I refinanced with Wells Fargo about 3 months after I bought my house with a bridge loan. I went from a 5 year interet only at 5% to a 30 year fixed at 4.5%. I found their rates and fees competetive, but the process was exhausting. It literally took months. Granted, this was right smack in the middle of bank bailout credit crisis time....
Part of the problem was we barely hit the credit threshold; it was an FHA just at the max LTV, and a non traditional original purchase loan. I ended up having to write about 6 letters, provide tax returns, cancelled checks showing payments on the old loan, and a letter from the bridge loan holder releasing the lein upon repayment. The loan salesman was not very good about returning my calls, but he is no longer with that company. At one point I had to use up some favors from connections to reach higer ups at Wells Fargo and light a fire under them to call me back and tell me what was going on.
Following that, it has been simple. I pay the loan online through my Wells Fargo checking, which is fee free thanks to the fact I have a mortgage with them. It posts next business day, and they have been regular about escrow rebalancing and refunds. After over two years of payments, I have never had an issue with them.
I contacted the new loan officer this week about a streamline refinance, and he got back to me right away with an analysis of my account. He told me we would qualify for 3.875, but because the FHA PMI rates have gone up it would actually be a net increase of ten bucks to our monthly payment, reset us at 30 years, and reset the clock on the PMI to 5 years again and he advised against it.
Overall I am satisfied with my experience, however in the future would definitely look at my credit union as a competetive option.
3.5 out of 5 stars.
Starting Score: EQ 518 TU 589
