I applied for a Wells Fargo mortgage refinance on May 13, 2009. The Rep quoted 15yr, fixed at 4.5 percent with closing costs or 30ys fixed at 5.625 with no closing costs. I chose the latter. I answered CA disclosures where I disclosed this is NOT my primary residence. It is recorded and Wells Fargo does not deny I stated it is not a primary residence but a rental. About May 15, I spoke with the escrow officer on May 19 who reaffirmed I was applying for the loan and again was asked if this was a primary residence. I said no again. I took the home out of a Trust so they could refi.(abt $100.) On June 8, I received a request from them to fax them proof of employment. Indicating to me all is well and progressing on the loan. I got a call today, JUNE 19, that they have denied the refi because it cannot be used for a non-primary residence!! And, was told that is the only reason I am denied everything else qualified me for the loan. 35 DAYS LATER, interest rates are up over one percent or more! and now they deny my refi because of their own stipulations which were stated to them truthfully over a month ago? If they had denied it in the beginning say like 10 days into the loan application they say they could have done the 4.5 percent loan with closing costs and they would have taken the cost to remove the home from the trust. Now they want 5.65 percent with $3,500 closing costs and another 30 days to qualify me for the loan that they have been qualifying me for the last 35 days.They knew the house was a rental from day one. How can they get away with this? 5.65 percent vs 4.5 percent over 15 years is alot of money they are going to collect plus closing costs by simply not following their own rules and not allowing me to go elsewhere during that time to secure a loan which is not available now. After everthing this economy has suffered Wells Fargo Mortgage is still using their deceptive ways on consumers.
Contra Costa, CA Resident