Reply
Contributor
clipperskipper
Posts: 88
Registered: ‎02-21-2009
0

Has anyone successfully refianced with Wells Fargo?

I am trying to refinance an investment property purchased in 2005, and the current lender is Wells Fargo. I am trying to refinace through Wells,

who keeps saying that they are waiting on the underwriter. I applied January 7, so we're looking at ten weeks so far. I have read on other forums

that Wells will go through the motions, however the loans never close. Wells has called twice for employment verification since then.

 

I just got a new job with an impressive pay stub, should I just go through a small local bank, as I have done in the past?

Comparing apples to apples, I just did an investment refi with US Bank, five weeks to close.

Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Has anyone successfully refianced with Wells Fargo?

Your answer is in your own experience. Is there a particular benefit to you to wait on Wells Fargo? If I had a positive experience with US Bank I would return to them with the future business.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Contributor
clipperskipper
Posts: 88
Registered: ‎02-21-2009
0

Re: Has anyone successfully refianced with Wells Fargo?

It was DTI initially, as I was self employed, with some W2's. Doing a HARP loan through the current lender negates several requirements, DTI being one

of them. Now that I have a "real" job that's only 40 hours per week, I'll shop around a little more. I'm debt free any own my primary, scores are 805-815.

 

I did do a search on this site, revealing  very little positive info on Wells, and they want phone numbers ($6200) to close.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}