Chase vs Wells Fargo: Refinance Comparison for 2024
Chase and Wells Fargo are two of the largest banks in the United States, and both have deep roots in mortgage lending. If you’re considering a refinance with either institution, you’re likely drawn to the stability, branch access, and relationship perks that come with a major national bank. But despite their similarities on the surface, these two lenders differ in meaningful ways, from customer loyalty programs to complaint patterns and the overall borrower experience.
This comparison breaks down the key differences using available data so you can evaluate which lender might be a better fit for your refinance goals. If you’re still exploring your options more broadly, our best refinance lenders page is a helpful starting point.
Who Should Choose Chase
Chase earns a 4.2 out of 5 rating in our assessment and stands out most for borrowers who already have a banking relationship with the institution. Chase offers relationship discounts for existing banking customers, which can translate into meaningful rate reductions that make a refinance more cost-effective.
- Existing Chase banking customers: If you already hold checking, savings, or investment accounts with Chase, you may qualify for rate discounts that aren’t available to the general public. This can significantly change the math on whether refinancing makes sense.
- Lower-income borrowers: Chase’s DreaMaker program is designed for lower-income borrowers, potentially offering more accessible terms for homeowners who might otherwise struggle to qualify for competitive refinance products.
- Borrowers who value both online and in-person options: Chase offers both in-branch and online application options, paired with a nationwide branch network. This hybrid approach gives you flexibility to start the process digitally and get in-person support when needed.
- Jumbo loan borrowers with Chase accounts: For those refinancing a higher-value property, the combination of Chase’s jumbo loan offerings and relationship discounts can be particularly appealing.
Keep in mind that without those relationship discounts, Chase’s rates may be less competitive compared to other lenders. If you don’t bank with Chase, the value proposition changes considerably.
Who Should Choose Wells Fargo
Wells Fargo receives a 3.9 out of 5 rating and is best suited for borrowers who prioritize in-person service and want face-to-face guidance throughout the refinance process.
- Borrowers who prefer in-person support: Wells Fargo maintains an extensive branch network with dedicated mortgage consultants. If you’d rather sit across a desk from a loan officer than navigate a digital portal, Wells Fargo is built for that experience.
- Existing Wells Fargo customers looking for closing cost help: Wells Fargo offers closing cost credits for existing customers, which can reduce your out-of-pocket expenses at closing. This is a different type of loyalty benefit than Chase’s rate discounts, and depending on your situation, it could be equally valuable.
- Borrowers who want a wide product range with personal guidance: Wells Fargo offers conventional, FHA, VA, and jumbo loans, and their dedicated mortgage consultants can help you navigate which product best fits your refinance scenario.
However, Wells Fargo’s online application experience has been noted as lagging behind digital-first lenders, and past regulatory issues may give some borrowers pause. These factors are worth weighing against the in-person advantages.
Key Differences Between Chase and Wells Fargo
1. Loyalty Benefits: Rate Discounts vs Closing Cost Credits
This is perhaps the most important differentiator for existing customers of either bank. Chase offers rate discounts for its banking customers, which reduce your ongoing monthly payment for the life of the loan. Wells Fargo offers closing cost credits, which lower your upfront expenses. The better deal depends on your timeline: if you plan to stay in your home for many years, a rate discount may save more over time. If you’re focused on minimizing out-of-pocket costs now, closing cost credits could be more attractive. Use our break-even calculator to see how these different savings play out over time.
2. Special Programs
Chase offers the DreaMaker program specifically designed for lower-income borrowers, giving it a distinct edge for homeowners in that category. Wells Fargo counters with closing cost assistance programs, which may benefit a broader range of borrowers. Neither lender offers USDA loans, so rural homeowners may need to look elsewhere.
3. Digital Experience
While neither lender is a digital-first platform, Chase offers a more balanced hybrid of in-branch and online application options. Wells Fargo’s online application experience has been noted as less polished compared to digital-first competitors. Both lenders provide nationwide branch access, but if you want a smoother online process alongside in-person support, Chase may have a slight edge.
4. Reputation and Regulatory History
Chase carries a strong reputation for financial stability. Wells Fargo, while equally large and financially stable, has faced well-publicized regulatory issues in recent years that may concern some borrowers. This is a personal consideration, and it’s worth noting that Wells Fargo has taken steps to address past problems, but borrowers should factor their own comfort level into the decision.
Consumer Experience: CFPB Complaint Data
Consumer Financial Protection Bureau (CFPB) complaint data provides one lens into the borrower experience at each lender. In 2024, Chase received 485 mortgage-related complaints, while Wells Fargo received 1,485 complaints.
It’s important to interpret these numbers carefully. Wells Fargo has historically maintained one of the largest mortgage servicing portfolios in the country, so a higher raw complaint count is expected and doesn’t necessarily indicate worse service. Complaint volumes generally correlate with portfolio size rather than quality of service.
Both lenders achieved a 100% timely response rate to CFPB complaints, which is noteworthy and suggests that both institutions take consumer concerns seriously at the resolution level.
The nature of complaints differs somewhat between the two:
- Chase: 51% of complaints related to trouble during the payment process, 19% to struggling to pay the mortgage, and 16% to applying for a mortgage or refinancing.
- Wells Fargo: 42% related to trouble during the payment process, 34% to struggling to pay the mortgage, and 14% to applying for a mortgage or refinancing.
Wells Fargo’s higher proportion of “struggling to pay mortgage” complaints (34% vs 19%) could reflect differences in borrower demographics within their servicing portfolio rather than a lender-specific issue. Both lenders show that payment processing is the most common source of consumer friction.
Worked Example: How the Choice Might Play Out
Let’s consider a specific borrower scenario to illustrate how choosing between these two lenders could produce different outcomes.
Borrower profile: Sarah has a $350,000 mortgage balance, a 700 credit score, and 20 years remaining on her current loan. She has both a Chase checking account and a Wells Fargo savings account. She’s exploring a rate-and-term refinance and wants to understand how each lender’s loyalty benefits might affect her costs.
Scenario A: Refinancing with Chase
Sarah’s existing Chase banking relationship qualifies her for a relationship rate discount. While specific rate reductions vary, even a 0.125% rate discount on a $350,000 loan translates to roughly $25 to $30 per month in savings, or approximately $9,000 to $10,800 over the life of a 30-year loan. She pays standard closing costs but benefits from the lower rate for as long as she holds the loan. She can start her application online and visit a local branch if she has questions.
Scenario B: Refinancing with Wells Fargo
Sarah’s Wells Fargo account qualifies her for a closing cost credit. If that credit amounts to, say, $1,000 to $1,500, she reduces her upfront expense immediately. Her rate is standard (without a relationship discount), but she saves money at the closing table. She works with a dedicated mortgage consultant at a local branch who walks her through the process in person.
Which is better for Sarah?
If Sarah plans to stay in her home for 10 or more years, Chase’s rate discount likely delivers more total savings over time. If she’s planning to move or refinance again within a few years, Wells Fargo’s closing cost credit gets her money back faster. Sarah can use our refinance calculator to model these scenarios with specific numbers.
Bottom Line
Chase and Wells Fargo are both well-established national lenders offering similar loan products, including conventional, FHA, VA, and jumbo loans, with the same minimum credit score requirement of 620. The right choice between them depends largely on your existing banking relationships, your preference for rate savings vs upfront cost savings, and how much you value in-person service.
Chase tends to reward loyal banking customers with rate discounts and offers the DreaMaker program for lower-income borrowers, making it a strong contender if you already bank there or qualify for that program. Wells Fargo leans into its in-person experience with dedicated mortgage consultants and closing cost credits for existing customers, which may appeal to borrowers who want hands-on guidance and lower upfront costs.
Neither lender offers USDA loans, and both have approval processes that may be slower than digital-first alternatives. If speed is your priority, you may want to explore additional options on our best refinance lenders page.
Ultimately, the best refinance lender is the one whose strengths align with your specific financial situation, timeline, and preferences. Gather quotes from both, compare the total cost of each loan over your expected holding period, and make the decision that works best for your household.
Sources
- CFPB (Consumer Financial Protection Bureau) – Complaint data and consumer guidance
- HMDA (Home Mortgage Disclosure Act) – Lending volume and approval data
Last reviewed: March 29, 2026
Written by the Wirly editorial team. Our methodology: /methodology