Quote:
Originally Posted by csu87
Wells fargo sucks. I went with them for my first house and they raked me over the coals with my mortgage with putting 15% down (25% of appraised value). The requirements for me to buy my first house ($250k) vs my current house ($400k) were more stringent with Wells Fargo.
For the current house, I shopped around a ton and found that Capital One was offering the best rate, no additional fees/points for a 15% DP, and they were giving away a ton of rewards points. Discover Home Loans and Quicken Loans were also pretty competitive. Only issue i was running into is my wife was a contract worker vs FTE and they didnt want to count her wages as income. My overall impression was that the big name guys were going to be much easier to work with, and were offering a much better mortgage than Wells Fargo.
I ended up going with a small local mortgage company that my realtor recommended in the end because of the wife's job situation. He was able to get her income approved to be used in our monthly income totals, which allowed us to qualify for lower rates and less fees.
My advice is to steer clear of Wells Fargo and shop around for the best rate. The big name guys I mentioned may be the cheapest option, but smaller local guys can usually work some magic to get an approval for something that a big company may not approve. This will help if you arent planning on putting your wife on the mortgage.
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Yeah..good point that is why I gave him the info for my Mortgage banker at Bank of the West--they are not a big bank like BOFA And Wells but got a better rate and an easy loan. Course around here 400K buys you a skunk shed shack.