When we last looked, the options were clear and they haven’t changed since.  The Wells Fargo mortgage refinance options are still 30-year and 15-year fixed or a 5-year adjustable rate mortgage (ARM) to replace your current loan.  What has changed are Wells Fargo rates.

If your current mortgage is through an institution other than Wells Fargo, then your new loan will be nearly the same as getting a loan on a new home.  The difference being equity and what’s owed.  Most common Wells Fargo mortgage refinance loans have a 1 point fee structure and for the numbers we’re giving below, we’re assuming that plus qualifying credit (700 or higher FICO) and the cash on hand to pay any fees required.  Equity in the home of at least 5% is also assumed.  Check your current mortgage to be sure that an early payoff does not penalize you more than you think as well.

Currently, a 30-year fixed loan has a 5.191% APR under those conditions.  A 30-year fixed FHA loan has a 6.245% APR under current Wells Fargo rates.  A 15-year fixed rate loan is at 4.826% APR, which is very competitive nationally.

For those needing an ARM, a 5-year is 4.019% APR and a 5-year FHA ARM is 3.536% APR.  These are a decent option for some people needing a Wells Fargo mortgage refinance, despite what the media might be telling you.

There are also Jumbo loans available for those who qualify for that type of mortgage refinancing at Wells Fargo.  Rates are slightly different for second mortgages or for refinancing that also includes home improvement options.

Check with your financial advisor before making any decision on home mortgage refinancing at Wells Fargo or any other institution.