Wells Fargo Refinance Mortgage Rates and Products

Banking & Finance

Refinance mortgage rates and products at Wells Fargo

Wells Fargo Mortgage is the largest mortgage lender in the United States. Wells Fargo has been a part of the American financial scene for well over 150 years, beginning as a stagecoach supplier.

Wells Fargo began as a single location in San Francisco and spread throughout the state of California. Wells Fargo built the empire it is today by acquiring Minneapolis-based Norwest Bank and Charlotte-based Wachovia.

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Additionally, their financial strength has enabled Wells Fargo mortgage rates to stay competitive in the market.

Wells Fargo offers refinancing Products.

Each lender offers a diverse range of goods. To view the latest current products and mortgage rates, click straight to Wells Fargo’s website.

Mortgages with traditional fixed rates

15-year mortgage rates at Wells Fargo

30-year fixed-rate mortgage from Wells Fargo

Borrowers seeking a standard “conforming” loan of at least $417,000 can benefit from Wells Fargo’s low refinancing rates. Wells Fargo offers a diverse choice of fixed-rate mortgage solutions, including 30-year fixed-rate mortgages and 15-year fixed-rate mortgages. As with other fixed rate loans, the advantage is that you will know your interest rate for the duration of the loan.

ARM 5-1 and ARM 7-1

Adjustable-rate mortgage periods are often shorter than those of conventional mortgages. The shorter the period, the lower the interest rate, but the larger the monthly payment. As is the case with most ARM loans, the rate is fixed for a specified length of time and then resets annually to a new rate that may be higher or lower than the initial rate, depending on market circumstances.

Streamline Programme

Customers of Wells Fargo who already have an account can enroll in the bank’s online streamline program. This service is totally online and requires no application, appraisal, or closing costs. As long as you qualify for a loan and do not intend to take cash out for renovation or other purposes, this program makes refinancing into a lower rate mortgage with minimal paperwork simple.

Jumbo Refinance

Wells Fargo’s financial strength enables them to provide competitive jumbo mortgage rates—interest rates on loans above the $417,000 maximum imposed by Fannie Mae and Freddie Mac. As is the case with many lenders, Wells Fargo charges a higher interest rate on jumbo refinancing mortgages than on conforming loans. In comparison to other lenders, Wells Fargo charges a relatively low premium, usually as little as 25 basis points. In other words, if Wells Fargo offered 30-year mortgage refinances at a rate of 5.00 percent, a Wells Fargo jumbo refinancing would cost just 5.25 percent.

FHA

Federal Housing Administration loans are well-known for their lenient qualification conditions. If your credit score might use some improvement but you’re interested in refinancing, try an FHA loan. This may be your best course of action. While terms vary, FHA loans frequently enable you to refinance up to 97.75 percent of the value of your house.

VA 

If you qualify for a VA loan, you will qualify for some of the most competitive refinancing rates available. These rates are frequently a full percent cheaper than those offered by standard refinancing loans, resulting in significant savings over the life of the loan. Another significant advantage of VA loans is that borrowers are typically not required to pay mortgage insurance, which may cost between.5 and 1% of the overall loan amount.

Home Affordable Refinance Program (HARP)

The federal government established the HARP program to make it simpler for qualified homeowners to refinance their mortgages at a cheaper rate. Often, no evaluation is necessary, and fewer documentation are required.

 

Borrowers with conventional Freddie Mac and Fannie Mae mortgages can refinance their mortgages under the Home Affordable Refinance Program even if they owe more than the value of their houses. If you have a strong payment history and have not yet taken advantage of a HARP refinancing, you may be eligible to refinance your loan’s mortgage to a new one at today’s lower rates via Wells Fargo Mortgage.

Today’s Wells Fargo mortgage rates

The refinancing rates offered by Wells Fargo are competitive. As with all other financial institutions, Wells Fargo will examine a homeowner’s current debt load and credit history when determining a refinancing rate.

To obtain current Wells Fargo mortgage rates in your area, visit the bank’s website and enter your geo-specific information, or chat directly with a representative.

 

Consumers can save money throughout the life of their loan by refinancing (Photo/Flickr).

How does Wells Fargo stack up against the competition?

Chase vs. Wells Fargo

Chase does not offer a program exclusively for existing customers (apart from HARP), like Wells Fargo does. Therefore, if you are an existing Wells Fargo client, it may be worthwhile to compare interest savings to ancillary costs. In the long term, a simplified refinancing can save you money.

PNC Mortgage vs. Wells Fargo

Despite the fact that PNC Mortgage is a smaller bank than Wells Fargo, their rates are often comparable. Additionally, the two lending organizations provide a comparable range of products. If your credit history is spotty, a PNC mortgage may be more enticing. Currently, this bank analyzes unconventional credit histories, such as rent payments, when qualifying you for a loan.

Additional considerations

Additional HARP information

Consider refinancing through Wells Fargo’s HARP program if you currently have a Wells Fargo mortgage. Streamlining through HARP loans enables you to refinance even if your mortgage balance exceeds the value of your house. While you will need to complete a new mortgage application and submit it to Wells Fargo for underwriting, you will avoid having your house appraised, which may cost up to $400.

Rates on Home Equity

Wells Fargo was a pioneer in home equity financing, having introduced one of the earliest Home Equity Lines of Credit (HELOC) credit programs. They now provide conventional home equity loans, flexible home equity line of credit, and a novel Home Asset Management Account. This account combines a WellsFargo mortgage with a Wells Fargo HELOC to help you have a single point of contact for both your mortgage and your HELOC. Additionally, it allows you to choose between standard and interest-only payments, allowing you to control your monthly cash flow.

One point of caution. If you’re considering a HELOC, be wary of the terms. Your interest rate may increase if you commit to a variable rate. Additionally, if the value of your property decreases, you may find up paying more than the home is worth.

Wells Fargo has a long history of financial services leadership. Their foresight in avoiding sub-prime lending enabled them to emerge as one of the strongest banks following the real estate boom and to position themselves as one of the market’s strongest lenders.

Choosing the best solution for you

When it comes to refinancing, it’s always smart to search around for the best rate. Consumers have several refinancing alternatives – banks, credit unions, consumer finance firms, and lending institutions are all competing for your business, which benefits you.

Apart from interest rates, it’s wise to assess which lender is the greatest fit for you in terms of ancillary fees. Examine the relationship between loan closing costs and interest rates. A lower interest rate is not necessarily the most economical choice.

Additionally, customer service and communication should be considered. Consider whether your neighborhood bank provides superior customer service versus regional banks with which you have previously worked.

With this in mind, existing Wells Fargo bankers have every incentive to contemplate remaining in the company during the refinancing process.

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