I was preapproved for a mortgage back in Jan, bought a house 75% complete in mid Jan and set the closing date for the 11th of March at that time which was around a week after the builders deadline of completing the house. I’m working with Wells Fargo for my mortgage; they have had the purchase agreement since the day I made my offer in mid Jan. It’s the 13th and my closing date has been pushed back for the 3rd time because we have not gotten the papers back from underwriting. Wells excuse is they are so busy with refinances that it’s a zoo, my take is you’re a money greedy bank that cares more about $ than customer service, your over capacity and that’s not my fault, when we are over capacity we extend our lead times, not promise someone a ship data and then call them every 2 days telling them it’s being pushed back again. I should be closing today at 1pm, it was org suppose to happen wed morning and I took that morning off from work and didn’t get a call until an hour before closing that It was pushed back. I’m frustrated and really don’t think wells deserves the 1% origination fee, I feel that for my hassle they should lose money on this deal and only get a .5% origination fee. Has anyone has this problem before and tried to negotiate? This is my first home, I have not done this mortgage thing before, is this a normal thing for closing dates to be pushed back because of the bank? Do I even have a chance getting any money knocked off my closing cost because of their foul ups?
Frustrated with wells fargo mortgage!!!!
- Thread starter zach477
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Unless you have a secondary lending source ready to go, you are just going to have to grin and bear it!
Side note... This is not like a retail store where you can call the Mnanager and they will knock 10% off, if you complain enough and they do knock some money off of the LOF then that too will delay your signing because they they will have to redo the closing statement to account for that reduction.
I am real unhappy with Wells Fargo but that's a whole new thread!
Sorry, but hang in there.
Side note... This is not like a retail store where you can call the Mnanager and they will knock 10% off, if you complain enough and they do knock some money off of the LOF then that too will delay your signing because they they will have to redo the closing statement to account for that reduction.
I am real unhappy with Wells Fargo but that's a whole new thread!
Sorry, but hang in there.
E
Ex-Member
ACCOUNT CLOSED
I'm through wells fargo as well; first time homebuyer last year. I think the agent you go through has a lot of pull for how well the whole transaction goes.
I dealt with a -lot- of crap with my house, and dealt with two separate mortgage co's as well as title insurance and attorneys. The owners prior to my sellers went into foreclosure, but the timeline for the foreclosure and title was such that the initial title inspection before closing didn't show the foreclosure. Less than a week after I had closed, I started getting foreclosure notices with dates for when my house was going to auction. tl;dr: GET TITLE INSURANCE.
Wells Fargo and the title insurance co. all dealt directly with my agent, I only got involved when they needed signatures or information my agent didn't have.
Also, shop around. There's a lot of lenders out there, and buyers are hard to come by in this market so you're likely to get a good deal by looking elsewhere. Also, ther'es a lot of first-time homebuyer programs that you can get, I ended up finding a 0% interest 10-year down payment loan. Free money ftw.
I dealt with a -lot- of crap with my house, and dealt with two separate mortgage co's as well as title insurance and attorneys. The owners prior to my sellers went into foreclosure, but the timeline for the foreclosure and title was such that the initial title inspection before closing didn't show the foreclosure. Less than a week after I had closed, I started getting foreclosure notices with dates for when my house was going to auction. tl;dr: GET TITLE INSURANCE.
Wells Fargo and the title insurance co. all dealt directly with my agent, I only got involved when they needed signatures or information my agent didn't have.
Also, shop around. There's a lot of lenders out there, and buyers are hard to come by in this market so you're likely to get a good deal by looking elsewhere. Also, ther'es a lot of first-time homebuyer programs that you can get, I ended up finding a 0% interest 10-year down payment loan. Free money ftw.
You say they have delayed closing three times but you are only a few days out from the original closing.....? Delays in closing are commonplace, almost standard. If they are sticking to the deal, not delaying to raise the interest rate, I would relax you are doing fine.
Exactly.
Anyone in Canada, my bro is now a mortgage broker working out of Edmonton. http://www.shaynebeeler.ca/
I locked in an intrest rate back in Jan when rates bottomed out, its been a joke. I was suppose to close wed at 10:30 am and I get a call at 9:30 saying its not going to happen lets meet at 3pm. So instead of having to take a half day vacation I had to take a whole day. 2:30 comes and I get another call saying things arent ready and we will have to do it tomorrow (thur). Set it up for 4pm yesterday so I wouldnt have to take another day off from work and I get a call at 2 yesterday saying its not looking good. I get to the title company at 4 because i didnt hear anything more and my mortgage lady doesnt even show up. I call her and she said "oh i was going to call you but I didnt get a chance Im so busy, we are still waiting on underwriting lets set something up for tomorrow" So now its set up for 1pm today and I took another half day vacation. If it doesn't happen today sh*t is going to hit the fan!! I have alrady lost 1.5 days of my vacation to sit around and wait. I feel that since Im young, and buying my first home they can just jack me around however they want. I should get the same treatment buying a $175k home as if i was buying a $500k home. All i know is as of today my wells fargo line of credit, checking and savings will all be closed out and Im going back to my old, local bank.
I agree with you this is excessive jacking around, I would be pizzed too. There has been some great advice on this thread, it is a great time to shop around if your deal falls apart. If originally made the deal on the house last fall there are probably better deals to be found right now. Sometimes what seems like adversity turns into opportunity, so don't sweat it too much.
It is a good move to bank locally if you can, but I wouldn't be to hard on your mortgage person yet, it is possible that she is working hard on your behalf and just not very good at commmunicating. Buying a house is a complicated transaction and there are a lot of nuances. If she is just being flaky let her have it
Your WFHM rep is probably busting their @ss, the problem would be further down the line with doc prep or some of their underwriters (they are not very smart, i work with them alot). btw, rates are lower today then they were in Jan.
Best of luck with your morgage. And Congrats on your first house.
Best of luck with your morgage. And Congrats on your first house.
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Wells Fargo
I have bought 9 homes in my life. Have three left. I have walked out of closings at the table. Don't take any crap from these crooks. However, trying to get your initiation fee taken off or down would be more trouble than it is worth, believe me.
I was in Alaska fishing one summer and my wife was closing a house for us. She called me and told me they had raised the interest rate by 1% on the loan. I told her to tell them to shove it. She did and they were really really pissed, especially the realtor as he lost his commission. I then told her to go find another house. She found another house and had us moved in by the time I got home and with a new loan from a new outfit.
Of course as a first time buyer you might not have the luxury of qualifying just anywhere. It all depends upon your own personal situation. Now is the time to buy however. I would not make waves over the 1% fee.
I have bought 9 homes in my life. Have three left. I have walked out of closings at the table. Don't take any crap from these crooks. However, trying to get your initiation fee taken off or down would be more trouble than it is worth, believe me.
I was in Alaska fishing one summer and my wife was closing a house for us. She called me and told me they had raised the interest rate by 1% on the loan. I told her to tell them to shove it. She did and they were really really pissed, especially the realtor as he lost his commission. I then told her to go find another house. She found another house and had us moved in by the time I got home and with a new loan from a new outfit.
Of course as a first time buyer you might not have the luxury of qualifying just anywhere. It all depends upon your own personal situation. Now is the time to buy however. I would not make waves over the 1% fee.
Our 2nd lender on our current house was Wells Fargo. I like to pay my mortgage online and have the lender pull the funds from my checking acct for the payments (I like to put the burden of proof on them if something ever goes wrong with a payment). Anyway - Wells Fargo CHARGES you to make online payments, WTF??? I figure they are saving money by doing things electronically, it makes no sense. So I ended up writing them checks for the 9 or so months that they had our loan - and I was happy to re-fi when the rates dropped another .75 and take my business elsewhere.
I guess if you have an account through Wells Fargo you can do the payment transfers for free, so they are probably just trying to get all of the mortgage holders to bank with them as well......
I guess if you have an account through Wells Fargo you can do the payment transfers for free, so they are probably just trying to get all of the mortgage holders to bank with them as well......
We have been trying to get Wells Fargo to restructure our loan due to the hardship of being laid off for almost 4 months now. The kept pushing my wife aside over an over and over. I finally got tired of it and took the phone out of my wife's hands. I had a restructure done in a day. You push them, don't let them push you.
My daughter and hubby had a home loan through Wells Fargo last year. They had gotten another business loan from some other outfit for 25 grand and put those funds in their wells fargo checking account so they could make a payment on whatever it was. They got behind one payment on their home loan with Wells. Wells Fargo took their 25 grand and demanded the entire mortgage be paid. They probably were behind a couple payments I would imagine. It was legal what Wells did but extremely chicken schit...............
thanks for posting guys, Im looking for a house and just got my pre approval stuff back today, my G/f also was gettin pre approved and the lady was very unpleasant with her so i was kinda thinking screw them, were trying to buy a house and they make money off it and you have to be difficult? screw them. I'll be going somewhere else. Thanks again for posting your troubles.
They call it a convenience fee. Lots of places are starting to do it. Checked online the other night to get tickets to college basketball champ game the other day and they wanted to charge a $4 online convenience fee for buying and printing tickets online. I say frack that, make them start sending me my stuff on paper from now on. Went online before cause it was easy and they liked it to because it saved them a wad of $ on paper. I want my paper copies, and have them take their convenience fee and stick it where the sun don't shine.
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