Wells Fargo - No Cost Refinance
This is a tricky business, whether or not the lenders would exch
This is a tricky business, whether or not the lenders would exchange the financial info is unknown. But as I am searching on internet about it, I am reading mixed feedback from customers. Compare what it would cost you against conventional refinancing and then decide. Also, keep an eye open for hidden expenses.
I just spoke to Wells Fargo and this is a refinance offer under
I just spoke to Wells Fargo and this is a refinance offer under HARP.
They are going to send me a package out to review, but here are my notes from the call for anyone who is interested:
1. "No Cost Whatsoever"
2. No appraisal fee. No title fee. No lender fees.
3. Outstanding balance is rolled over to the new loan with no other fees or amounts added in.
4. Loan will be a 30yr fixed rate.
5. The rate is pre-determined somehow by whatever criteria they use. I was told this ranges from 5.25% to 6% (my offer is 5.25% which he claims is the best rate he's seen in 3 months).
6. I asked for a lower rate, he said he can't change the offer and it doesn't move around daily, so there's no point waiting to try to "lock in" a lower rate. The offer is the offer.
7. Need to live in the home as a primary residence.
8. Income must be same or not having declined over last 6 months.
9. Title must be same as when purchased (i.e. not put into a trust name).
10. No foreclosures, which I told him that I had one last year, so they will get back to me on whether this excludes me from the offer.
11. Close the loan within 2 weeks with no 2nd or HELOC. Takes longer if there is a 2nd due to the subordination, but if it's also a Wells loan, it's an instantaneous approval.
12. The rate decrease is being subsidized by the government via HARP, but Wells also is absorbing a little of it.
13. They will send an application form that will be populated with my answers from the previous application (2.5 years ago), and I only need change the items that have since changed.
14. No income verification (I guess other than my assertment that my income has not declined in the last 6 months - #8 above).
Other than that, I'm going to wait for the package in the mail, and a phone call back regarding my foreclosure last year and any impact that may have on this offer...
Apparently I'm not eligible. Wells called me back today to tell
Apparently I'm not eligible. Wells called me back today to tell me that they have to wait 24 month past my foreclosure before they can offer me a HARP refinance.
Bummer.