Lower Interest rate on existing mortgage / Denial of lower interest rate loan on existing mortgage
Wells Fargo Bank, contacted us by telephone stating we qualified for a lower interest rate loan on our existing mortgage. We were three (3) months ahead on our mortgage and we were encouraged to apply for this loan, we submitted all of the forms and paper work that was requested We were more than qualified we were then asked to take our home out the trust it was in which cost about $200.00
This is after Wells Fargo kept asking for more and more paper work and tax returns.After submitting everything requested of us and more the loan was suppose to be assured of going through and being done before the end of 2012. Then we were asked to take our home out of the trust in order they would better able to attach the lien for the new lower interest loan once all this was done and monies spent for the copy of the deed and lawyer fees Wells Fargo kept asking for more and more paper work.( I suspected they were looking hard for a reason to deny the loan) which they somehow found which was not really a legitimate reason. In the mean time we lost our three month edge on our mortgage and we are out about a total of $300.00 and the fact it was Wells Fargo Bank that contacted us about this to begin with, otherwise we would not have put ourselves through this aggravation. Due to this we are closing our savings account with them and will be moving our existing mortgage from Wells Fargo Bank as soon as we can.