Do you think to apply for a mortgage loan with Well Fargo? My advice: Run away from them.
If you are thinking to take a mortgage loan from Well Fargo, prepare yourself to have a lot of problem, and do not even think you can close on time. It has been over 7 weeks since we applied for a mortgage. We still do not have a commitment letter. If you think we are not well qualified customers, it is not true. Both, my husband and I, have a credit score 780-800, we are putting down 42%, both have stable jobs with yearly income of 50% of the loan we are requesting. Perfect customers, I would think. After we applied, they did not ask us for any additional info. Three weeks later they come up with additional request. We submitted all the documents promptly. I was contacting the mortgage consultant about the progress of the loan approval and each time he would come up with all kind of excuses or lies why it not done yet. Two days prior to closing (on a sales contract) they contacted me and asked for more info!!!! When I asked about closing day guarantee, Well Fargo advertises it on their website, they basically said that it does not apply to our case!!! I just would like to know, if someone in Well Fargo doing the work or not. If we cannot receive the commitment letter for over that 7 weeks, who can?
It should have been my closing date today, but "thanks to Well Fargo" it would be responded or never happened. I feel so frustrated and angry. I curse the day I went to Well Fargo. I should have gone to credit union or the other bank. If you do not want to be in our situation: Run away from them if it not too late.