- Wells Fargo Refinancing For Existing Customers
- 2015 Government Mortgage Help targets FHA Programs
- How to Find Cheaper Closing Costs on your Mortgage
- Obama Extends the HARP Refinance Program for 2013
- IRS Supplies Guidance on Home loan Modifications
- Indiana State Mortgage Help for Those in Danger of Foreclosure
- Mortgage Assistance Available in Oregon
- Wisconsin Mortgage Assistance Programs
- How to Write the Mortgage Hardship Letter
- CHFA EMAP Program for Homeowners
Refinancing is a great way to lower your interest rates and to pay the mortgage on your house quickly. It is paying off the previous loan with a new one with better interest rates and installments. You can choose the best plan for yourself when you are going for refinancing. Wells Fargo offers great refinancing deals for its customers. The company knows how to keep their customers happy as they are offering two more refinancing programs
for their already existing customers.
If you are worried about the high-interest rates and too many installments of your loan, then all you have to do is enroll for the streamlined refinance program offered by Wells Fargo. This program gives better interest rates, the easy number of installments and easier application process.
The benefits of streamlined refinancing are endless. You can avoid the entire appraisal and the application fee. There are no closing costs, and the loan pricing is locked once you’ve submitted the complete application, there can be no changes to it.
The best thing about streamlined refinancing is that you don’t have t0o go through all the paperwork that you usually have to fill out for other kinds of refinancing. There are low upfront costs, and the process is quite fast and easy.
Points to Be Noted
There are a few things that you might look into before signing up for the streamlined refinancing. Firstly, this offer is only for already existing Wells Fargo customers, not new ones. Secondly, this refinancing does not allow a cash-out refinance so you will have to take it into consideration too. And lastly, this refinancing deal might give you a higher interest rate but a low overall cost, so it’s better if you consult your mortgage consultant before signing up for this offer.
Wells Fargo & Home Affordable Refinance Program (HARP)
This loan is best for people who owe more than what their home actually costs and are in trouble with their debts. You can avail this program quite easily by filling out a small number of documents and signing them in the presence of witnesses. It is a limited time program, and it expires at the end of this year on 31 December 2016.
For acquiring a HARP loan, you have to be eligible for it. This means that you must be an existing customer of Wells Fargo. You should be current on your mortgage payments and it must be owned by Fannie Mae or Freddie Mac, originated before June 2009. These are all the requirements your mortgage has to fulfill to be eligible for this HARP program.
Wells Fargo 3-Step No Cost Refinancing Program
This is another great initiative from Wells Fargo in which they offer their already existing customers a deal including lower interest rates without any hidden fees or charges. Many people think the offer is too good to be true, but it actually exists. This plan offers 1% decrease in your interest rate and that too without any cost for appraisal, applications, and closing.
This 1% decrease in interest rate can sum up to a huge amount at the end of a mortgage long period. This is why this offer is only valid for refinancing of a minimum of 15 years. If you think about the math here, the 1% decrease is a pretty huge sum and can save you a lot of money from your mortgage payment. You can always use this money for better investments or your kids’ education etc. This is a great deal for people who are already refinanced by Wells Fargo and are looking for a better refinancing program for the longer run. Wells Fargo really does know how to keep its customers happy and stress-free.
Wells Fargo Refinancing REVIEWS
Wells Fargo is a notable bank, and there are several customer reviews about them. Some people say that the offers are a scam, and they do charge extra fees while others have the opinion that the bank offers exactly what it claims to offer to its customers. There are good reviews as well as bad reviews. This is why we suggest that you should always consult a mortgage specialist so that you can make a better choice for your future.
It’s no secret that the economy has hit many people hard. Families who used to be able to pay their bills on time are falling behind on mortgage payments; some are even facing the loss of their homes through foreclosure. There is hope, however, for those who have their mortgages through Wells Fargo. Wells Fargo offers several programs to help those who have fallen behind on their mortgage.
Wells Fargo, founded in 1852 in San Francisco, is estimated to have insurance, mortgage, and investment dealings in one out of every three households. Wells Fargo’s commitment to help its customers succeed financially has allowed the company to offer the following mortgage relief programs.
1. Debt consolidation: Debt consolidation allows a homeowner to combine many higher interest credit card payments and loans into one lower payment. While not eliminating your debt, it makes payments more manageable. A debt consolidation loan will free up more money to bring a mortgage current and maintain timely payments on it. Wells Fargo will study a homeowner’s payment history, credit history and ability to pay before extending this form of mortgage help to homeowners.
2. Refinancing: Refinancing a mortgage can allow a homeowner to lower monthly payments, get longer term loans, and change mortgage types. Wells Fargo cautions that there may be origination charges, including processing and application fees, as well as discount point that can be used to further lower interest rates.
3. Repayment plan: It may be possible through Wells Fargo to redistribute back payments and repay them in future loan payments.
4. Attorney General’s Settlement: Wells Fargo entered an agreement with the Attorney General’s office that permits them to help homeowners with their mortgage woes. It allows the expansion of first or second loan modifications. For homeowners with no equity in their home can qualify for an n extended first lien program. The extended first lien program will not lower the principal, but it can help to lower interest rates for struggling homeowners.
In order to qualify for the Attorney General’s settlement, homeowners must:
- Have a loan that was initiated before January of 2009
- Not have had a refinance within 24 months of applying
- Have a loan that is a first mortgage, not a second
- Owe more than the market value of the home (upside down)
- Have a financial hardship
- Have a loan through Wells Fargo
In addition, the Attorney General’s agreement will allow a modified short sale of the home if necessary, with debt forgiveness to qualified homeowners.
5. Independent Foreclosure Review: IF the homeowner was involved in a foreclosure during 2009-2010, Wells Fargo promotes the Independent Foreclosure Review that will help to determine if the foreclosure was a legally valid one.
Wells Fargo at https://www.wellsfargo.com/ offers many types of relief to a struggling homeowner. They have a team of experts ready to answer any and all questions regarding any of the above options and can guide a homeowner in the direction of the relief program most appropriate to their circumstances.