Refi your Wells Fargo mortgage, no closing costs

[morkinva]

As seen on a 'plump purse' site (thanks riverbendgeorgia), go here and see if you can qualify.

For current customers only. No go if you live in NY, KY, TX, SC, NC, ME, DC or MA

 

[CobraBubbles]

This is NOT no closing costs -- it is "no out of pocket" closing costs. When I went throught the application process, my new loan amount was about 1000 bucks more than my current loan amount; looks like they just roll the closing costs into the loan...

 

[Tigerguy]

Or in my case, I got a higher rate... no free lunch.

 

[morkinva]

Well my loan amount was also higher than what I currently owe. But it was $300 higher, an amount equal to about 1 loan payment (after the refinance). Maybe this is because the first payment would be due 5/1/03.

 

[Sendero]

well, at least it works for you. For me all I get is a message telling me I've omitted required information even though I've entered the stuff for all the fields.

 

[shle]

I took this loan offer and he new loan value was for the exact amount as I owed on the old loan, so it is really is a no cost loan. I changed my loan from 30 year (with 20 to go) to a 15 year and ended up paying about $180.00 a month less.

I asked why they were offering a lower rate and was told they would rather keep me at a lower rate then have me take my loan elsewhere. They still make money since I have my loan with them, not as much as my old loan but better then nothing.

 

[deramon]

Unless you have some sort of credit issue, you can probably use a conventional lender and they mostly do loans without closing fees.

 

[Tates]

Generally with a no closing cost loan, the interest rate is factored higher to absorb the closing costs. Paying such a loan off during the first 2-3 years can trigger a pre-payment penalty designed to reimburse the lender for said closing costs.

 

[teraeric]

something is fishy that they don't post your current balance... mine turned out to be about where i was at the end of '02... they're hiding something...

 

[Idahoski]

Originally posted by: Sendero
well, at least it works for you. For me all I get is a message telling me I've omitted required information even though I've entered the stuff for all the fields.

I am getting the same error.

 

[Tigerguy]

Another thing to look for is they often charge interests twice for some days. For example, my settelment day was 7th. My previous lender charged me interests until 8th per payoff statement, and my current lender started their collecting on 7th. That ended I payed double interests on those overlapping days. :frown:

 

[Stevem627]

You really weren't double charged on the interest..per se. What happens is that it takes time for an amount paid off to post the payoff and a day is usually a "best case" scenario...sometimes it could be more time with a weekend or holiday factored. Interest accrues until the loan is paid off, and it can't be paid off until the new loan takes effect.

 

[Bite]

Thanks -- locked in for ten-year with rate reduction. Well worth it for me....

 

[Oakenfold]

Originally posted by: Tates
Generally with a no closing cost loan, the interest rate is factored higher to absorb the closing costs. Paying such a loan off during the first 2-3 years can trigger a pre-payment penalty designed to reimburse the lender for said closing costs.

Or they charge you more points and lower your interest rate.

Make sure to watch your total amount financed.

From what I've noticed this has nothing to do with credit at some places.
YMMV because every lender works differently.

 

[fastz28]

Originally posted by: Idahoski

Originally posted by: Sendero
well, at least it works for you. For me all I get is a message telling me I've omitted required information even though I've entered the stuff for all the fields.

I am getting the same error.

Same here. What's the format for loan number? Mine is just a 7-digit number. All numbers, no alpha.

 

[morkinva]

yeah loan number is 7 digits. Maybe because you live in TX:

Reasons you may not be able to do this deal:
- your title is held in a trust
- you have changed your title since the original loan was taken out
- you have sucky credit
- you live in NY, KY, TX, SC, NC, ME, DC or MA

sorry I didn't see that info before

 

[Mallow]

nice, closing costs can be thousands of dollars.

 

[ICantAffordIt]

You think they'll give me lower than my 4.75 30yr fixed?

 

[ouzome]

I doubt you'll get lower than 4.75% Cl8sing costs can be$3000 - $4000 so this sounds like a hot deal. Most companies would rather lose you than lower your rate.

 

[RightHere]

Originally posted by: morkinva
yeah loan number is 7 digits. Maybe because you live in TX:

Reasons you may not be able to do this deal:
- your title is held in a trust
- you have changed your title since the original loan was taken out
- you have sucky credit
- you live in NY, KY, TX, SC, NC, ME, DC or MA

sorry I didn't see that info before

None of the above are true for me, so there must be some additional reasons. I'm not saying that you posted a complete list or anything, just making it clear to others that there are more rules.

 

[Oakenfold]

Originally posted by: RightHere

Originally posted by: morkinva
yeah loan number is 7 digits. Maybe because you live in TX:

Reasons you may not be able to do this deal:
- your title is held in a trust
- you have changed your title since the original loan was taken out
- you have sucky credit
- you live in NY, KY, TX, SC, NC, ME, DC or MA

sorry I didn't see that info before

None of the above are true for me, so there must be some additional reasons. I'm not saying that you posted a complete list or anything, just making it clear to others that there are more rules.

Call them and ask them what their lending criteria is for this loan, they may tell you.

 

[huesmann]

NetBank rules.

 

[LiQiCE]

Didn't work for me when I tried. Although my mortgage is less than 1 year old, so maybe thats why? They want you to be stuck with your current rate for awhile before they'll allow you to change it?

 

[KK]

I just did this. Went from a 6.00 30 year down to a 5.75 15 year. I was paying PMI on the previous 30 year I had with them, which if I read right I wouldn''t have if I got the 15 year refi. Is that what y'all read?

KK

 

[KK]

Originally posted by: LiQiCE
Didn't work for me when I tried. Although my mortgage is less than 1 year old, so maybe thats why? They want you to be stuck with your current rate for awhile before they'll allow you to change it?

I refi'd with them in july- august of last year. At what point didn't if work for you?

KK