Wells Fargo Mortgage and HELOC

[ecxpa]

Have a mortgage with Wells Fargo......apped for HELOC today.  Banker said it had been tentatively approved already which seemed fast to me.  Anybody with experiences where you have a mortgage and HELOC with the same lender............is it easier to get approved when you have them both in the same place?

[ezdriver]

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@ecxpa wrote:

Have a mortgage with Wells Fargo......apped for HELOC today.  Banker said it had been tentatively approved already which seemed fast to me.  Anybody with experiences where you have a mortgage and HELOC with the same lender............is it easier to get approved when you have them both in the same place?

I'd never believe what any WF rep says until I see the actual results.

[Anonymous]

Yes and No. It may be easier because they have your pay history and some information of your already because of your current mortgage. But please be aware that the "approval" they are giving you are based on verbal information or even looking at your income and debts. Until you get to underwriting or get a preapproval letter after giving updated documents and having them run your credit and your new debts, anything can happen. That "yes" answer could potentially be a no when it comes out of underwriting

[StartingOver10]

Agree with EZ.

WF is one of the worst originators out there ...they will issue a PQ or so called 'pre-approval' and then run you right up to closing and not be able to close. Wells Fargo buys loans to service - and they appear to be very good at servicing. But originating loans - not so much. Read this board and other boards and you will see that WF is at best unreliable when it comes to originating the loan. At worst...plain incompetent. This has everything to do with the loan process WF uses. They have 'application takers' rather than experienced LOs. Your application isn't reviewed by anyone with any experience until it hits underwriting - and then it is hit or miss. This is why they have such a high fall out rate (80% fall out rate in my area). Fall out rate = number of borrowers that WF didn't/couldn't close after they were issued a pre-approval.

You are far better off going to almost any other lender (not BOA -they are the same). Read the boards to see how high the fall out rate is from pre-approval to closing with Wells. In my area, S Florida, many agents won't even accept a WF pre-approval anymore because they just don't close their deals. The funny thing is this: the buyer can get approval with another lender and actually close. It's not the buyer (usually). You don't want to go through the entire process and then just before closing have your LO inform you that they can't close it.

Go to a good mortgage banker or correspondent lender. You will get a much better process all the way around and at the end you actually close. Odds are - your loan will get sold WF for servicing   If you don't qualify, you know right up front, rather than days before closing. Big difference.

[ecxpa]

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@StartingOver10 wrote:

Agree with EZ.

WF is one of the worst originators out there ...they will issue a PQ or so called 'pre-approval' and then run you right up to closing and not be able to close. Wells Fargo buys loans to service - and they appear to be very good at servicing. But originating loans - not so much. Read this board and other boards and you will see that WF is at best unreliable when it comes to originating the loan. At worst...plain incompetent. This has everything to do with the loan process WF uses. They have 'application takers' rather than experienced LOs. Your application isn't reviewed by anyone with any experience until it hits underwriting - and then it is hit or miss. This is why they have such a high fall out rate (80% fall out rate in my area). Fall out rate = number of borrowers that WF didn't/couldn't close after they were issued a pre-approval.

You are far better off going to almost any other lender (not BOA -they are the same). Read the boards to see how high the fall out rate is from pre-approval to closing with Wells. In my area, S Florida, many agents won't even accept a WF pre-approval anymore because they just don't close their deals. The funny thing is this: the buyer can get approval with another lender and actually close. It's not the buyer (usually). You don't want to go through the entire process and then just before closing have your LO inform you that they can't close it.

Go to a good mortgage banker or correspondent lender. You will get a much better process all the way around and at the end you actually close. Odds are - your loan will get sold WF for servicing   If you don't qualify, you know right up front, rather than days before closing. Big difference.

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Sorta know what ya mean.  They did a Refi on my house last year and almost ran me ragged.  Had it not been for the APR of 3.2% I would have dropped out myself.  It seems that they want the same thing over and over  in different order.......not going through that.  I really appreciate everyone's insight and comments.  Maybe I will look at Chase

[StartingOver10]

IME the big box banks are still very slow with their refi's or HELOCs- they prefer to close purchases first.

I still recommend a mortgage banker (correspondent lender) rather than any of the big box banks. You will get a much better LO, they fund their own loans (if they don't fund their own loans don't use them), their process is much, much quicker and much more smooth (no issues). Yes, the loan servicing is sold right away, but that shouldn't be an issue at all.

[ljohn27]

I just refinanced My house with my credit union and it was easier than buying a car. No stress....fast and easy process. LO always responded quickly and my loan closed within 3 weeks. And the only reason it took that long is because I delayed the appraisal until I could get new floors installed so mainly my contractor's delays.

Use a local credit union.