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Old 03-10-2010, 03:28 PM
 
38 posts, read 81,931 times
Reputation: 14

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Offer accepted by bank....Chase vs Wells Fargo Mortgage Loan
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....
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Old 03-10-2010, 09:05 PM
 
Location: MID ATLANTIC
4,032 posts, read 8,732,468 times
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I can only see a downside going with the same lender (Wells). They have zero incentive to be on time. The only ones not on the Well's team is you and your agent (unless your agent is also the listing agent). What I mean by this........Well's attorneys are overworked, so are the loan officers handling the foreclosures. They may get backlogged, but you pay the price in time, by either paying extra rent, or worse, finding yourselves homeless (because no one is pushing your closing).

I have attached a federal explanation of the truth in lending. To give you the Reader's Digest verson, the APR is not the payment rate. The APR also calculates any points and mortgage insurance paid. One thing is left out of these explanations, and that is your comfort level with the payment. Everyone has calculations to determine if this deal is a better deal than that......sometimes we overthink it and just need to go with what feels comfortable to us.
Attached Files
File Type: pdf TIL EXPLANATION.pdf (68.9 KB, 788 views)
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Old 03-11-2010, 08:52 PM
 
Location: Vancouver, WA
36 posts, read 135,835 times
Reputation: 19
learn from my experience and dont go with Wells
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Old 03-11-2010, 11:51 PM
 
38 posts, read 81,931 times
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Quote:
Originally Posted by Kafffy View Post
learn from my experience and dont go with Wells
Sorry, what was your experience with WF? and what state did you get your loan? The reason i went with WF was because my co-worker went with WF before and she said they were fine (but they overcharge the fees) and WF was able to finalized her loan before closing date.

i just went with wells and got a 5.25% rate for 30yrs fixed FHA. I know the rate is higher than it should've been. Im just hoping that the deal can be done before the closing date. The Loan officer at WF said she will try to finish the loan before the end of march. My closing date is 4/10. Im crossing my fingers.....
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Old 03-12-2010, 12:04 PM
 
Location: Vancouver, WA
36 posts, read 135,835 times
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My closing date was 3/8 and we still haven't closed yet. All the delays and mistakes I've encountered along the way have left me with very little faith and confidence in them.

good luck to you
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Old 03-12-2010, 12:36 PM
 
38 posts, read 81,931 times
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Quote:
Originally Posted by Kafffy View Post
My closing date was 3/8 and we still haven't closed yet. All the delays and mistakes I've encountered along the way have left me with very little faith and confidence in them.

good luck to you
Wow we close on about the same day. I need to close on the 10 or april. When did you start the loan process? I sure hope we can close on time cause i dont want to pay 100/day.

Did the loan agent at WF have you sign a letter that he/she type up saying you will not have another bank do you loan?
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Old 03-12-2010, 01:28 PM
 
Location: Vancouver, WA
36 posts, read 135,835 times
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We were pre-approved before we made an offer and the seller accepted our offer on 2/8. Wells assured us they could close in 30 days but that has not happened.

Quote:
Did the loan agent at WF have you sign a letter that he/she type up saying you will not have another bank do you loan?
No

Why is there a 100/day penalty for missed closing? I have not heard of that
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Old 03-12-2010, 02:57 PM
 
38 posts, read 81,931 times
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Quote:
Originally Posted by Kafffy View Post
We were pre-approved before we made an offer and the seller accepted our offer on 2/8. Wells assured us they could close in 30 days but that has not happened.


No

Why is there a 100/day penalty for missed closing? I have not heard of that
Check the contract you sign with the seller (bank). On my contract, it stated that i have until 4/10 to close the deal, if for any reason i cannot close on or before that date, the seller's bank (which is also WF) would charge me $100/day until close. But if it is not my fault that the deal can't close and it is the fault of the seller, then i won't have to pay the penalty.
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Old 03-12-2010, 03:31 PM
 
Location: Vancouver, WA
36 posts, read 135,835 times
Reputation: 19
Just read through mine but do not see anything like that. Guess I better check with my agent
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Old 03-27-2010, 10:33 PM
 
Location: Eastend
173 posts, read 235,679 times
Reputation: 119
Dont go with wellsfargo!!!
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