The Yahoo view: Existing Wells Fargo customers and borrowers in underserved communities will get the most out of a Wells Fargo mortgage with grants, lower rates, and closing cost credits.

Wells Fargo has been in the news so much in recent years for one consumer infraction or another, they should get an anchor desk. However, past deeds don't define future ambitions, and the bank is working to please its customers and reach out to underserved households.

With impressive programs designed to help those working hard to buy a house, Wells Fargo mortgages are worth considering.

Dig deeper: Best types of home loans for first-time home buyers

Key benefits

• Existing Wells Fargo customers may qualify for lower interest rates on jumbo purchase or refinance loans. Perks for existing customers are one reason Wells Fargo is on Yahoo Finance’s list of the best mortgage lenders for first-time buyers.

• Homebuyer Access grant offers $10,000 in down payment assistance to borrowers with qualifying income who live in an eligible location.

• A $5,000 credit toward closing costs is available to borrowers within income limits in certain areas.

Need to know

• Published interest rate assumptions vary according to the loan product but can include up to one discount point, a 25% down payment, and a credit score of 740.

• Wells Fargo has had several regulatory actions in recent years and has below-average satisfaction ratings, according to the latest J.D. Power Mortgage Origination Satisfaction Study.

Dig deeper: What credit score do I need to buy a house?

Loan types offered

Wells Fargo mortgage for first-time home buyers

Wells Fargo supports first-time home buyers with a well-organized guide explaining loan programs, down payment assistance, 3% down conventional mortgages, and closing costs grants it offers.

A "homebuying basics" section is broken down into bite-sized steps:

• Preparing to buy

• Prequalification

• Home shopping

• Closing on a house

From there, a mortgage learning center offers additional details and tips for buying a first home.

A home loan FAQs section addresses questions about credit scores, down payments, assumable mortgages, and many other mortgage topics.

There is no doubt that if you're an existing Wells Fargo customer, the bank has deep resources and ample assistance for first-time buyers.

Learn more: What you need to know as a first-time home buyer

Wells Fargo mortgage for home equity lending

Here's where Wells Fargo falls short — it doesn't offer home equity loans or lines of credit. Instead, it serves up personal loans and cash-out refinancing as alternatives.

Personal loans can be a good option, but the interest rates are often higher than home equity products, and the interest is not tax deductible. Interest paid on a HELOC or HEL can be.

And a cash-out refinance may not be a good choice if you have an interest rate on your current mortgage that is lower than today's mortgage rates.

Dig deeper: The differences between HELOCs and home equity loans

Wells Fargo mortgage rates

The all-important question every home buyer wants the answer to: What will be my mortgage rate? Wells Fargo has a page of rates for seven of the most common types of mortgage loans. A separate tab reveals a half-dozen refinance rates.

These national rates have varying assumptions as to down payment, credit score, and home location, according to the loan product. When we checked, we saw a 30-year fixed conforming mortgage rate assuming a 25% down payment, one discount point, and a credit score of 740.

To see an interest rate based on your credit profile, you'll need to provide:

• The location where you are interested in buying

• The purchase price of the home

• Your down payment

• Your contact information

Wells Fargo says the inquiry will not affect your credit score, but you can be contacted by phone, text, and email.

Read more: How to get the lowest mortgage rates

Applying for a mortgage with Wells Fargo

The online application process is driven by a third-party application many lenders use, so it's typical of what you'll find just about everywhere.

You'll need to have a good deal of financial information on hand and ready to upload. If you're an existing customer, the bank can prefill some of the info.

Dig deeper: How to get a mortgage in 2024

Wells Fargo mortgage home-buyer tools and calculators

If you're ready to run some numbers, Wells Fargo has one primary calculator: home affordability. Two other "calculators" are actually prequalification workflows for a home purchase or refinance.

You can search for homes and get an estimate on your current home's value with two tools available only to existing Wells Fargo customers. You can track prices on homes you're interested in or explore recent sales to see how values are trending in your area.

Wells Fargo isn't loaded with home-buying tools and resources, but there are enough to get a first-timer started or to help a refinancing homeowner.

Read more: U.S. Bank mortgage review

How Wells Fargo Home Mortgage compares to other mortgage lenders

Wells Fargo mortgages vs. Bank of America mortgages

Large banks like Wells Fargo and Bank of America are known for community development initiatives. It's part of their charter as national banks and stems from the Community Reinvestment Act of 1977. So, both banks offer generous home-buying incentives to low- and moderate-income households.

However, their loan products differ when it comes to home equity products for homeowners. Wells Fargo does not offer home equity loans or HELOCs, while Bank of America has both.

For first-time home buyers, either bank can be a good choice. For home equity solutions, Bank of America stands apart.

Wells Fargo mortgages vs. PNC Bank mortgages

Wells Fargo and PNC Bank have a lot in common. Both were established in 1852 and grew from a regional service footprint — Wells Fargo in the West and PNC in the East — to ultimately become nationally known financial institutions.

Both have the breadth of services customers expect from large banks. Yet, there are some key differences. PNC offers a home loan program for medical professionals; Wells Fargo does not.

Both have grants available to first-time homebuyers in certain areas; PNC offers up to $5,000, but Wells Fargo doubles that up to $10,000.

Matching your needs to the best mortgage lender takes a little research.

Methodology:

Yahoo Finance identified the best mortgage lenders for first-time home buyers by grading leading national lenders on a five-star scale from scores compiled from and averaged from public reviews. Criteria included interest rate, fees and loan costs, ease of application, rate transparency, loan product availability and options, customer experience, minimum down payment, minimum FICO scores, online features, time to approval, trustworthiness. Additional analysis of the latest J.D. Power U.S. Mortgage Origination Satisfaction Study provided a 5% bonus for lenders ranking above the survey average for customer experience. Advertisers or sponsorships do not influence ratings.

Editorial disclosure for Mortgages:

The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.