Wells Fargo is refinancing my mortgage... for FREE!

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HomerJ
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Wells Fargo is refinancing my mortgage... for FREE!

Post by HomerJ » Mon Jun 20, 2011 9:57 am

Wells Fargo is refinancing my mortgage... for FREE!

My rep says no costs either out of pocket, OR rolled up in the new mortgage.

They called me. I asked why and they said they didn't want me to refinance with anyone else...

Does that sound plausible? Seems too good to be true...

Going from a 4.875% 30-year loan to a 3.875% 15-year loan.

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Post by mudfud » Mon Jun 20, 2011 10:07 am

Chase has a similar program.

See http://www.bogleheads.org/forum/viewtopic.php?t=51634

I recently refinanced at zero cost, with minimal paperwork.

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Post by travelnut11 » Mon Jun 20, 2011 10:15 am

My friends did this with Wells Fargo recently and it's completely legit. They basically said the same...WF didn't want them to refinance with a different company and they're a good risk. I think the rules for who qualified were pretty stric though...no 2nd mortgage, certain amount of equity, etc.
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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by tfb » Mon Jun 20, 2011 10:19 am

rrosenkoetter wrote:Does that sound plausible? Seems too good to be true...

Going from a 4.875% 30-year loan to a 3.875% 15-year loan.
It means if you shop, you can refinance with others, also for FREE or even get paid AND at a lower rate. You pay a price for doing no work. My lender will be paying me $900 for refinancing to 2.625%.

For mudfud, 9 years into a 15-year loan, a 5/1 ARM would be a good choice. See

Mortgage Refinance: Don’t Overlook Adjustable Rate Mortgages (ARMs)
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Post by E-M-H » Mon Jun 20, 2011 11:14 am

I did this with Chase. At first I thought it was some type of promotion (fedex envelope delivered to my door) but it turned out to be the easiest and fastest refinance I've ever done. The rate was not the absolute lowest but it was close enough. There were no fees. If similar, the Wells deal is well worth investigating.

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Post by livesoft » Mon Jun 20, 2011 11:19 am

If you are already 20 years into your 30-year mortgage, it may not make sense. You should run some calculators to see if you actually come out ahead.
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Post by HomerJ » Mon Jun 20, 2011 12:15 pm

livesoft wrote:If you are already 20 years into your 30-year mortgage, it may not make sense. You should run some calculators to see if you actually come out ahead.
Only 3 years in...

But even if I was 20 years in, I would just pay more to get it paid off in 10 years.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by HomerJ » Mon Jun 20, 2011 12:18 pm

tfb wrote:
rrosenkoetter wrote:Does that sound plausible? Seems too good to be true...

Going from a 4.875% 30-year loan to a 3.875% 15-year loan.
It means if you shop, you can refinance with others, also for FREE or even get paid AND at a lower rate. You pay a price for doing no work. My lender will be paying me $900 for refinancing to 2.625%.

For mudfud, 9 years into a 15-year loan, a 5/1 ARM would be a good choice. See

Mortgage Refinance: Don’t Overlook Adjustable Rate Mortgages (ARMs)
That's a very cool article tfb...

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by epilnk » Mon Jun 20, 2011 12:36 pm

rrosenkoetter wrote:Wells Fargo is refinancing my mortgage... for FREE!

My rep says no costs either out of pocket, OR rolled up in the new mortgage.

They called me. I asked why and they said they didn't want me to refinance with anyone else...

Does that sound plausible? Seems too good to be true...

Going from a 4.875% 30-year loan to a 3.875% 15-year loan.
We've done this twice in 5 years, taking our rate from 5.25 to 4.75 to our current 4.0%. The no cost refi rate is 0.375% over the full doc rate. The whole thing is done effortlessly by mail, though you will need to get some signatures notarized. (And if you go to a branch office WF will do this for free.)

Take it - it really is a free lunch. Maybe you could find something better but last year when I shopped around this was better than Pen Fed was offering; since their rate is competitive with zero cost and almost no effort there is no downside to taking this. Since there is no prepayment penalty it does not preclude you from taking a better deal a month later, should you find one.

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Post by mikep » Mon Jun 20, 2011 1:01 pm

jenny345 wrote:
Does that sound plausible? Seems too good to be true...
I had to call them, but yes we refinanced with Wells Fargo at a lower rate for free.
WF is still making money if they sell the loan to Fannie/Freddie even if they still retain it for servicing. Since it is an above market rate, they get a nice kickback that does not show up as a cost to you. However I agree its a free lunch for you ..who cares if WF makes $.. take it.

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Post by Sam I Am » Mon Jun 20, 2011 1:22 pm

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by mudfud » Mon Jun 20, 2011 1:38 pm

tfb wrote:
For mudfud, 9 years into a 15-year loan, a 5/1 ARM would be a good choice. See

Mortgage Refinance: Don’t Overlook Adjustable Rate Mortgages (ARMs)

Great article, thanks!
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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by epilnk » Mon Jun 20, 2011 1:44 pm

tfb wrote:
rrosenkoetter wrote:Does that sound plausible? Seems too good to be true...

Going from a 4.875% 30-year loan to a 3.875% 15-year loan.
It means if you shop, you can refinance with others, also for FREE or even get paid AND at a lower rate. You pay a price for doing no work. My lender will be paying me $900 for refinancing to 2.625%.
The current lender does have a cost advantage over a new lender. They have approved you and your house once plus have a track record on you, they have an appraisal already (presumably prorated with local housing market data), there's no title transfer involved, so they don't need to do much documentation or processing on the new loan. Any new loan will involve a margin of profit for the lender but the original lender has a larger margin to work with so there's a little more room for them to undercut the others. Just do your own footwork to confirm that they are competitive.

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Post by Polar_Ice » Mon Jun 20, 2011 11:34 pm

Has anyone done this with a ARM loan with Wells Fargo? I am in a 5/1 ARM in the the 8th year and my rate is tracking a index. It just changed to 3.15% for the next year. I would be willing to pay a higher rate to lock in a fixed rate if I didn't have to refinance.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by tfb » Tue Jun 21, 2011 7:56 am

epilnk wrote:The current lender does have a cost advantage over a new lender.
They do but they will retain all of that to themselves and then some. When I shopped my refi 10 days ago, the rate was 3.625% for 15-year fixed with no closing cost. The OP was given 3.875%. Granted the loan amount, LTV, location, and credit scores may be different but you still have to keep them honest and not just take an easy offer simply because the rate is lower than your current rate. Your current rate is not relevant. The relevant rate is the rate you can get elsewhere with zero or negative closing cost. A rate difference of 0.25% can be worth $2,000 or more. It only takes a few minutes to get a quote. I hate to see people wasting $2,000 thinking a streamlined offer from the current servicer has to be the best.
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Post by MuchMoore » Tue Jun 21, 2011 9:20 am

In non-recourse states refinancing a primary mortgage can also change the loan from non-recourse to recourse which could be an added incentive for the bank.

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Post by mikep » Tue Jun 21, 2011 10:32 am

OP - I would lock that 3.875 - assuming you have a short window to decide - and then shop around. Rates seemed to spike today..

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Post by Yuba » Tue Jun 21, 2011 12:41 pm

mikep wrote: WF is still making money if they sell the loan to Fannie/Freddie even if they still retain it for servicing. Since it is an above market rate, they get a nice kickback that does not show up as a cost to you. However I agree its a free lunch for you ..who cares if WF makes $.. take it.
This is the crux of the "free" refi. They are giving you a interest rate that is above the market rate. When you agree to this, they get $$ upfront for this difference.

Rick dba Yuba

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Post by porcupine » Tue Jun 21, 2011 1:00 pm

Yuba wrote:
mikep wrote: WF is still making money if they sell the loan to Fannie/Freddie even if they still retain it for servicing. Since it is an above market rate, they get a nice kickback that does not show up as a cost to you. However I agree its a free lunch for you ..who cares if WF makes $.. take it.
This is the crux of the "free" refi. They are giving you a interest rate that is above the market rate. When you agree to this, they get $$ upfront for this difference.

Rick dba Yuba
I just do not get this logic. This is a mortgage that they have already sold to Fannie/Freddie/whoever and are currently only servicing. How can they again - a second time - sell the same loan to someone else and get a cut this time around? Is it because the first/current mortgage has the no prepayment penalty, so they can do it?

- Porcupine

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by epilnk » Tue Jun 21, 2011 3:01 pm

tfb wrote:
epilnk wrote:The current lender does have a cost advantage over a new lender.
They do but they will retain all of that to themselves and then some. When I shopped my refi 10 days ago, the rate was 3.625% for 15-year fixed with no closing cost. The OP was given 3.875%. Granted the loan amount, LTV, location, and credit scores may be different but you still have to keep them honest and not just take an easy offer simply because the rate is lower than your current rate. Your current rate is not relevant. The relevant rate is the rate you can get elsewhere with zero or negative closing cost. A rate difference of 0.25% can be worth $2,000 or more. It only takes a few minutes to get a quote. I hate to see people wasting $2,000 thinking a streamlined offer from the current servicer has to be the best.
They keep a .375% margin. They're entirely upfront about that. Other lenders will take a profit from you as well; nobody is doing this because they care deeply about you. Of course anyone refinancing should shop around - we did - but as I mentioned before, at the time we refinanced the WF quote was among the best of the no cost quotes and beat the much vaunted PenFed. It really doesn't matter to me whether WF makes more profit than another bank would have; as long as they give me a competitive rate with minimum hassle it's win-win, as far as I'm concerned.

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Post by mikep » Tue Jun 21, 2011 3:13 pm

porcupine wrote:
Yuba wrote:
mikep wrote: WF is still making money if they sell the loan to Fannie/Freddie even if they still retain it for servicing. Since it is an above market rate, they get a nice kickback that does not show up as a cost to you. However I agree its a free lunch for you ..who cares if WF makes $.. take it.
This is the crux of the "free" refi. They are giving you a interest rate that is above the market rate. When you agree to this, they get $$ upfront for this difference.

Rick dba Yuba
I just do not get this logic. This is a mortgage that they have already sold to Fannie/Freddie/whoever and are currently only servicing. How can they again - a second time - sell the same loan to someone else and get a cut this time around? Is it because the first/current mortgage has the no prepayment penalty, so they can do it?

- Porcupine
Correct. Fannie/Freddie MBS bond holders get left holding the bag eating the loss on the first loan - and paying a premium for buying the second loan. Win/win for OP and the bank, taxpayers who own Fannie/Freddie and MBS bond holders (Bogleheads who hold GNMA/TBM funds) are the losers.

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Post by Fallible » Tue Jun 21, 2011 5:07 pm

Going from a 30-year to 15-year involves many factors and is something that needs to be calculated carefully and as completely as you can. Bankrate.com can be helpful and here's a link:

http://www.bankrate.com/finance/topic/refinance.aspx

Also, remember that although this may be free, somewhere in this deal the bank is doing what's best for the bank - or it would not be doing it. It's up to you to be sure that it's also best for you.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by tfb » Tue Jun 21, 2011 7:39 pm

epilnk wrote:Of course anyone refinancing should shop around - we did - but as I mentioned before, at the time we refinanced the WF quote was among the best of the no cost quotes and beat the much vaunted PenFed. It really doesn't matter to me whether WF makes more profit than another bank would have; as long as they give me a competitive rate with minimum hassle it's win-win, as far as I'm concerned.
It doesn't matter to me either who makes more profit than others as long as they offer the best rate and (lack of) fees to me. By the way "the much vaunted PenFed" isn't that competitive in fixed rate loans as it charges a 1% origination fee on all fixed rate mortgages. If WF is able to beat AmeriSave, NMA, and FirstIB, then it's truly competitive.
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Post by mikep » Tue Jun 21, 2011 8:25 pm

jenny345 wrote:I called around before refinancing with Wells and they gave me the best deal. A couple other places could match the rate and no points, but with Wells they offered a "low documentation" loan since we were already reliable mortgage payers. So for us it was the best rate for the least amount of paperwork.
Do only Wells and Chase do this? I'd be curious if SunTrust does this who holds my mortgage. Since our house is in trust, and not sure about appraisal, not worth the effort for me to lower 1/8%. I have 4% on a 15 year and best no cost I could find was 3.875%... with a relatively low loan amount so doesn't surprise me. However, if all I had to do was mail back a notarized form, I'd lower it for 1/8%.

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Post by paulob » Wed Jun 22, 2011 7:29 am

thanks for the heads-up
Paul

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Post by maddawg » Wed Jun 22, 2011 8:34 am

My friend did this with WF too about 9 months ago. I'd recommend looking around because we did the same thing outside of WF and saw better rates by about 1/8, with very reasonable APRs.

As I understand it, there are two ways to have a free refi -- the first, they roll closing costs into the new principal. In the second they make you take an above market rate (think of it as a negative point, they pay your closing costs for YOU to take a worse rate). We took the second option because the "worse" rate at the time was 4.375% on a 30-year conventional. We could've gotten 4.25% and either paid closing costs, or rolled the closing costs into the principal but it took a non-trivial amount of time to break even on those approaches.

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Post by Danman » Wed Jun 22, 2011 1:57 pm

When I reviewed a refi with our Wells Fargo rep, we would have to re-pay MIP again since we have a FHA loan - this was around $4 to $5k in costs if I recall correctly. Also, they were not offering "no closing costs" at the time.

Does anyone know if this is the case still? Just sucks we have to pay MIP for the first five years...

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by Dingle » Wed Jun 22, 2011 2:11 pm

rrosenkoetter wrote:Wells Fargo is refinancing my mortgage... for FREE!

My rep says no costs either out of pocket, OR rolled up in the new mortgage.

They called me. I asked why and they said they didn't want me to refinance with anyone else...

Does that sound plausible? Seems too good to be true...

Going from a 4.875% 30-year loan to a 3.875% 15-year loan.
At your age I think you should just pay off the mortgage and be done with it. :wink:

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Post by racy » Wed Jun 22, 2011 9:17 pm

It's legit. They did the same thing for us about 10 years ago. We didn't have to change from 30 yr to 15 yr; just got a better interest rate,, no points, no cost. I like Wells Fargo!

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by mr.ajandkj » Tue Nov 15, 2011 2:39 pm

Called WF yesterday regarding the new HARP program. We have been looking at doing a refi for awhile now, but as we bought in late 2008 had legitimate concerns about meeting appraisal for 80% LTV.

Best low to no cost refi i have foudn recently for 30yr fixed was with First Internet Bank for 4.125% and ~$800 or so in fees. Ten minutes after calling WF, I have 4.125%, absolutely zero fees, no appraisal...just some papers to sign, notarize and send back, closing on Dec 30th. Couldn't be much easier...we're going from 4.5% to 4.125% for almost no effort, will do the Boglehead thing and keep paying based on our original 5.5% loan from 3 yrs ago.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by ilmartello » Tue Nov 15, 2011 5:59 pm

If your credit and cushion is optimal you could get a 3.4 fixed on a 15 yr, no points. Whether or not no docs is worth .475 percent is your call.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by phositadc » Tue Nov 15, 2011 6:41 pm

mr.ajandkj,

Can you give a link to WF's page that describes this? Or do I have to make a call? I have a mortgage with them at 4.625% and would love to get that down to 4.125% if I could.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by mr.ajandkj » Tue Nov 15, 2011 7:19 pm

chrikenn wrote:mr.ajandkj,

Can you give a link to WF's page that describes this? Or do I have to make a call? I have a mortgage with them at 4.625% and would love to get that down to 4.125% if I could.

chrikenn- just give them a call. I had looked into what the new requirements would be for the new HARP program and was pretty sure I would qualify, i just didn't know what kind of rate I might be able to get. I believe you need to have either a Freddie or Fannie backed note, amongst other things.

ilmartello- I know I could get lower, in fact WF offered me 4% for 20yr and 3.5% for 15yr in addition to the 4.125%, all with no points, no appraisal, no fees. But, that raise my pmt more than I would like, so I will pay a little more in interest but also have budgetary freedom.

Cheers.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by ilmartello » Tue Nov 15, 2011 9:10 pm

You said you're going to a 3.875, no point loan 15 yr . How could a 3.375, no point loan have a higher monthly payment with WF? You could expect closing costs to be about $1,600 on a refinance with a rock-bottom rate of 3.375 if you want outside of Wells Faego.

Even with a 100k mortgage, which I suspect is way less than what you are refinancing the difference on a monthly payment is $28.00 bucks, or $5,040.00 over 15 years. Wouldn't you rather pay 1,600 in closing costs now and save $5,000.00 The numbers are even more lopsided if you're refinancing a larger sum.
Last edited by ilmartello on Tue Nov 15, 2011 9:14 pm, edited 1 time in total.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by ilmartello » Tue Nov 15, 2011 9:12 pm

I should note I am making certain assumptions that you are a prime borrower. But if you and your co-signer are 740 plus, and your gross property tax/association fees/ mortgage is less than 28 percent of your gross annual wage income, and you have at least 25-30 percent equity in your place. I think you're getting robbed at 3.875 if you're prime.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by epilnk » Tue Nov 15, 2011 11:04 pm

ilmartello wrote:I should note I am making certain assumptions that you are a prime borrower. But if you and your co-signer are 740 plus, and your gross property tax/association fees/ mortgage is less than 28 percent of your gross annual wage income, and you have at least 25-30 percent equity in your place. I think you're getting robbed at 3.875 if you're prime.
Note that this is an old thread, from last summer. That rate may have been good at that time.

The rate on a WF no cost, no doc refi is .375 above their full refi rate. (Or was the last two times we did it.) While you can always find a better rate, in this drops your rate with no up front cost, no effort, and no prepayment penalty. So there's basically no reason not to take advantage of this - it's a free lunch, and you can still refi with someone else later if you prefer.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by ilmartello » Wed Nov 16, 2011 2:57 am

OOps, I didn't see the date :oops: I'll slink off now.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by jjg247 » Wed Nov 16, 2011 11:28 am

Just to provide a comparison, I refinanced with Amerisave this month to a 3.875 30 yr fixed with nearly no cost up front because of the lender credit. They had numerous options to increase/decrease the credit, but that would have an inverse impact on the interest rate. I think I ended up paying $600 out of pocket for items not associated with escrow accounts. This included 10 days of prepaid interest paid to my old mortgage company that will be returned to me via check.

I would highly recommend looking at Amerisave. They send a notary to your house to close the deal, at our request they gladly agreed to arrive at 8pm! Customer service was fantastic.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by amfox1 » Wed Nov 16, 2011 11:53 am

chrikenn wrote:mr.ajandkj,

Can you give a link to WF's page that describes this? Or do I have to make a call? I have a mortgage with them at 4.625% and would love to get that down to 4.125% if I could.
https://mortgage.wellsfargo.com/easyapp/index.jsp

Just completed my no-cost refinance with Wells, down to 4% from 4.625%, on 10/31.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by mind_boggled » Wed Nov 16, 2011 1:56 pm

amfox1 wrote:
chrikenn wrote:mr.ajandkj,

Can you give a link to WF's page that describes this? Or do I have to make a call? I have a mortgage with them at 4.625% and would love to get that down to 4.125% if I could.
https://mortgage.wellsfargo.com/easyapp/index.jsp

Just completed my no-cost refinance with Wells, down to 4% from 4.625%, on 10/31.
Wow, you can do the whole refinance online? Cool. I'll probably do this. Unless anyone thinks they may give a little better rate in person or on the phone? I'm new to re-financing, is the rate generally pretty set in stone according to that day's rates? Or do they give a little wiggle room the more you sound like you're looking elsewhere at better rates, like how cable or phone companies will give you a better deal if you sound like you're going to cancel/switch providers.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by felixters » Wed Nov 16, 2011 2:54 pm

amfox1 wrote:
chrikenn wrote:mr.ajandkj,

Can you give a link to WF's page that describes this? Or do I have to make a call? I have a mortgage with them at 4.625% and would love to get that down to 4.125% if I could.
https://mortgage.wellsfargo.com/easyapp/index.jsp

Just completed my no-cost refinance with Wells, down to 4% from 4.625%, on 10/31.

You are lucky that this worked for you. I entered my information and it brought up a page that said, "We apologize, but we are unable to complete your application online."

I'm going to call them and see what options I have. I'm currently shopping around to refinance and figured I'd give WF a chance since they hold my loan now. I'm currently at 6%, but we are probably going to be moving in the next 2-3 years which is why I put refinancing off, however with rates so low and no cost refinance options around I have no reason not to do it.

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by mr.ajandkj » Wed Nov 16, 2011 3:05 pm

Glad to see folks taking advantage of this.

In my case, I believe we are getting in on the new HARP program. Given home values in our area (Oregon), I was pretty concerned about being able to meet appraisal for 80% LTV, so this is a good deal for me. Going from 4.5% 30yr fixed to 4.125% 30yr fixed for nothing...we are 18months into our loan period, so resetting is not a big deal, we plan to stay for awhile and will continue paying based on our original loan.

Cheers

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Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by nepats » Wed Nov 16, 2011 3:19 pm

felixters wrote:
amfox1 wrote:
chrikenn wrote:mr.ajandkj,

Can you give a link to WF's page that describes this? Or do I have to make a call? I have a mortgage with them at 4.625% and would love to get that down to 4.125% if I could.
https://mortgage.wellsfargo.com/easyapp/index.jsp

Just completed my no-cost refinance with Wells, down to 4% from 4.625%, on 10/31.

You are lucky that this worked for you. I entered my information and it brought up a page that said, "We apologize, but we are unable to complete your application online."

I'm going to call them and see what options I have. I'm currently shopping around to refinance and figured I'd give WF a chance since they hold my loan now. I'm currently at 6%, but we are probably going to be moving in the next 2-3 years which is why I put refinancing off, however with rates so low and no cost refinance options around I have no reason not to do it.
Same here...

Mudpuppy
Posts: 5889
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by Mudpuppy » Thu Nov 17, 2011 12:18 am

mr.ajandkj wrote:In my case, I believe we are getting in on the new HARP program. Given home values in our area (Oregon), I was pretty concerned about being able to meet appraisal for 80% LTV, so this is a good deal for me. Going from 4.5% 30yr fixed to 4.125% 30yr fixed for nothing...we are 18months into our loan period, so resetting is not a big deal, we plan to stay for awhile and will continue paying based on our original loan.
I'm also planning to pursue a HARP refinance since I'm severely underwater and currently at 6.5%. I expect a bit of an uphill battle however. My current servicer (a local, large credit union) has been less than approachable for previous Home Affordable programs. Trying to find a different servicer with my LTV, even though HARP 2 makes it possible, could be "interesting". I can afford a 20 yr fixed rate mortgage at up to 4.5% (not counting on currently advertised rates since HARP 2 doesn't force the servicer to offer those to HARP 2 refis), which would qualify me for the no-fee HARP 2 refi through Fannie (according to the PDF posted on their website).

So that's my goal for the next year... we'll see if it is as easy as some on this thread have reported or a massive headache.

felixters
Posts: 50
Joined: Tue Jul 01, 2008 4:09 pm

Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by felixters » Thu Nov 17, 2011 3:35 pm

Just finished talking with a rep at WF about my refinance. There is a program called the 3 step refinance that some customers qualify for which is how they are refinancing so easily at no cost. In my case, owning a condo rules me out of that program apparently.

The rep told me I could refinance at 4.25% with a $1,100 lender credit, or 4.375% and $1,700 lender credit, or 4.5% and $2,100 lender credit.

Not terrible, but I'm not impressed. Going to shop around.

arthurb999
Posts: 440
Joined: Wed Apr 29, 2009 1:07 pm

Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by arthurb999 » Thu Nov 17, 2011 5:09 pm

Banks are starving for loans... they don't want to loose good loans.

nepats
Posts: 233
Joined: Mon Jul 20, 2009 11:56 am

Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by nepats » Thu Jun 07, 2012 12:53 pm

Yup. they are still doing the same. I just locked with them @ 3.375 for 15 years on a Super Conforming loan.

ruanddu
Posts: 247
Joined: Tue Jun 22, 2010 8:28 pm

Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by ruanddu » Thu Jun 07, 2012 2:35 pm

I am also with Wells Fargo. Though I am in either underwater or possibly breaking even. Has anyone had luck refinancing with a similar situation?

Petunia
Posts: 174
Joined: Thu Apr 16, 2009 9:10 pm

Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by Petunia » Thu Jun 07, 2012 2:59 pm

ruanddu wrote:I am also with Wells Fargo. Though I am in either underwater or possibly breaking even. Has anyone had luck refinancing with a similar situation?
I am at 147% LTV. I have an appointment tomorrow at a local branch with a notary, where I will sign my new docs. I'm going from 5.25% to 4.125%, at no cost to me. My new loan balance is approximately $200 less then the total of 1. my present loan balance, 2. June's interest and 3. my new impound account. I will skip July's payment and receive a refund for the funds in my existing impound account.

I'm tickled.

Call and ask about the 3 Step Streamline Refinance program.

nepats
Posts: 233
Joined: Mon Jul 20, 2009 11:56 am

Re: Wells Fargo is refinancing my mortgage... for FREE!

Post by nepats » Fri Sep 07, 2012 12:48 pm

Quick update:

Just closed the no cost refi with Wells Fargo. It look about 2 months, since they wanted much more paperwork than last time. The last refi circa 2010 was so painless, and quick that I thought going with Wells again was a no brainer. They are competitive but you won't get the bottom line numbers with them. As a reference, I received 3.375% for 15 years, with no closing cost for a High Conforming Mortgage, ie. loans greater than 417,000.

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