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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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What to do?? need some mortgage advice..
Ok, i am in a dilema here, I could use some advice. We had gone for a mortgage with Wells Fargo, even thought I really wasn't crazy about the guy, because he assured us he would close us. The house we are buying had CO's that were not completed adn we were not sure they would be by closing. Ok, so I went with Wells Fargo and last week locked at 4.75. I know it is good but right after I locked rates went down.. Ok, so now WF is telling us they are still not sure if we have the loan. Questions about my husbands salary and he will have to send corrected documentation. our contract date for closing is 7/15. Now, before we went to WF, I had a applied at BFCU becuae I am a member and they had awesome rates. I cancelled once I realized they might not close us because of open CO"s. However, the Co's were completed on July 6th. They are done. So my question is should i leave WF and just go to Bethpage? The rate difference is 1/4%. It comes to only $46 a month, but that is almost $600 a year? I would only be losing the appraisal fee I paid ($370), but do you think it is too risky to risk goign to another bank for only a 1/4 percent?? I know they will run our credit again.. I am nervous too. But we are not even sure we are getting the loan with WF. WHAT DO I DO?? Please anyone with experience in the mortgage industry.. Smart or stupid move??
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Posted 7/9/10 7:29 AM  |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: What to do?? need some mortgage advice..
I have no knowledge of the mortgage industry, but I will tell you we just locked in at 4.50% with BFCU. It went very smooth and they were quick. Everything was completed in 2-3 weeks. We are now clear to close and just waiting on a date from the sellers.
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| Posted 7/9/10 8:06 AM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: What to do?? need some mortgage advice..
Hi,
How are you? Congrats! Where are you moving?
Thank you so much, that is what I wan to hear.. So happy for you. Hope you are doing ok... I always think of you...
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| Posted 7/9/10 8:12 AM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: What to do?? need some mortgage advice..
One more thing. Did they make a huge deal about your income.. WF is RIDICULOUS.. i know it is tight and they all are, but my DH was saying next they are goign to want a kidney from him.. Could you tell me who you dealt with??? I also find when I call, it is hard to reach the same person at BFCU. Thanks so much..
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| Posted 7/9/10 8:14 AM |
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Diva
I am what I am
Member since 12/05 2825 total posts
Name:
Jennifer
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Re: What to do?? need some mortgage advice..
We're going through WF, and it's been a nightmare when it comes to paperwork. We've all ready been given a clear to close, and they are STILL asking for more paperwork. I can't really advise you, but I definitely understand your frustration with WF. Good luck and I hope everything works out for you. 
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| Posted 7/9/10 9:00 AM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: What to do?? need some mortgage advice..
Thank you so much. Who are you dealing with? It is frustrating and and yesterday negative news (well I thought it was negative) came out about WF. They are laying off, etc.. Scary stuff.
I am seriously considering just walking away from the whole thing and starting over at BFCU... Better rate and I think they won't give us a hard time. Good lcuk to you as well.
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| Posted 7/9/10 9:10 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: What to do?? need some mortgage advice..
ok I was in the same boat as you
I started with BFCU (FHA loan) and they were horrible!! and everyone I know that tried to use them or used them, had a ton of issues. they seemed great at first and it all went down hill fast.
I also had open CO issues
when the guy at BFCU wasn't explaining things I was signing and holding everything up I decided to find another bank. I went with Wells through my real estate agent which was Prudential. I should have gone with them from day 1!!
We didn't have any issues obtaining the loan or salary issues, so I can't advise you there, but I literally gave them 2 months of pay stubs for each of us and they never asked for another thing. We closed in under 60 days and that was an FHA loan as well.
BFCU also charges you fees to unlock and go to a lower rate should it happen again while you are working with them if you were to switch where as Wells doesn't. if the rate is 4% and drops to 3.5% you would be allowed to unlock and get it at 3.75% which is still better then the 4% but the little extra is basically a fee they collect, but its still better then being stuck or having to pay a lot of $ up front
I would stick with Wells. my experience with BFCU and them dragging their feet, not meeting deadlines, making me sign paperwork that was incorrect and their unprofessional staff telling me "you know, most people just sign the paperwork, without asking all these questions" completely turned them off. When I started talking to others, they were having the same trouble. And it all seemed so good at first!
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| Posted 7/9/10 10:42 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What to do?? need some mortgage advice..
Posted by Denisemang
Ok, so now WF is telling us they are still not sure if we have the loan. Questions about my husbands salary and he will have to send corrected documentation.
I'll make a quick point.
If WF is not going to give you a mortgage because of your Husband's income, what makes you think BFCU will give you a mortgage?
The BFCU loan officer can say "of course we will give you a mortgage", but you really have no idea if you will qualify until it gets to underwriting.
I wouldn't go with BFCU until you know for sure WF won't give you the mortgage.
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| Posted 7/9/10 12:23 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: What to do?? need some mortgage advice..
No, I am pretty sure we will get the loan at WF, but my husband's employer made a mistake and didn't include his bonus. They are just really strict. I don't know what to do, I don't want to bite my nose despite my face for a better rate, but then again I have to live wtih that rate for 30 years adn not that it is a lot but $600 a year and pay a good chunk of our homewoners ins. I think all we will lose by leaving WF is the apprasial fee we paid, i hope that is all. I dont' know if they charge like a terminate fee or anything, lol. Does anyone know?
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| Posted 7/9/10 1:52 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: What to do?? need some mortgage advice..
Posted by Denisemang
No, I am pretty sure we will get the loan at WF, but my husband's employer made a mistake and didn't include his bonus. They are just really strict. I don't know what to do, I don't want to bite my nose despite my face for a better rate, but then again I have to live wtih that rate for 30 years adn not that it is a lot but $600 a year and pay a good chunk of our homewoners ins. I think all we will lose by leaving WF is the apprasial fee we paid, i hope that is all. I dont' know if they charge like a terminate fee or anything, lol. Does anyone know?
if you leave WF at this point you might not lose a lot of $$ but you will lose time....if you switch to another bank the paperwork starts all over and there is no guarantee it would be done by the time of your contract on/about date.
rates change all the time. We locked into ours thinking no way would it go any lower and it did....you could switch to another bank and then the rates drop again...are you going to want to switch again then?
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| Posted 7/9/10 2:19 PM |
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Denisemang
LIF Adult
Member since 5/05 982 total posts
Name:
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Re: What to do?? need some mortgage advice..
No, you are right..
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| Posted 7/9/10 2:25 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: What to do?? need some mortgage advice..
Posted by alli3131
Posted by Denisemang
No, I am pretty sure we will get the loan at WF, but my husband's employer made a mistake and didn't include his bonus. They are just really strict. I don't know what to do, I don't want to bite my nose despite my face for a better rate, but then again I have to live wtih that rate for 30 years adn not that it is a lot but $600 a year and pay a good chunk of our homewoners ins. I think all we will lose by leaving WF is the apprasial fee we paid, i hope that is all. I dont' know if they charge like a terminate fee or anything, lol. Does anyone know?
if you leave WF at this point you might not lose a lot of $$ but you will lose time....if you switch to another bank the paperwork starts all over and there is no guarantee it would be done by the time of your contract on/about date.
rates change all the time. We locked into ours thinking no way would it go any lower and it did....you could switch to another bank and then the rates drop again...are you going to want to switch again then?
you also start at the bottom of importance for your loan officer. and you only have till 8/15 to close!! that would be way to close in my book. if you don't close by then you lose the house. at the end of the day is $600 a year really worth the house??
you could always refinance to get a lower rate one your in the house. you are a priority to the loan officer you are working with at wells. going to BFCU starts everything all over again and like I said in a previous post, they are SLOW and depending on who you get, not that organized.
Message edited 7/9/2010 2:30:34 PM.
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| Posted 7/9/10 2:30 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: What to do?? need some mortgage advice..
We used BFCU last year, got a great rate and had a very pleasant experience. We closed exactly 30 days after signing the contract, so the process was rather quick for us. I had all the paperwork and documents ready beforehand and I was able to scan all of the necessary documents to send to my loan officer there. We also communicated via email. I think this helped.
You know, $600 a year seems like a lot of money to me and I would call BFCU (or another bank even) and talk to them about switching. Over the course of a 30-year loan, that is $18,000. 
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| Posted 7/9/10 5:53 PM |
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loveballet
LIF Zygote
Member since 7/10 3 total posts
Name:
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Re: What to do?? need some mortgage advice..
get the correct doc for your wf and talk to him and press him for an answer, in mean time call Bruce Goldman for a second option a bank will be the only way you can get an answer quickly, WF is not a babk He is from Gotham Bank of New York I have been referring him for years and have closed homes in under 30 days.
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| Posted 7/11/10 7:33 AM |
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mamallama
<3 <3 <3
Member since 9/07 5035 total posts
Name:
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Re: What to do?? need some mortgage advice..
we have been dealing with WF since March 3rd. We had a closing date of MAY 17th!!!! It's almost 2 months later and not closed. All the keep asking for is more paperwork. First it was my husbands job, and he is over quaified for the loan. Now it's the fact that I used to work for my mom and she owns a business that makes over a million dollars a year. KILL ME! This is so annoying.
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| Posted 7/11/10 8:08 AM |
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loveballet
LIF Zygote
Member since 7/10 3 total posts
Name:
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Re: What to do?? need some mortgage advice..
i aways say go to a bank first !!!
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| Posted 7/11/10 8:38 AM |
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