I talked with Wells Fargo about a Streamline Refinance Loan, I just want to reduce my interest rate. "No problem" I was told. No credit check, and since I was not getting money from my home there would be no closing cost, no appraisal and a much lower interest rate which was fine with me. Closing to take place within 30 days. Wells Fargo sent me the documents needed to do the loan. I wrote down all the figures for the loan and when I received my documents, everything matched to what I was told/quoted.
I signed the loan documents and sent them back to Wells Fargo Mortgage. I confirmed a few days later that my Wells Fargo rep received my documents. (I also faxed the documents to him so the process can begin that much faster.
A month went by, I called and was told they were behind, I said okay. Another month passed, again I called and again same answer from Wells Fargo, "running behind".
Third month passed, I called again and this time I was told that Wells Fargo Mortgage is currently only closing "NEW LOANS" for new Wells Fargo Mortgage customers. All refinance loans from existing Wells Fargo mortgage customers will be handled when they have time, (not a priority) since Wells Fargo customers wanting to refinance their existing loans mostly are paying a higher interest rate. More money for WF.
Product or Service Mentioned: Wells Fargo Streamline Refinance Loan.
Reason of review: Not as described/ advertised.