Home Buying in Grand Terrace>Question Details

Grandterrace, Home Buyer in Grand Terrace, CA

agent offered lender, said Wells Fargo has bad reputation closing. Is that true?

Asked by Grandterrace, Grand Terrace, CA Fri Mar 11, 2011

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Grandterrace - I have closed several homes where Wells Fargo was the lender and have not had any problems. There are a lot of variables involved in closing on a home. Your agent may have had a transaction that had problems and is relunctant to use them based on that situation. In today's market, you want to use an experienced loan officer that has a good team supporting them during the processing of your loan. As a buyer, if you have all your loan documentation ready when you apply for the loan, it will help the process go smoother. In my experience, if the buyer qualifies and if the home appraises, Wells Fargo closes their loans on time. You certainly have an opportunity to talk to multiple lenders and compare their programs. Good luck with your home purchase.
1 vote Thank Flag Link Fri Mar 11, 2011
Last year, all big lenders were taking around 60-days to close. That's not the case anymore. I would go forward with your lender of choice. You certainly want to ask them what their cycle times are currently. You would ask any lender that question.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Sat Mar 12, 2011
Opinions vary, even though I personally bank with Wells Fargo, I have had a lot of clients complain about them as far as mortgages go. I know one broker in town who told me she will not work with clients if they are only pre-approved with Wells. I dont know if I would go that far, but well, I have heard some horror stories from clients. Shop around, it is your RIGHT to use anyone you want for a lender and it something you should figure out before you put an offer in.
Best of luck.
0 votes Thank Flag Link Sat Mar 12, 2011
A lot of people are grumbling at all lenders these days for a variety of reasons which can all be lumped into something that delays a closing more than it would have 5 years ago. One thing is the fact lenders are more cautious and require more documentation than 5 years ago (can you say No-Doc Loan). Add it up and it might take longer for some people, but not all. This true for all lenders, not just Wells which does a fine job.
0 votes Thank Flag Link Sat Mar 12, 2011
Far from it. Wells Fargo does a fine job.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sat Mar 12, 2011
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