![]() ![]() Wells Fargo is rather traditional in its mortgage setup, while Quicken is completely online and mobile-based. This is especially visible when comparing the bank against Bank of America, Quicken and Chase.Ĭhase and Bank of America are similar institutions, but Quicken Loans couldn’t be more different. How Wells Fargo Compares to Other LendersĪs you’ll find in the table below, the APRs and interest rates that Wells Fargo offers might be higher than what other lenders offer, but is generally on par. These payment calculations do not include homeowners insurance, property taxes or closing costs. Whatever’s leftover, as far your home’s value goes, will be left to the mortgage.īeing that there are so many variables in reference to your personal financial situation, Wells Fargo has outlined information that can give you an idea as to what you’re likely to pay each month over the life of a few of their different mortgages. For these purposes, though, Wells Fargo assumes you will put down one-quarter of your home’s value. How much you’re willing and able to pay up front is mostly up to you. Based on this total, Wells Fargo can determine your down payment and loan amount. What Your Monthly Mortgage Payments Could Be With Wells FargoĪside from the interest rate and APR of your prospective Wells Fargo mortgage, one major factor will determine what your monthly payment situation will look like: your home’s value. As far as Wells Fargo goes, the rates for fixed-rate jumbo mortgages aren’t necessarily that different from conventional mortgage rates, though you’ll likely need a much more substantial down payment. Jumbo mortgages are essentially the same as normal mortgages, only they’re for larger amounts of money. ![]() Wells Fargo adheres to its own proprietary index called the Wells Fargo Cost of Savings Index (Wells COSI).Īs you might expect, Wells Fargo’s 7/1 ARM has an initial payment period of seven years, while the opening term for the 5/1 ARM lasts five years. Following this, your interest rate will alter depending on the specified interest index the lender uses. In essence, these are meant to shrink your payments during the initial payment period, which, in the case of Wells Fargo, is either five or seven years. This program calls for a down payment of just 3% of the home’s value and is also at a fixed rate.Īn “ARM,” or adjustable-rate mortgage, is different from its fixed-rate counterpart in that your interest rate and APR will vary throughout the loan’s life. 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. This breadth provides a high level of customization to make choices based on your specific profile. 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. ![]()
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