Wells Fargo Home Loan—Fed To Keep Interest Rates Low, Refinance Or Get Home Loan With Low Rate
With the Federal Reserve stating they would leave interest rates low for the foreseeable future, many people are wondering if that is a possibility or a necessity. However, homeowners who are seeking to refinance their home loans or take out their first home mortgage loan from lenders like Wells Fargo could benefit from these extended low interest rates.
Wells Fargo has been participating in the Making Home Affordable Program and amid calls for lenders to begin making more home loan modifications permanent, Wells Fargo is one of the lenders who can be said to have raised their home loan modification numbers.
Current customers of Wells Fargo, who are also struggling with their mortgage payment but haven’t defaulted or reached the level of needing or qualifying for a home loan modification are looking to refinance with Wells Fargo for a lower interest rate.
A lower mortgage interest rate from Wells Fargo could bring about a lower monthly payment for homeowners who are financially struggling and it could also provide a payment that is going to help home homeowners avoid foreclosure.
New homebuyers who are looking at Wells Fargo for their mortgage needs are going to find this current economy one of the best in which to purchase a home. Not only are the low interest rates working in favor of new homeowners, but there is also the first-time homebuyer tax credit to be had, as well as homes being sold at great deals due to a mixture of foreclosures and banks simply wanting the properties off their hands.
Anyone looking at Wells Fargo, or any other lender, for a home loan or refinancing options shouldn’t take the Federal Reserves announcement as a reason to drag your feet on purchasing or refinancing on a home. Low rates are hopefully around for a good while, but again, they can’t stay forever, so see if you can take advantage of a lower interest rate and it may help you in your finances.
After month of waiting lost paper work and lies I have had it with Wells Fargo. They will tell you on rate then add points. I was going to refinance my mortgage. We find out we qualified for making Homes Affordable Program . Great, we think. So then the bean counters tell us to penny that we need $3082.52 more a month in income to qualify for the Making Homes Affordable Program.
So I decide to try once again to refinance.
I am offered a dream at first 4% on a fifteen year fix rate. So brought my wife Patti to sign the papers.They then tell us that that rate has changed from 4 to 4.5%.
Why did I qualified for an FHA 4.5 % fifteen year fixed rate loan and not The Making Homes Affordable Program.
The reason is that Wells Fargo makes up its own rules.
After month of waiting lost paper work and lies I have had it with Wells Fargo. They will tell you on rate then add points. I was going to refinance my mortgage. We find out we qualified for making Homes Affordable Program . Great, we think. So then after months of waiting the bean counters tell us to penny that we need $3082.52 more a month in income to qualify for the Making Homes Affordable Program.
So I decide to try once again to refinance.
I am offered a dream at first 4% on a fifteen year fix rate. So brought my wife Patti to sign the papers.Then they tell us that the rate has changed from 4 to 4.5%. Oh you can have the 4% but it will cost you more.
So why did I qualified for an FHA 4.5 % fifteen year fixed rate loan and not The Making Homes Affordable Program.
The reason is that Wells Fargo makes up its own rules.
I too am with Wells Fargo and have gotten the run-around by Wells also. Plus tho’ I was silly enough to pay 20% down on my current under-water mortgage, but tho’ always on-time with my loan payments, I was treated like a criminal (am a senior citizen with reduced income since I still work)…when I try to ask about refi’s and then the HARP and HAMP programs.
One refi Wells man gave me a rate saving only 1/2 point interest rate, but with an even more mortgage payment – I have excellent credit…I only had to play about $8,000 in fees to get that! I turned him down fast, thank-you, I’d rather walk.
I don’t like Wells Fargo any more, they have let their better people go and now have all new inexperienced people who don’t know how to do their jobs. Banks caused this, I don’t think honest homeowners should feel guilty about anything, it’s an onus on all banks who give out the “to hell with honest homeowners” attitude.