Refinance questions

[EileenLS]

Hi all. We are in the process of refinancing our home with Wells Fargo. Started the process in April and were supposed to close two weeks ago but due to many paperwork errors and incompetence on the staff's part we still have not closed. We started the process in April locked in at a rate of 4.250 for a 15 year. Of course, right after we started the paperwork the rates dropped to all time lows! Currently, the rates are between 3.5 and 3.750. Our rate is only guaranteed for a few more weeks and I am not even sure we are going to close by that date. As much as I hate to start over, would I be able to go for the lower rate after the lock in date expires? Does anyone know if I would be reasonable for the closing costs even though it was the bank's fault we were not able to close in the time alloted?

Any advice would be appreciated! Thanks

Eileen

 

[phamy76]

I can't answer your question, but our mortgage was bought out by Wells Fargo and we HATE them. There are so many things they "can't" do.

Our old mortgage company had a coupon payment book. We ripped one out and mailed it in with the check. Wells won't do that. They mail us a statement every month. From the time it's printed, we get it 12 YES 12 days later. Then we only have 9 days to pay it until it's considered late in their eyes. Their answer was, well you have to pay the mortgage on time whether we mail you a statement on time or not.

For the first 3 months when they took over our mortgage they called 1 day before it was due and said "we noticed you hadn't paid your payment yet. Let's take it over the phone." uh, NO. I mailed it. I'm NOT paying you twice.
Every time we check the bank statement, it cleared that afternoon. Seriously.

Good luck!

 

[mistysue]

Not to scare you, but I am similarly bad experiences with them and an auto-loan. Will your insurance be through escrow? Because they were really good at losing my proof of insurance- even when I had fax confirmations and a certified mail receipt. Then they charged me $1500 for not having insurance on the car (twice!!!) which they "were working on crediting back." I never got the credit.

They also did the call about not getting the payment yet trick on me, which was funny because I would pay them online and the money had already come out of my bank account days before they called, but they just hadn't applied it yet.

 

[figmentfan0724]

i want to know why it is taking so long for you to refinance...i work for a bank and ours only takes about a month if that...

 

[gracie1]

I haven't used Wells Fargo but had a horrible time trying to refinance with Bank of America. After putting $515 out of pocket for the appraisel, it was dropped. Atleast I got an appraisel I guess.
Anyways, when you lock in, you are guaranteed the rate you locked in at. However, when I bought my home and locked in, the rate had went down and they locked me in the newer rate.

 

[gracie1]

i want to know why it is taking so long for you to refinance...i work for a bank and ours only takes about a month if that...

Some banks are faster than others. And it has gotten harder to refinance. I work for a condominium building and you wouldn't believe the length of time it takes for a bank to refinance them. It's ridiculous

 

[EileenLS]

i want to know why it is taking so long for you to refinance...i work for a bank and ours only takes about a month if that...

The process is grueling to say the least. I have a small equity line of credit with a local credit union (a few thousand dollars) and for some reason they thought I would be be including that payoff in my refinance. I have no clue why they got that idea because I never told them that I wanted to close it. They set up a closing and the person came to my house and included in my settlement costs were MY CAR LOAN which is at the same credit union. I almost fainted. Your right it shouldn't take this long. That was almost three weeks ago and I cannot even get my phone calls returned. My sister refinanced in June and she closed last week.

 

[ProudMomTo3Boys]

I tried to refinance with Wells Fargo last December. We already had our mortgage with them. Our lock in rate date came and went and there was always something else they needed. After 2 weeks past our date came, I told them to forget it, went with another bank and closed within a month of starting the process with them. I am so glad to be done with Wells Fargo.

 

[EileenLS]

I haven't used Wells Fargo but had a horrible time trying to refinance with Bank of America. After putting $515 out of pocket for the appraisel, it was dropped. Atleast I got an appraisel I guess.
Anyways, when you lock in, you are guaranteed the rate you locked in at. However, when I bought my home and locked in, the rate had went down and they locked me in the newer rate.

Wow..so you did get the lower rate even though you locked in at the higher rate? That's great.

 

[Swimalie]

Our old mortgage company had a coupon payment book. We ripped one out and mailed it in with the check. Wells won't do that. They mail us a statement every month. From the time it's printed, we get it 12 YES 12 days later. Then we only have 9 days to pay it until it's considered late in their eyes. Their answer was, well you have to pay the mortgage on time whether we mail you a statement on time or not.

For the first 3 months when they took over our mortgage they called 1 day before it was due and said "we noticed you hadn't paid your payment yet. Let's take it over the phone." uh, NO. I mailed it. I'm NOT paying you twice.
Every time we check the bank statement, it cleared that afternoon. Seriously.

Good luck!

This sounds like the company that ours was sold to. They would call me on the 1st, when the payment was made the day before. One time I said "Oh you are calling to thank me for paying on time? Thank you" and hung up. They never called again. They would also send out the statement AFTER a reasonable time in which to pay it. It would arrive around the 25-27th and I pay my mortgage on the 24-25 every month. We refinanced with BB&T last Aug and it was been great so far. It did take about 3 months to get the whole thing done, though.

Sadly, I'm with Wachovia and they are switching permanently to Wells Fargo in a month. I'm not happy at all and will probably switch all my money to BB&T.

 

[seashoreCM]

Not to scare you, but I am similarly bad experiences with them and an auto-loan. Will your insurance be through escrow? Because they were really good at losing my proof of insurance- even when I had fax confirmations and a certified mail receipt. Then they charged me $1500 for not having insurance on the car (twice!!!) which they "were working on crediting back." I never got the credit.
.

Small claims court time.

 

[Kitzka]

I can't answer the question about your lock in rate but between DH and myself we hav had 4 mortgages and 3 refis. All with wells Fargo and we love them. Never any major delays or issues. Perhaps it's your local office! Our agent is top notch.

Lara

 

[mistysue]

Small claims court time.

It's too much for small claims court here. I'm pretty sure they know that too. It is also written into their policy that it is the customer's responsibility to make sure they have your information and that they have on record that it is for your account. (basically, it's your responsibility to go into their office, get a job there and enter it into your own account...) IT is also written into their policies that if they charge you for not having insurance, they don't have to refund it even if you had insurance. Basically, they have a contract that says that they are allowed to randomly charge you thousands of dollars because they want to.

 

[Princesca]

I'm the opposite. I switched from Wells Fargo TO another regional bank, and I wish I'd never switched. I never had a single problem with Wells, easy peasey, all the way, but the newer bank... ai ai ai. I could tell you stories to curl your hair.

 

[Princesca]

Oh, but to answer your question, I think you have to read the fine print on your lock agreement and see what it specifies, in terms of a delayed closing. The bank always has the power to give you pretty much whatever rate they want, so they will likely want to just extend your lock period at the higher rate rather than let you expire and get a better one.

 

[EileenLS]

Oh, but to answer your question, I think you have to read the fine print on your lock agreement and see what it specifies, in terms of a delayed closing. The bank always has the power to give you pretty much whatever rate they want, so they will likely want to just extend your lock period at the higher rate rather than let you expire and get a better one.

Yeah that is what I thought but I think if the lock period expires, I will just go to another bank to refinance. Too bad since I have had Wells Fargo for a long time and they will lose a lot of interest.