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Now that the seller's bank have accepted our offer. Can we choose which ever bank or loan broker we want? We have been preapproved by wells fargo but are banking with chase. Which bank is better with mortgage loan? any personal experience? We are talking with wells fargo (also own the property) right now...and haven't talk to chase yet but i look at chase's rate for FHA 30yr fixed and interest is at 5% apr rate at 5.066%. While Wells Fargo is at 5% and APR at 5.715%. I dont really understand APR so can anybody shed some light on it....
We did an in-house(formerly WAMU taken over by Chase) refi with Chase in 2009. We submitted all needed paper work within 3 days at the end of April, 2009. They didn't close the loan until Dec. 17th, 2009. Almost 8 months!! They were the most incompetent, dishonest, full of excuses bunch of people I've ever dealt with. They said they were too busy to do it in the 4 to 6 weeks as initially promised. I have since found numerous similar Chase stories online.
We started off using a mortgage broker (which I would NOT do again) and before the first payment was due, our mortgage was sold to Chase. We hated Chase. We don't live near any branches, and it was very hard to get to talk with a human when we called customer service.
When my husband was laid off and our payments became overwhelming, I contacted Chase to discuss solutions based on what was recommended on their website. They recommended we apply for rate modification, we waited for 6 weeks or so, and they rejected the application because we were current on our payments. So, if they knew that we could not qualify for rate mod. because we were current on our payments, why did they recommend we apply for it in the first place..... In addition, when they informed us about the new streamline refinancing, they were going to charge us a partially-refundable application fee with no guarantee that we'd be approved. Slimy.
We are now MUCH happier as customers of Wells Fargo...closest branch is about 10 minutes away, they gave us a nice low rate, and the streamline refinancing went very smoothly...suffice to say...we feel much more in control of our finances with them.
Stay away from Chase. Go with Wells Fargo. WF was recommended to me by my brother, who is a mortgage customer in Massachusetts.
Last edited by aprilmayjune; 03-14-2010 at 09:11 PM..
Reason: sorry, remembered that detail after submitting post!
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