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Just did a re-finance with Wells Fargo----same story, worst loan experience in 37 years of marriage and mortgages.
Repeatedly asked for same documents. Scores above 800, Steady, good $$ employment, savings, etc.. One hour before closing tried to add $3,000 to closing costs, claiming unpaid taxes. (they had already asked for and received proof that taxes were paid 7 weeks before). The ultimate was being FINGERPRINTED by the notary. Horribly stressful from start to finish.
Fingerprints are standard no? I did two refi's and both times they needed it. I find it to be a very small deal compared to the mountain of paper.
Do y'all remember a couple of years ago, when the entire World Economy crashed? And do you see that rates are in the 3s and 4s? And might you understand that a bit of an over-correction might be a good thing, in that it will better protect YOUR new home from losing half its value in a few years because banks decided to "make it easy" on the "good credit" buyers?
I know a lot of 800 fico buyers who lied on their Stated Income loans for primary, and investment properties, about ten years ago. Then, a lot of those same people just stopped paying for those homes. The stated income, stated asset ones. So the Due Diligence bus has arrived, and everybody gets a ride.
Fight through it.
Part of the problem is that buyers are still so myopic about the process that they go with the bottom-barrel lender with the "best rate," who provides slipshod service and has to keep going back to the well for That Same Document. Because they are likely underpaid, with a support staff that is egregiously overwhelmed, and so they have to spread themselves too thin to ever hope to do a good job for you.
So much of your frustration lies in the fact that you focused solely on that rate, didn't pay attention to the person who would be allegedly shepherding your transaction across the finish line, and now you blame the banks.
Snap out of it. I bet none of you has a refrigerator full of those generic foods with the white labels that just say "Beer", etc. on them. I bet you don't buy your clothes at Wal-Mart. The success of this process rests not on the fact that you walked away with a .175% better rate, but that you didn't want to choke everyone in your life throughout its gestation.
If you can lock in a sub-four percent interest rate for 30 years, wouldn't you rather invest the money in something else, rather than have it all tied up in a house?
Not with Wells Fargo Mortgage, my friend. Also, 30-year mortgages have always been a bad idea in my opinion. People tend to buy more house than they can really afford when going with a 30-year mortgage. They're called 'heart over head' purchases. I've always been a believer in either cash purchases---or if you have to use a loan, a 15-year mortgage with as much down as you can muster up, and a mortgage payment no more than 25% of your income. Why pay tens of thousands (maybe more) in interest to banksters?
Not with Wells Fargo Mortgage, my friend. Also, 30-year mortgages have always been a bad idea in my opinion. People tend to buy more house than they can really afford when going with a 30-year mortgage. They're called 'heart over head' purchases. I've always been a believer in either cash purchases---or if you have to use a loan, a 15-year mortgage with as much down as you can muster up, and a mortgage payment no more than 25% of your income. Why pay tens of thousands (maybe more) in interest to banksters?
The idea is to try and invest that cash in something with a higher rate of return, and sub-four should be pretty easy to beat over 30 years. Even if you're super risk-averse, would you be surprised to see the yields on 30-year treasury notes top 4% within the next 5 to 10 years?
Can you give any hints as to what the issue was? If possible, I'd like to know what it was so that we can avoid it or learn from it.
Actually, I've disclosed far more than I should. I'm pretty certain you won't hit the issue. It was rare. But back to your being willing to put up with anything for the rate..........it's all well and good if you close. But if you find out there's a problem, just before closing, that rate does jack if you have to go elsewhere for the loan. Hopefully, there's a nice window of time between the expected approval on your loan and closing.
Has you loan officer asked you for a copy of your comp agreement with your employer?
Okay, I'm reading this and feeling much better over all the crap I am going through to get our mortgage. Apparently I am not alone. I don't think all of these issues are specific to Wells Fargo but I have heard they are one of the hardest.
Not with Wells Fargo Mortgage, my friend. Also, 30-year mortgages have always been a bad idea in my opinion. People tend to buy more house than they can really afford when going with a 30-year mortgage. They're called 'heart over head' purchases. I've always been a believer in either cash purchases---or if you have to use a loan, a 15-year mortgage with as much down as you can muster up, and a mortgage payment no more than 25% of your income. Why pay tens of thousands (maybe more) in interest to banksters?
Here's the reason...
$400K house. You pay cash, now you have $400K less to invest in a market that over time, will generate 8-10% interest compared to 3-4% interest you're money is earning tied up in a non-liquid asset like a house. You make more money in the market than you will pay in interest. Arbitrage
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