I want to know if the Wells Fargo 3 step program is too good to be true ?

Asked by Global123321, 91791 Fri May 20, 2011

A WF rep called me offered to refinance at 1.13% lower than where I am at now. Also there is no closing costs, no appraisal,no 2 years tax return.

All I got to do is wait for the loan docs to come in mail , get them notarized and send back to Wells Fargo.
Is it too good to be true ?

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Rosejains, Agent, New York, NY
Thu Jul 23, 2015
FHA 203K provide a number of benefits. Among the nation's top fha lenders, Wells Fargo has been the most actively originating FHA 203K Mortgages.

View all similar discussions http://fhamortgageinfo.com/
1 vote
Rickysmalley…, Home Buyer, West Covina, CA
Sun Aug 2, 2015
Wells fargo are not to be trusted. When my refinance came due they automatically rolled it into a 30 year fixed mortgage at a high interest rate. They claimed it was a bad debt to worth issue. So they never informed me of the change added a bunch of hidden expenses and want $200 more a month than anyone else. I had to close my checking because they were scamming me for late charges by holding up my auto deposits and holding pending payments til the combination ran the account low enough to become negative. Then they dumped the pending transactions all at once charging $35 per hit.
0 votes
brucerowe1, Home Owner, Toms River, NJ
Mon Jan 19, 2015
LOL. your lucky if they can even close your loan. They are the worst.
0 votes
sgdcover, Other Pro, New York, NY
Tue Dec 16, 2014
I just signed my closing documents. I"m going tomorrow to a Wells Fargo branch for the docs that need Notarization. It was super easy. I'm unemployed and the reps I worked with did everything to push it through. These were for investment properties too. Saved me 1% interest and lowered my monthly payment.

Since it's rental property, my primary concern is cashflow, so it works great.
0 votes
Adding one point. I have another mortgage through BofA and they were a nightmare! Took me an hour just to get to the right people to talk to, and they had no clue what I was talking about when I told them about the wells program. They wanted to charge me 2k in closing costs.
Flag Tue Dec 16, 2014
Christopher…, Agent, Tarrytown, NY
Wed Jan 1, 2014
Wells Fargo is too good to be true, a true disaster.

0 votes
Christine Wa…, Home Buyer, Las Vegas, NV
Wed Jan 1, 2014

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!
0 votes
Rebeccatrulia, Renter, United Amigos, Mesa, AZ
Sun Oct 6, 2013
Hi Global123321

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.

0 votes
Anthony Smot…, , Georgia
Tue Aug 16, 2011
Hello Everyone,
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.


NMLS# 200155
0 votes
Anthony Smot…, , Georgia
Sun Aug 7, 2011
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.
Stated income

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 anthony.smothers@wellsfargo.com

NMLS# 200155
0 votes
CC, , Moreno Valley, CA
Sat May 21, 2011
The three step program is the easiest refinance program I have seen in the 15 years I have been in this business. The program has specific requirements and is not available to every one. If you are eligible for the program it is worth exploring. Many home owners are able to take advantage of today’s low interest rates, reduce monthly payments and/or even cut the term of the loan, or both!

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..
0 votes
Barbara Van…, , Folsom, CA
Sat May 21, 2011
The part that is true is no appraisal or tax returns required on streamline refinances. No closing costs are also possible when lender credits associated with the interest rate being quoted to you are enough to cover loan costs. A mortgage only credit report still needs to be run and income & employment verified but the paperwork is much less than a regular refi.

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!
0 votes
I just went through the process of getting one of these 3 step refinances from wells fargo. They do mail you the closing documents via UPS, they have you sign and notarize them and mail them back and you're done. There are no closing costs involved, outside of any requisite state filing fees, for me it was $50 to NY.
Flag Thu Sep 6, 2012
, ,
Fri May 20, 2011
If your existing loan is with WF it may be some what true. There is no such thing as no closing cost, the mortgage must be recorded and that takes a little money. WF or any other lender for that matter can charge a slightly higher interest rate and use some of the overage to pay closing cost. How they do it is not important if you are happy with the rate.
0 votes
Does anyone know if this is a loan modification or a new mortgage?
Flag Tue May 23, 2017
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