long refinancing process with Wells Fargo
Is anyone refinancing with Wells Fargo? My slightly underwater rental property is currently being refinanced by Wells Fargo. Since they are my current lender, they volunteered to refinance it at no cost. We initiated it in early July 2012 and were told we will close in 8 weeks. I called Sept. 17 and was told it will run for an additional 8 weeks. They also promised to update me every 2 weeks on the processing and so they called me today and said the processing will be another 15 weeks from today. Does anyone have the same experience as we do? I am wondering if they just wanted to collect all our paperwork to determine where we stand in our finances, sort of gearing up for a possible default if the economy heads for the worse. by evlynF_646_836 from Torrance, California. Oct 3rd 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Your mistake is using any of the large banks to handle your HARP refinance... truth be told, most lenders are taking several months to close these transactions, however the broker would have been in contact with you the whole way.. You are 3 and a half months away from getting underwritten, not closing... best advice I can give you is to cut your losses now and call a local mortgage broker... you will get your loan closed in 45 to 60 days... not 4 months.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions
You know the old saying that "nothing is free in this world" well, you are seeing that first hand sadly. Wells is not doing you any favors by offering you a "no cost" refinance, there are significant costs they just do a good job disguising them. Not only are you dealing with these unacceptable turn times but you are also likely paying a rate of interest well above what you could get to compensate for this supposedly "no cost" loan. I would say you should contact a local mortgage broker and restart the process with them since you have not spent any money but for the appraisal maybe which, you can still use if it's less than 90 days old. Get out while you can!!!
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Evelyn, the big banks are taking an extreme long time especially when it comes to refinances. As for updates...they will basically just say anything but what is an "actual" status....HARP refinances, if that is what you are doing can vary in length from 45 to 90 days to complete....If you would like some info on what we can do feel free to contact me...I am in Long Beach.....562.987.2184Dan
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
They didn't volunteer to refinance at no cost! They quoted you a rate significantly high enough to hide all your closing costs within the higher rate!!! And you fell for the scam! Never ever ever use your current servicer. Our loan turn times are running about 30-days right now, and I am embarrassed at how slow we are!
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