Since it's rental property, my primary concern is cashflow, so it works great.
During our HARP refinance application, Wells Fargo Mortgage scammed us, causing us to lose more than $17,000. The only response to our complaint to Wells Fargo is a token, so-called "good will offer" of a meager $500! No apology, no accountability, no admission of wrongdoing, NADA!
Do your homework PRIOR to calling Wells Fargo, and I'm sure you'll agree with the 1000's of other victims, AVOID Hells Fargo at all costs! They are the "American Dream Killing Machine".
Wells Fargo Corporate Rap Sheet
Wells Fargo Complaints Board
Consumer Lawsuits against Wells Fargo
Better Business Bureau Wells Fargo Home Mortgage Complaints Summary
Better Business Bureau Wells Fargo & Company Complaints Summary
Wells Fargo Tops for number of bank complaints
Wells Fargo Sued for Non-Compliance with National Mortgage Settlement
Wells Fargo - Hells Fargo: Consumerist complaints
Wells Fargo Mortgage Fraud Report
Hold Wells Fargo Accountable - Justice for Wells Fargo HARP and HAMP Fraud Victims
Refinance your WF Mortgage (while rates are still low), We recommend you use only a direct mortgage lender, not a MEGA-Bank. (Dave Kooner at New American Funding was able to close our HARP in less than 45 days, what took Hells Fargo more than 5 months to deny us based on a fabricated, "title issue"! You can contact Dave at 800.450.2010 xtn 7837.
Then pay of your credit cards and close all your Wells Fargo accounts. Encourage all your loved ones to do the same. The ONLY way to hold them accountable for all the bad deads is to stop feeding them!
A Reverse Mortgage is designed to be the last loan you may ever need. It works opposite a traditional mortgage. Rather than making monthly payments to pay off a loan as is the case with a traditional or forward mortgage, with a reverse mortgage the equity in your home pays you. Since there are no monthly payments, there is no income or credit qualification required.
I have gotten a lot of calls about the 3 step express refinance program for select Wells Fargo customers. I wanted to expand a bit on some options that you may be able to take advantage of today.
Wells Fargo is offering the 3 step express no cost refinance program for select Wells customers.
If you are Wells customer you may be able to take adavantage of the HARP without an appraisal.
Do not fret, if your current mortgage is not being serviced by Wells Fargo there are other options to take advantage of the low interest rates.
Fannie Mae DU Refi Plus, this program will allow customers that have a mortgage owned by Fannie Mae to refinance and the Loan to Value can be 125%. Interst rates are low enough that the lender can absorb some if not all of the cost.
FHA streamline, this program will allow you to refinance without an appraisal. Be advised that there is a 1 % upfront MIP charge on these loans and the annual MIP is charged at a rate of 1.15% per month
VA IRRL, this program is similar to the FHA streamline. There is also a funding fee associated with this program.
As you can see there are different ways to take advantage of the low interest rates, and all of these programs have their guidelines and qualifying criteria, and none of them may work for you.
As with any transaction, there are things to consider and refinancing may not always be the best thing to do, but with the interest rates being as low as they are, it never hurts to investigate. Please feel free to email me with any questions that you have.
My name is Anthony Smothers and I am a Home Mortgae Consultant with Wellsfargo. I am based out of Atlanta Georgia, and we have just got the 3 step refinance program here in our State.
This is a no cost refinance program for elegible Wellsfargo mortgage holders. Not everyone will be able to take advantage of this program.
Here are some of the qualifying criteria :
Conventional loans ( no Goverment loans )
Subject property must be your Primary .
No Investment properties. If the occupancy type of your property has changed you probably will not qualify.
You need to have made ontime payments.
If you have a 2nd mortgage one of the big 5 banks needs to hold your 2nd. Wellsfargo ,Bank of America, Citi, JP Chase or GMAC.
No cash out
VOE will be required.
There is no appraisal required and the note rate and the APR are the same. for example ( 4.375% with an APR of 4.375% )
This is a true no cost refinance program offerd by Wellsfargo. ( for qualified customers only )
If you would like to learn more about this progarm you can email me at firstname.lastname@example.org
Since the Three Step program is for current clients with good mortgage payment history's the bank will not require income documentation but, a verbal verification of employment is required. Since, appraisals are not required for this program, you save time and money. There are some restrictions and in some cases homeowners that are eligible are not approved. It is a conversation worth having, talk to your Wells Fargo Home Mortgage Consultant for details..
The loan officer is talking about either an FHA streamline refi or a conventional refi where Fannie Mae or Freddie Mac owns the mortgage. I've never heard of "final loan docs" being sent directly to a borrower to get notirized. The bank would prepare the loan docs and either send them to a mobile notary to do your signing or you show up at the bank to sign infront of the notary. Bottom line ... ask a few more questions, get a GFE and then go for it!
For borrowers with an FHA loan, you can be underwater and still qualify because there is no appraisal. For conventional borrowers with a Fannie Mae loan, most lender's are allowing borrower to be underwater up to 105 percent. On the conventional loan, the lender will order an automated valuation of the property to see if it meets their LTV guideline.
BTW ... a borrower does not have to do these refi's with the lender servicing their loan. You can have a mortgage broker shop around for you to find the lowest costs and best rate since these items vary from lender to lender.
All the Best!