The bank does offer a cheaper option: yourFirst Mortgage®. However, you will need to have prepared some sort of down payment on the home and mortgage, a number that Wells Fargo seems to prefer around 25% of the value of the home, which is slightly higher than the typical 20% most lenders adhere to. When it comes to these fixed-rate mortgages, you’ll pay a set amount toward your loan for a specific amount of time. These are very typical in length, though some lenders will forgo a 20-year option, which is again a testament to Wells Fargo’s substantial set of selections. Wells Fargo’s main mortgage offerings are its 30-, 20- and 15-year fixed rate loans. These rates assume a credit score of 740 and 0.50 discount points.Īs a general rule, the longer the loan, the higher the interest rate - and by extension, the higher the APR. This is partially an indication that Wells Fargo’s extra costs are higher too, as the APR includes fees and other expenses that the interest rate does not. In fact, its interest rates and annual percentage rates (APRs) are slightly higher than a sizable portion of its direct competition. A financial advisor can help you with mortgages and any other financial issues you have.īut taking a mortgage with Wells Fargo isn’t all great. That’s often lacking when it comes to other lenders and provides a leg up for Wells Fargo.
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This breadth provides a high level of customization to make choices based on your specific profile.
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The bank backs that distinction up with many different mortgage options that vary in term-length, style and size. Wells Fargo is one of the largest mortgage lending institutions in the U.S.