The Details:
Home mortgage interest rates were really low in 2021 and I hadn't refinanced since 2012 when I went down from a 5.875% 30-year-fixed to a 4.625% 30-year-fixed. When I saw rates as low as they were this year, I decided to inquire if it would be worth it for me in order to pay off my house quicker.
With my 1st refinance with Wells Fargo, my monthly payments on a $235,000 home was about $1600/mo at 4.625%. On top of that, I would add $50 of principle every month for the past 9 years to shorten the life of the loan. All of my credit card purchase rewards with my Wells Fargo Credit Card would go towards the principle as well, which ranged anywhere from $25-75 a month.
Before I inquired about a 2nd refinance, I was on track to pay off my house in 11 years, so by 2032. After talking to Wells Fargo about my options, I decided to refinance with a 15-year-fixed at 2.25% for the remaining $127,000 on my loan. However, my plan was not to pay the minimum monthly payment of $1070/mo, but add $600 of principle to basically maintain the same exact payments as I have right now, which is comfortable for me. In essence, I would basically be able to pay off the house in 8 years now (by 2029) without having to do anything but sign some papers.
The Annoying Experience:
I went with Wells Fargo because my original loan was with them, my first refinance as well, and I have a credit card too and to this point I have enjoyed their services and rewards. However, this time around, I had an annoying experience with their Home Mortgage team.
At first, the mortgage consultant, the mortgage processor, and the mortgage closer were all really helpful in helping my pick a refinance that meets my goals. They would check up with me daily to make sure everything was going smoothly. The process finally got to a point where I was ready to close and all I had to do was sign papers in front of a notary.
In 2021, branches were still limited in bank personnel because of the COVID-19 pandemic. However, they still scheduled me to meet with a notary at one of their local branches close to my home on a Monday afternoon. I went to the Wells Fargo at 2pm and waited 30 minutes for the notary to show up and no one appeared. I contacted my closer, who then told me that it was actually scheduled for Wednesday afternoon.
I returned to the same branch on Wednesday and waited another 30 minutes, with no appearance by a notary. I tried to contact the closer and was unable to reach them. They didn't respond to my voicemails or my emails.
The next day, I called Wells Fargo to file a complaint. At this point, I basically felt like the mortgage closer no longer cared about me since the deal was already been done. All that extra daily attention is gone and I'm stuck wondering what's going on. After I filed a complaint with Wells Fargo, the closer immediately called me and tried to get something scheduled for Friday, with the notary coming to my house this time for my convenience. I finally saw a confirmation for an appointment and was able to sign the papers and finalize my loan.
As a result of my poor experience, I was gifted a $300 value item off their Wells Fargo Home Mortgage gift program to compensate for the bad service. I don't know if it really makes it right, but I redeemed a Ninja combination air-fryer and pressure cooker with the gift. I was planning on getting one anyway and that was really the only gift on their website I thought was worth getting.
In conclusion, my experience with Wells Fargo Home Mortgage started out well, but once the deal was ready to close, things went south badly. I eventually got it done and the compensated me, but based on this experience, I'm less likely to use them again should I ever need another home mortgage loan.
Anyway....
At least I finally got my home refinanced how I want it and I was able to take advantage of low interest rates!
