA Today, and his work appears regularly on CNBC, Fox Business, MSN Money and many other major outlets. He is a graduate of the University of South Carolina and New Southeastern University and holds a Graduate Certificate in Financial Planning from Florida State University.
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