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Wells Fargo Mortgage

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1.5 5

Most Helpful Positive Review

May 20, 2015
Easy process. Could not be happier.
Rainer48 Borrower

Well, after reading reviews I must have been very lucky with my experience with Wells Fargo. I am a first time home buyer and the process could not have been easier. My loan officer and processor stayed in constant touch with me through phone calls and e mail. I honestly felt like the loan officer and processor were working for me on my behalf. After closing they both called me and e mailed me to thank me and to see how  Closing went and to say they hoped I enjoyed my new home. Based on my experience I would recommend them to anyone. 

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Most Helpful Negative Review

Nov 19, 2013
Horrible bank, heartless employees

My wife and I recently applied for a loan so that we could upgrade to a larger home in order to accomodate our growing family. We were pre-approved, and found a very reasonable home. As others have said, we were asked to submit an unreasonable amount of documents, including letters explaining why I go by my middle name rather than my first name, and why my wife took 3 months maternity leave with our last child. A lot of paperwork, but do-able, just a hassle. However, they turned down our load application based on my student load repayments, which are income-based, so we will never pay the max amount of $700 per month, but only $170. Our loan agent, who was a complete unprofessional ***** throughout the process, found out on Friday, but did not contact us until close of business Monday to inform us of the underwriter's decision. My wife applied at local lenders this morning and we have been approved. Big business' offer the safety of not going out of business, typically, though it is not worth it to have to deal with heartless, lying, sneaky employees who only care about the bottom line and are not willing to take the time to listen to reason. If you're reading this, go to a local lender and don't even bother supporting this evil machine.

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Reviews (174)

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Oct 19, 2016
refinance condominium in FL

I applied to refinance my investemnt condo located in FL. After a month of going back and forth sending paperwork, and $600 plus appraisal I was asked to provide or purchase additional insurance which is already included in my condo assocation policy. Insurance would cost addditonal $900 per year. Therefore being assured that all the required paperwork is complete prior to me going ahead with appraisal I needed to cancel refinance. Given amount was less than 40% of the appraised condo value I lost time, effort and $600 for this hassle.

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Sep 30, 2016
Terrible and Awful
Anonymous Borrower

My husband passed away suddenly. His name is on the mortgage loan, my name is on the deed and I'm listed as the one obliged to make the payment. I contacted WF to request that my name be put on the loan, either refinance or assume mortgage. I sent the death certificate and paper work. Call center mentality - I have spent hours on the phone with them trying to get something going, while I continue to make payments. I am now refinancing with another mortgage company (surprised?) and cannot get them to stop the automatic mortgage payments from my checking account. Told me tonight that is illegal and they can't do it. I guess they will owe me some $ after I sign the closing papers with the new company next week. Then I can take time to grieve.

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Sep 28, 2016
World Savings/Wachovia//Wells Fargo
Anonymous Borrower

Wanted my house so took it ...

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Aug 23, 2016
Run As Fast As You Can!!

These people are a bunch of incompetent morons! They have asked for the same documentation over and over again! My husband and I had given them all of the required documentation in less than 2 days and they have pushed our closing back at the last minute for something THEY missed on our credit report. It is absolutely ridiculous! No one communicates and no one give you a straight answer. I wish I would have went with a different bank!

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Aug 17, 2016
House refinance

My original house loan was through Wells Fargo, as this was who secured the loan from the builder. I have had this loan for 12 years. I have talked to 3 different persons intheir mortgage department in the last few years, and got a run around like they did not want to bother with me. Finally a 4th said they could do what I wanted to do. I owe less than half of what my house is appraised at. I wanted to refinace it, and take cash out to pay off some property I have in Florida. Which the total loan, then would be about 65% of the house value. I have an excellent credit rating of over 800. First they lied and said there is a half a percent up charge because of the cash out, as everyone does it. Come to find out they were as much as 3/4 of a percent higher.

I have assets that cover this entire amount too. But they still denied my loan application. Because of my circumstances, I did not work for over a year, then went on disability. So my tax returns did not reflect the income, though my award letter showed I made more than enough to live on as i currently do. I was told that letter is good, it's like having it onthe tax returns. Then after that they would not communicate with me , and their website to upload documents wwas horrible. I emailed and uploaded documents. then the next week, they asked for them again. This went on for weeks. I was aslo asked for information not needed for any kind of loan. They wanted explanation of any deposits over $500.

Finally after about 10 emails, all they said, the loan won't be approved. They were rude, lied, inconsisitent. They wasted a lot of my time. I have many accounts with Wells Fargo and as soon as I can get this refinanced I will be moving all my acoounts and brokerage services out of Wells Fargo.

This doesn't even explain half of the issues with them, but my suggstion is to stay away from Wells Fargo mortgage. They look for ways not to approve loans. I would give them zero stars if i could.

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Aug 12, 2016
Don't waste your time!!!!!

I contacted Wells Fargo when I was shopping around for a mortgage. They are suppose to have the best rates around, but this is a lie. Their interest rates & APR are much higher than every other mortgage I've ever seen! Their APR is currently over 5% & interest rate was 3.89, when I've been offered as low as 2.5 for interest & 4% for APR. This results in a higher monthly payment. 

More so then the rates, their customer service is terrible! They pay no attention to detail  & I was constantly finding mistakes! Kelly literally starting fighting with me when I told her I had a better offer, and treated me liked I didn't have a clue about anything! I've done my research! I know everything there is to know about PMI, FHA loans, sellers concessions, because I ASKED! The only GOOD thing is their upfront costs- this quote was lower, but even if I put more down, the monthly payment was still higher.

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Jul 12, 2016
Home Mortgage
Anonymous Borrower

Options at closing were to pay monthly, 30 years - Bi-weekly 15 years- weekly 12-13 years to payoff.  After 7 years there is not way this will be paid off in 12-13.  We have paid weekly and this has been a joke. We had the options at closing and took the weekly to pay off early.  We were not given a opy of the plan, just the note we signed.  Wells Fargo has done nothign to rectify the situation.  Why would I pay weekly and let them hold my money.  They will not apply partial payments so if you come across the same situation, beware.  They do not apply anything but a full payment and they collect money on your money sitting there.  Crooks!!!! Reporte dthem to Attorney General Office and getting a lawyer.  Anybody else have this happen?  Action lawsuit sounds good to me!!!!

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Jul 06, 2016
Worst experience in my life
laciejay Borrower

We applied for a conventional loan on a prebuilt manufactured home. The application process went great, applied we were credit approved, we signed tons of paperwork. That's when things went down hill. It took over almost a month to just get the appraisal done. After the appraisal finally came back approved, the bank said we could proceed to closing. We were told that we would close on July 8th. All of our paperwork was signed, all of the funds for the closing costs were in the bank and accounted for. Then friday morning, july 1st, the bank told us that we needed to have 3 months reserve in our account, so we got the money together within 2 hours and deposited it into the account. All was good with the bank, said we could proceed. Then 7pm friday night the bank calls us and says oops you need to have 6 months worth of reserve in your account. Mine you this is a holiday weekend. No bank is open after 7pm and our bank isn't open on saturdays or sundays, and was closed monday for the 4th. We faxed them all of the proof of the money and deposited it as soon as the bank opened on tuesday. We were told that as long as we had the money in the bank by tuesday morning, we could still close on the 8th like we had planned. The bank doesn't return voicemails, they don't answer phone calls or emails. I've made complaints with headquarters in Cali and no responses from them either. We have been working with this bank for 2 months already and still have no idea when closing is. Our seller has already extended our contract 3 times and will have to do so again this weeked as we will not be able to close by friday. This whole thing is a mess and I wish I had read reviews for wells fargo before we decided to get a loan through them. I'm much rather rent for the rest of my life than deal with these people ever again. My husband is transferring to another state for a job and he will have to start before we actually end up closing on the house and because our account is being monitored he won't be able to rent a place he will have to live out of his car until we can move. It's beyond ridiculous. 

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Jun 23, 2016
Anonymous Borrower

I must have also been lucky. I was preparing myself for the worst possible outcome, but Wells Fargo came through and we closed on our house a day ahead of schedule. Carlos and Kelly in East Brunswick NJ were great.

Now, understand something - I over communicated every little detail and made sure my paperwork and financial situation was in order. My wife and I earn a good salary and generally have our ducks in a row. I played liason between all parties involved because I wanted things to go smoothly.

Be professional with your loan representatives and always be honest. I was and it really paid off. It truly was a rewarding experience.

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