topic Re: Wells Fargo......thoughts and opinions for mortgage. in Mortgage Loans

Wells Fargo......thoughts and opinions for mortgage.

Anonymous — Mon, 29 Apr 2013 22:58:53 GMT

Curious what everyone's experience with Wells Fargo and mortgages has been. Was also curious what the minimum score they required for their FHA loans?

Re: Wells Fargo......thoughts and opinions for mortgage.

boomhower — Tue, 30 Apr 2013 15:26:36 GMT

I have been more than happy with them. I used them last year at the recommendation of my realtor, I had been looking at them anyways as I've read many good reviews of them and FHA loans. She had my prequal done in fifteen mintues with a letter in my email almost instantly. She did a very good job getting the needed documents together with the only conditions coming from the underwritters were employment verification and homeowners insurance. Payment options are plentiful and my loan has not been sold, it's still being serviced by Wells Fargo. I'd use them again in a heartbeat.

Last I heard they technically do 580 but 620 is much more realistic.

Re: Wells Fargo......thoughts and opinions for mortgage.

Anonymous — Tue, 30 Apr 2013 15:57:40 GMT

I used WF for my mortgage as a first time home buyer. I also used them again to do the streamline refi in Feb. I met with the LO, talked about what I was looking for, etc and was overqualified quickly. The process can be a pain once it goes thru underwriting as WF is very particular about things on your CR. I had one blemish and I had to write an explanation letter for but other than that, it was fine. It took about 10 weeks to close from the time I placed the offer on the house. I would use WF again. At the time, I was coming out of a divorce and my scores were low, but they take the middle score of the three. When they initially pulled my scores there were 580, 620, 640.

Re: Wells Fargo......thoughts and opinions for mortgage.

Anonymous — Tue, 30 Apr 2013 16:12:36 GMT

Using them right now. I wish the process was quicker and underwriting is a pain but you might encounter that anywhere. The loan officer usually responds to either my emails or calls though so I like that. I see some people on here say they never hear back from their loan officer.

Re: Wells Fargo......thoughts and opinions for mortgage.

Anonymous — Wed, 01 May 2013 05:56:43 GMT

So far we have had a great experience with Wells. My husband works for a large company and got a suggestion from one of his co-workers that he always uses this specific mortgage consultant from wells fargo for their relocations, and they really like him. We had our preapproval go to the underwriter even before they would preapprove. However to my suprise we got our preapproval the next day with even a little higher preapproval than what was anticipated, and also a really good APR. What I have been most impressed with is how quickly everything has gone. I actually had a suggestion from the builder that we use an LO that is local (this wells fargo we are using in in minneapolis), but I just didn't feel right about leaving our consultant that we are working with right now, he is absolutely fantastic! He called today and I told him what our builder said and he offered to call him as well as my real estate agent to ensure they were comfortable with everything and on the same page. I was floored, he called twice today just to check in. He told me on the phone today when we locked in our rate and initiated the appraisel that we probably wouldn't hear anything from our underwriter beginning of next week. To my surprise again he called me tonight at 7pm to follow up on the day and let me know what the next steps would be, and told me that he would have the underwriter's name for me possibly by tomorrow afternoon. Again floored with the communication, the professionalism, and just concern that we are having a great and quick experience! We are doing a conventional loan, but so far have been nothing but impressed to the max! I am hoping we have a quick closing and no major issues, or I have a feeling I will get an "I told you so from my builder if we don't close on time," but I feel really great about the process to this point!

Hope that helps!

Re: Wells Fargo......thoughts and opinions for mortgage.

Jaguars28fan — Wed, 01 May 2013 11:53:08 GMT

We're currently using them right now for USDA. My LO has been easy to work with and responds back right away to phone calls or emails. It's been in UW a little long (a couple weeks) but we set our closing date 2 months away so we've come in knowing USDA will take a decent amount of time. I had my fears and doubts about wells fargo going in, but I feel like as long as you have all the documents you need and are well prepared on your side, it also makes the process a lot easier for them and yourself.

I read many posts about USDA and made sure all my credit issues were handled before I went in. I'm not sure of WF min score for FHA, but I most places I checked for low scores required 620, when we thought about the FHA route.