Financing in Dana Point>Question Details

John Adler, Home Seller in Dana Point, CA

When attempting to refinance my loan with better terms will a bank like Wells Fargo do so without charging me since they currently have my loan?

Asked by John Adler, Dana Point, CA Sun Dec 13, 2009

I am a good customer.
You would think they would like to keep my business.
I do understand points, as if the institutions are not making enough with interest!

Help the community by answering this question:


John -

Didn't we just answer another of your questions with a different "twist".... Is this the same property as the Loan Mod / Short Sale / HOA issues? Wells Fargo is one of the better lenders to work with. If you are a "good customer" they will do their best to help you refinance and might not charge points, appraisal, etc.

Best of luck,

Thom Colby
Broker / REALTOR
Orange County CA
949-887-5500 Cell-OC
Web Reference:
1 vote Thank Flag Link Sun Dec 13, 2009
Wells fargo will do your loan at a reduced amount. The fees will be less than that of a mortgage broker. The fact that you are a returning client is irrelevant. You are a new loan to them. The way that the fees are lowered are as such: Intangible tax (if any) is not charged if you refinance through the same lender regardless if it's Suntrust to Suntrust, Chase to Chase or wells to wells. Title Insurance can be offset if you are able to show prior owner title insurance (each state is different). In house fees can be waived when same lender, however rate is a little higher to offset those fees. Escrows can be netted when using the same lender, so if you have an escrow balance of $4000, the lender doesn't have to get more money from you to establish a new escrow, because it's already there. Wells is far behind and you may see yourself closing sometime in February due to the new laws passing January 1st. Wells is big about compliance and it takes them time to get all their systems in place when a new law comes into play. You'd be better off going to a broker that's signed up with Wells and working with the wholesale side versus the retail side if you really feel the need to stay with them.
0 votes Thank Flag Link Mon Dec 14, 2009
I am glad to hear that your lender is Wells Fargo, they're actually good to work with for Short Sales. Approx. 35-40 days for short sale approval.

You won't be able to refinance being $100k negative like you are. I know you did a loan modification, but did you miss any payments in that process?

You don't have to have a financial hardship or miss payments for Wells Fargo to approve a short sale.

I have a good contacts with Wells Fargo.

Let me know if I can help you with your short sale, I know you have many more questions & I can answer all of them for you.
562-430-3053 cell
0 votes Thank Flag Link Sun Dec 13, 2009
I doubt it. Big banks are interested in making money. Why would they do this for free. I think Wells, Bof A and the other big banks are the worst. The right hand doesn't even know what the left hand is doing. Good luck on re-financing.
0 votes Thank Flag Link Sun Dec 13, 2009
Hi John,
Call the lender who did your original loan and see if it is possible to do a "streamline loan" on the property. This is the only way to avoid standard refinance fees. Sometimes it is possible and sometimes not. Ask the lender who you worked with before. Good Luck!
Connie Bramble
0 votes Thank Flag Link Sun Dec 13, 2009
This is my mother's loan but I am a co-signer.
0 votes Thank Flag Link Sun Dec 13, 2009
I am not one to slam but Wells is not on the better ones. What would you rather deal with a licensed Loam Officer or a $15 hour order taker? The answer is the same as Michelle's. Ive found myself right there or better than WF plus the service and knowledge
0 votes Thank Flag Link Sun Dec 13, 2009
All lenders are charging you for the mortgage one way or another either in points or in a higher interest rate. I dont know anyone that works for free.
0 votes Thank Flag Link Sun Dec 13, 2009
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