Wells Fargo Home Mortgage

tommyv1972 _{on Google}

Feb 22nd, 2020

Sadly I can not rate below one star. I have been a customer of Wells Fargo for 30 years, checking, savings, car loans, personal loans. I also have great credit scores. When I planned to refinance my home loan it made sense to go with Wells. What a complete mistake this was. After filling out the necessary paperwork to start the process I was presented with a bunch of other paperwork to complete and I also received in writing what my rate was going to be. Compared to other lenders the rate was higher than expected AND I was expected to pay 1/4 point to get that rate. After going back and forth with the banker a reasonable rate was agreed on with no points. Continuing the process it came time for the appraisal which was priced at $950!!! On the day of the appraisal the banker called and said she had canceled the appraisal because she noticed I did not have 18 MONTHS of cash reserves. 18 months??!! I've never heard of this, but was expected to have 18 months of mortgage payments in the bank. Since I only had 17 months they could not proceed with the loan! Even though I had been with Wells for 30 years and was only short a small amount they would not continue with loan. I thought it would had been a lot smarter of them to disclose this in the VERY BEGINNING and not on the day of the appraisal! Am I wrong? There were some paperwork issues I had with the loan processer as well. Finally he emailed me and said "if this paperwork is too burdensome we can just cancel the loan" What kind of customer service is that?? I have bought many homes over the years and have never been treated so poorly and so unprofessionally as I have with Wells Fargo. Extremely disappointed and definitely changing banks, all accounts. Don't bother with Wells Fargo unless you have 18 MONTHS of mortgage payments in the bank.