Wells Fargo is one of the oldest and strongest brands in the American financial services industry, but today's Wells Fargo is very different from the 19th-century company whose name it inherited.
Wells Fargo, based in San Francisco, was bought by Norwest in 1998 for $31.7 billion. Norwest retained the Wells Fargo name and continued the bank's longstanding strategy to grow by acquisition. By 2007, Wells Fargo was approaching 6,000 retail branches in the US and held more assets than all but four US banks.
Along the way, Wells Fargo refined its strategy of becoming a one-stop financial shop for its customers, offering them everything from basic banking services to securities trading, residential mortgages and dozens of other financial services in one location.
Types of Wells Fargo Home Loans
While all large retail banks offer a variety of mortgage loan types, Wells Fargo offers not only standard fixed-rate mortgage and adjustable-rate mortgage (ARM) options, but also a wide range of specialty and customized loans that differentiate the bank from some of its competitors. Here are some highlights:
- In its ongoing quest to cross-sell multiple products to customers, Wells Fargo offers existing customers a break in the ARM rate.
- Special military financing options, including lower rates and low-documentation options.
- Jumbo loans for high-end home buyers.
- A customized plan for corporate relocation, including lower rates for people who are employed by companies that do business with Wells Fargo.
- Combined purchase and fixer loans for home buyers who anticipate renovation expenses.
- Bridge loans for home owners who need to buy a new home before selling their old home.
- Mortgage Express program for home buyers who have good to excellent credit and stellar FICO scores.
Wells Fargo's home loan products offer features designed for buyers at all ends of the market, from new buyers with little credit to the wealthy. Instead of attempting to cater to a specific customer profile, Wells Fargo's multiple products constitute a portfolio from which just about any buyer can pick and choose. To help potential home buyers discover the right loan product, Wells Fargo provides an interactive worksheet to align home buyers' needs with the proper offering.
The Wells Fargo Difference
Wells Fargo's strategy calls for selling multiple services to each customer. One of the ways the bank achieves this is to offer incentives to existing customers. Thus, consumers are rewarded for expanding their relationship with Wells Fargo. Not all banks keep track of their serial customers, let alone incentivize them. Wells Fargo, by contrast, is trying to build a community of customers who are closely tied to the bank. Customers can take advantage of this by signing up for multiple services.
Wells Fargo was also one of the first banks to invest in online banking, which remains a particularly strong part of the bank's offering.
Contact Wells Fargo
The "contact us" form on the Wells Fargo mortgage services page gives prospective home buyers the option of providing information about their needs and sending it to Wells Fargo, which will then contact them. The home buying and refinancing department can also be reached by telephone at 877-937-9357. Account management can be reached at 866-234-8271.
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