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Wells Fargo Refinance / wells fargo holding my mortgage hostage

1 353 east 72nd street, NY, United States Review updated:

Never use Wells Fargo to obtain your mortgage. I had been a loyal customer for over 10 years with excellent credit (over 800) and have never missed a payment. I have referred customers to Wells Fargo in the past, but after my recent experiences I will never again. After purchasing another apartment in nyc several years ago with an interest rate of 5.75% I had the opportuinity to refinance approximately 2 years ago. It took months for the process to get completed only for Wells Fargo to come back and say that my coop did not have the required amount of insurance to qualify my loan for refinancing. Firstly, I already had my loan with Wells Fargo so what risk were they taking by refinancing my loan? Secondly, no other bank appeared to have any issues with refinancing loans in my coop. The only reason I can think of is that it was purely a business decision to keep me paying at a higher rate. Since that experience I decided recently to refinance at HSBC given I did not want to pay a bunch of fees like I had previously only to get my refinancing rejected by Wells Fargo. It has been close to 3 months and I have still not been able to refinance and my rate lock has expired. The reason? Because Wells Fargo is still waiting for papers from their warehouse to release my loan. Absolutely f'ing incredible. In short, never use Wells Fargo. Your experience will be horrible getting a loan from them and will be even more painful if you decide to refinance your mortgage in the future with another bank.

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Comments

  • Wf
      5th of Jan, 2011
    0 Votes

    Oddly i have been trying to streamline an existing FHA loan w/ them...they dragged their feet so long the FHA insurance rate has sky rocketed so my savings has gone fron $150.00ish to $97/ mo !! They keep telling me the appraisal is going to expire !! FUNNY thing there is NO appraisal on a streamline !! I could have gone to People'sBank back in November..but i remained loyal and got screwed due to the lack of competency apparently in the underwriting dept. Then again got a call just last night wanting all my documents from Sept..which are in my file !! WT hck is wrong w/ these people ???

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