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I live in Northern Virgina and in April closed on my first real estate property purchase. I opted for Wells Fargo financing: 30-year traditional fixed rate mortgage, 3.75% APR. I have no complaints as to my personal experience with the bank. To the contrary, the entire process was a breeze and my LO was amazing.
But, now that other Wells Fargo banking practices have been made public, I keep wondering whether I should consider a refi to terminate my relationship with them? I currently do not have any other accounts with them - I have been regularly receiving credit card and checking/savings account offers but I have not accepted any. Nor do I intend to!
What would you do? Are any other Wells Fargo mortgage customers sharing similar feelings?
@BabyBlue wrote:I live in Northern Virgina and in April closed on my first real estate property purchase. I opted for Wells Fargo financing: 30-year traditional fixed rate mortgage, 3.75% APR. I have no complaints as to my personal experience with the bank. To the contrary, the entire process was a breeze and my LO was amazing.
But, now that other Wells Fargo banking practices have been made public, I keep wondering whether I should consider a refi to terminate my relationship with them? I currently do not have any other accounts with them - I have been regularly receiving credit card and checking/savings account offers but I have not accepted any. Nor do I intend to!
What would you do? Are any other Wells Fargo mortgage customers sharing similar feelings?
^^^
I too closed on a jumbo with Wells at 3.75% August 2016. The mortgage underwriting process was smooth with one hiccup but it went through. The auto payments online are smooth and no issues.
My wife had a credit card account opened in her name in 2012/2013 but it has been removed since then after we found ouot about it, but it was not even an issue during mortgage. But after mortgage she applied for a Wells PLOC and it came up, but after communicating what happened her PLOC was approved at $25K. This made up account was removed from her credit report since 2013 but it came up since in internal wells systems it appeared. So it was self contained and we don't plan on anymore credit with wells for her so non-issue.
If you are happy with wells mortgage and rate so far, I'd stick with them but watch your account, but given the negative press wells should be even more vigilant about these sort of things.
no guarantee that they wont buy your loan down the road.
i have had wells fargo for years with zero problems
Agree with both of the above comments. Their mortgage servicing hasn't been an issue....just their banking side. which is bad enough. I would keep the loan and watch your CR's to make sure nothing else is opened up in your name.
I've had my mortgage serviced through WF for 15+ years, no issues, no problems - keep in mind that a mortgage is not kept by the lender but sold into bonds almost as soon as it is closed (issued/signed). WF was not the original lender with my mortgage, but they "picked up" the servicing of the loan soon after closed on my refi. No matter how many times your mortgage is "sold" (which is really just changing the servicer), your terms are set in stone by your original documents.
You have 3.75% mortgage in Northern VA - that's pretty sweet as far as the rate and the area which will show good growth in property value (I'm in NoVa too) and its going to cost you both in $$$ and "CRA" hits to refi this soon after getting a new home. I've had some smaller loan servicers in the past (not on my current home) and IMO a large national lender like WF is a better choice.
http://www.investopedia.com/ask/answers/07/securitization.asp
https://en.wikipedia.org/wiki/Securitization
We are in the process of refinancing away from Wells Fargo for our mortgage.
We've been Wells customers for 25+ years (well... we've been customers of predecessor banks Meridian Bank/Core States/First Union/Wachovia and finally Wells) and have had our mortgage services by them for the last 7 years.
We had recently (within the last two years) moved our primary banking away from them. Just different direction and other offers that drew us away.
When the whole scandal broke we decided to complete the transition and remove the remainder of the business from WF.
We should close on our refi in the next two weeks and be done with Wells. It isn't going to save us any money, but we're in a situation where we coud afford to make this change and it was a way to vote with our money.
@TedH wrote:We are in the process of refinancing away from Wells Fargo for our mortgage.
We've been Wells customers for 25+ years (well... we've been customers of predecessor banks Meridian Bank/Core States/First Union/Wachovia and finally Wells) and have had our mortgage services by them for the last 7 years.
We had recently (within the last two years) moved our primary banking away from them. Just different direction and other offers that drew us away.
When the whole scandal broke we decided to complete the transition and remove the remainder of the business from WF.
We should close on our refi in the next two weeks and be done with Wells. It isn't going to save us any money, but we're in a situation where we coud afford to make this change and it was a way to vote with our money.
You are not going to save any money and you refi'd just to make a point?
Hopefully your loan won't be bought/sold and you end up back with WF servicing your loan - which is very possible considering they are one of the largest mortgage servicers in the country.
http://www.mortgagedaily.com/pressreleases/PressRelease011116.asp