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| Wells Fargo Mortgage Star Ratings |
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Applying for a mortgage loan through Wells Fargo takes more of a time
commitment than some of the other mortgage loan applications that we
reviewed. The entire mortgage loan application at Wells Fargo can take
upwards of 30 minutes. We saw no way of becoming prequalified via a
shorter application form as there is at other mortgage loan sites.
The application process is done in steps. There is no way to view the
entire application, which the Star Reviews team prefers and that other
mortgage loan applications we reviewed provided.
Finally, we were particularly impressed by the "Manage Your Mortgage
Online" feature that Wells Fargo offers. This feature allows the
homeowner to view his balance, obtain tax and interest figures, request a
payoff quote, transfer funds and so much more. We loved that Wells
Fargo allows the homeowner to time the mortgage payment with their
paycheck dates.
Key Wells Fargo Mortgage Features
• Priority Buyer/Preapproval feature
• Wells Fargo Closing Guarantee
• Home Loan Workbench tool
• Email interest rate tracking alert feature
• Manage mortgage online
The Star Reviews team applauds the inclusion of the "Application
Process
Overview" and "Before You Apply" sections of the Wells Fargo
mortgage
loan website. The "Before You Apply" section told us that we could
apply over the phone, in person or online. We loved the "Information
Checklist" included in this section. This checklist helps the consumer
pull together the necessary documents before starting the application.
Under the "Application Process Section", we thought the "After You
Apply" section, which explains in detail the disclosure documents,
underwriting stage and closing process, was helpful, Most other
mortgage loan websites we reviewed did not provide as much detail
into
the "after you apply" process. Kudos to Wells Fargo for
including this.
We also were extremely impressed by the Wells Fargo Closing
Guarantee
which states that Wells Fargo will close your loan on or before the
agreed upon closing date or Wells Fargo will pay the first month's
mortgage principal and interest payment.
All Wells Fargo Features• Payment calculator
• Priority Buyer/Preapproval feature
• Wells Fargo Closing Guarantee
• Email interest rate tracking alert feature
• Today's rates
• Manage mortgage online
Wells Fargo Pricing
There are no pre-qualification fees, however there is a $16 fee to pull the credit record when submitting a loan application. Loans can be obtained with or without points and origination fees.
Wells Fargo Customer Service
At Wells Fargo, customer service can be contacted via online form, secure email from your account or over the telephone at 866-234-8271 or 866-412-3328 or 877-937-9357. Home buying customer service is available from Monday through Friday, 7 a.m. to 11 p.m., CT and Saturday from 8 a.m. to 4:30 p.m., CT. Account management hours (866-234-8271) are from Monday through Friday 6 a.m. to 10 p.m., CT and Saturday 8 a.m. to 2 p.m., CT. Star Reviews like that there is an online notification as to the heaviness of the current call volume. When we called customer service, we were greeted by a friendly and knowledgeable agent. We did not see any way to contact customer service through online live chat.
Star Reviews was impressed by the helpful FAQ section and Glossary found here: https://www.wfhm.com/loans/onlineform/helpFiles/help.jsp#sendDocumentation
Upside
- On time closing guarantee
- Manage mortgage online
- Ability to time mortgage payments with paycheck
Downside
- Long application form.
- Application completed in piecemeal fashion.
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