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LadyBoo
LIF Zygote
Member since 12/10 41 total posts
Name:
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wells fargo...refinance for free?
Just wanted to post that we have our mortgage with wells fargo - a friend of ours heard about a deal where you refinance with no closing costs. I called this afternoon and it appears to be true. No hassle - free refinance.
Does anyone know if there is a catch? Why would they make it that easy to refinance? The only thing I can think of is so that current customers dont shop around for the lowest rate.
Has anyone done this... am I missing something?
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Posted 5/10/11 8:54 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: wells fargo...refinance for free?
yes it's true. we did it a few months ago. literally called, said we wanted to do it, they mailed us the papers, we signed them and got them notarized and mailed it back.
it made sense for us because the rate was significantly lower than what we had.
DH handled it. if you need any questions answered, i can ask him
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| Posted 5/10/11 8:56 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: wells fargo...refinance for free?
I did this with Wells Fargo twice, for free! It was called a "Three Step Refinance". There was no catch, the only thing is that you dont get the lowest rate but it is free so it is a good deal if you dont want to pay closing. They mail you a "close at home package" that you just sign and mail back. We also had to get an appraisal but the bank set it up and paid for it. I didnt pay one penny and my rate went down almost one point between the 2 free re-fi's I did with them!
Message edited 5/10/2011 11:11:46 PM.
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| Posted 5/10/11 10:06 PM |
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Re: wells fargo...refinance for free?
are they rolling the closing "costs" into the mortgage? I am skeptical.
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| Posted 5/10/11 10:53 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: wells fargo...refinance for free?
No, there were no closing costs added to principal. My o/s loan balance remained the same before and after the refi, just with a lower interest rate.
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| Posted 5/10/11 10:59 PM |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: wells fargo...refinance for free?
I did it too. Super easy and no extra fees!
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| Posted 5/10/11 11:04 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: wells fargo...refinance for free?
It is true, we did at the end of last year. You don't have to do anything. They send you the paperwork, you sign a few times, get it notarized in a couple of places and send it back. The whole thing took maybe a month.
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| Posted 5/11/11 2:50 AM |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: wells fargo...refinance for free?
DH is a Wells Fargo mortgage banker. If anyone is interested in re fi send me a fm and I will give you his number.
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| Posted 5/11/11 8:12 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: wells fargo...refinance for free?
what did everyone get there rate at? We have Wells fargo right now and we closed last year with them at 5% do you think I could get it lower?
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| Posted 5/11/11 9:43 AM |
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betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
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Re: wells fargo...refinance for free?
We did it too about 6 months ago. We were waiting for a catch but there was none, it was so easy!
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| Posted 5/11/11 9:49 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: wells fargo...refinance for free?
When I looked into it, they told me that there would be no fees, I would make my mortgage payment to them for that month...but the mortgage would go back to a 30 year term. It wouldn't matter that we had already put 2 years of payments into it.
Wasn't worth the $100 savings for us to have to pay 2 years of mortgage all over.
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| Posted 5/11/11 10:07 AM |
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mishmosh
That's all I got.
Member since 7/06 1452 total posts
Name:
Michelle
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Re: wells fargo...refinance for free?
Anyone who did this know if you could also take money out with the refi?
We're either going to try to get a home equity loan or refi and take out the money.
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| Posted 5/13/11 8:00 AM |
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