Wells Fargo Home refi news

[jtheune]

I have a current wells Fargo mortgage on my house. I happened to speak with my mortgage broker there today and found out that they have a program for recasting loans. If you are current , have equity in your house to meet their requirements ( I don't know specifically what they are ) and you are interesting in a refi they will recast the loan at the current interest rate with no out of pocket or fees added to your loan. basically they will pay all the costs of doing the refi. I just got locked in at 3.75 on a 15 year note. If I keep making the same loan payments I will pay the loan of 2.5 years sooner then before or I can save 284 a month. When I asked how this could be they told me it's better for them to keep the customers then to have to qualify someone new so they are willing to eat the costs. I did not see anything about this program on thier website nor any ad for it but I'm not surprised as they are just giving away money with this program but I can see the logic of keeping their portfolio going.

PS. This is really not a ad for Wells Fargo, I'm just a happy customer. check with your current bank and see if they have something similar.

 

[ScottM]

I had a WF mortgage and was offered the same thing several years ago and took advantage of it It worked out really well for me, dropped by interest rate and helped me to pay off my loan a decade before it was due to be paid off.

 

[steingar]

People have been offering me refinance deals, but so far no one has been able to beat what I have already, unless they're willing to eat the closing costs. I have not yet found a bank so altruistic.

 

[jtheune]

that is what wells fargo is doing

 

[TangoWhiskey]

So I should go tell Chase (whom I'm pleased with in regards to my mortgage servicing) that I'm moving my mortgage to WF unless they refi me sans fees? Wonder if that'd work?

 

[jtheune]

what's it cost to ask?

 

[jesse]

No refinance deal for me, but my mortgage is only a year old, my interest rate is fairly reasonable, and I have jack for equity. Maybe in 10 years.

 

[gprellwitz]

So I should go tell Chase (whom I'm pleased with in regards to my mortgage servicing) that I'm moving my mortgage to WF unless they refi me sans fees? Wonder if that'd work?

No need to threaten Chase. They sent me a FedEx letter about 6 weeks ago with the same deal that Frank got. They ate all the closing costs and dropped my rate 1 point. Unfortunately, my rate wasn't quite as good as his! OTOH, we had zero documentation to do (all handled over the phone while I drove in to work) and they sent someone out to our house to close on a Friday evening.