I have a mortgage with Wells Fargo over 20 years now. My interest rate is above 5%. When the rates dropped a few years ago, I tried refinancing and with a credit score of over 800, over 200K in savings and the equity of my home was 3 times the loan, I was surprisingly turned down. Why would they approve to collect 3.25% interest when they are collecting 5.45%. Five months later, I received a call from another loan officer, regards to my refi request and said he reviewed my request and I qualify, but the catch was, the interest rates have gone above 4.5%. I asked why was I turned down in the first place and requested the 3.25%. His reply was, well, not all loan officers know what they're doing and that he could not give me the initial interest rate of 3.25%. So I declined the offer. Now that the interest rates dropped again, I inquired again. Since the last inquiry I spent over $200K in upgrades to the home including that of a 40' X 90' yard, with concrete & imported stone ground, upgraded fencing all around,heated inground pool featuring waterfalls and lighting. In addition, 3 new renovated bathrooms, 2 renovated kitchens, 2 new furnaces including central air, hard wood floors throughout including stairs using Natural Brazilian Cherry Wood and renovated fireplace with cherrywood mantel, bluestone and other natural stone. The outstanding mortgage on this house I'm trying to refinance is $280K. I spent that on my yard alone. Now they are finding new excuses, Yes they are refinancing BUT due the the global pandemic it's a 50/50 chance I'll be approved ONLY because the can't do a full appraisal, they can'y appraise the interior of the house. They said they can only do a drive-by appraisal. It's funny because all they need to do is just visit my yard and review the receipts, the amount is above the existing loan. BUT, why would they approve the loan and again, receive half the interest rate %. So I draw the line here and taking my business elsewhere. I will contact Lending Tree or Quicken Loans. Anywhere BUT Wells Fargo. This the respect they show a 23 year customer?When Your Hear Wells Fargo, RUN the other way!!!! Thank God for social media to expose bad merchants.
