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 YOUR COMPANY LIES TO GET MONEY WE DONT HAVE FOR REFI'S ((( SHAME ON YOU)))))
Posted Mon April 27, 2009 12:00 pm, by robin d. written to Wells Fargo
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I told wellsfargo my mortage company I wanted to refinance they told me they could help me get refi w/ no money down so a month later I called and talked to this this woman from wellsfargo, now we are approved we have to come up with cash just to lower our rate and my friend is doing the same thing and its not cosing her a dime, WELSFARGO LIES TO THERE CUSTOMERS, I AM SURE GLAD I DONT BANK WITH THEM 2! shame shame on you bank, ur the ones I came to first thinking you cared u just want $$$ to line your pockets not help others lower there intrest rates AND SHAME ON the woman from wellsfargo
GET ME A RATE THATS LIKE WHAT EVERY ONE IS GETTING AND LET ME GET MY REFI WITH OUT WORRYING IF I HAVE TO STARVE TO PAY PEOPLES BONUSES THAT EXTRA CASH DOESNT AND ISNT NEEDED TO RE FI AT A LOWER RATE.,...
I WILL WARN EVERY ONE NOT TO DO ANY BANKING WITH THIS COMPANY.........
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Banks don't "care." They don't. They exist to be profitable. If
pretending to "care" or doing right by their customers makes them
profitable, then that's what they'll do.
In your case, it sounds like they told you that they had a "no money
down" refi. Understand that the phrase "no money down" can mean
different things to different people, although I'm sure there is an
actual industry definition (that applies to a refi).
Be aware that all refis carry various fees, such as appraisals, local
filing fees, and so forth. Some fees are negotiable. Others are not.
But, in the end, there is no such thing as a fee-free refi.
What lenders do to offer "no money down" refi is they roll these fees
into the loan. Which means that you'll be paying interest on those
fees. Even $1000 in fees, over 30 years, at 5%, would end up costing
you twice as much. Maybe that's no so bad, over 30 years, but be
aware that it does cost you quite a bit to roll the fees into the
loan.
There's also the issue of points. I won't go into the different
kinds, but often a low interest rate requires you to pay something up
front. If you don't want to pay "points," then you accept a higher
rate.
The last factor that you need to understand is that rates change every
day. Just because someone else got a particular rate last week does
not mean that it's available today. Even from the same lender. Even
for someone with an identical profile. What you need to do is watch
the rates, from various lenders, and when you see one that works for
you (including taking note of any points), lock it in. You may need
to put down a deposit to lock in the rate. If it's really 0 down,
then you should be able to get this back when you close.
Good luck.
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GET ME A RATE THATS LIKE WHAT EVERY ONE IS GETTING
______________________________________________________
When you play the mortgage game, everyone gets different rates, that
is how the game is played.
If you dont like playing the game, dont borrow money.
Good Day
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