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Do you own a Wells Fargo mortgage? Would you like to see your mortgage payments reduced, pay your mortgage off earlier and save money on interest? If your answer to both questions is yes, you may qualify for a Wells Fargo Refinance for Existing Customers. Banks know the value of reliable and trustworthy customers. They also know that clients with a good credit score can call the shots in today’s economy and find good deals if they want to. That is why major banks like Chase, Citibank and Wells Fargo are providing their existing clients with special deals to improve their mortgages if they stick to their current bank.
What are the benefits?
Wells Fargo existing customers who apply for a refinance through Wells Fargo’s Refinance for Existing Customers Program do not have to pay application or appraisal fees for a refinance. There are no closing costs and the pricing (interest rate, points and other expenses) are locked once you fill in the application.
These benefits are substantial and may make it worth it for you to stay with Wells Fargo. However, other banks are also interested in your business if you have a good credit score and history, so it is always worth looking around for deals.
Back to the benefits of this program, you might want to consider the cost of application fees, closing costs and appraisal fees in a standard refinance. According to the U.S. Federal Reserve Guide on Refinancing, you can expect to pay from $75 to $300 as an application fee, a typical origination fee can cost you up to 1.5 percent of the loan’s balance, appraisal fees are going at $300 to $700, inspection fees at $175 to $350 and closing costs can cost you up to 2 percent of the pending balance. In a nutshell, the Wells Fargo Refinance Program for Existing Customers can save you thousands of dollars. How much you save will depend on your current mortgage early payment penalties, your current interest rate and y0ur new interest rate.
On the flip side, to qualify for a Wells Fargo Existing Customers Refinance you must have no cash-out refinance requirements (and that includes payoffs of other loans) and your property must not require a title change.
To apply visit Wells Fargo’s website or click here for a direct link.
You will need to supply personal information and details on your existing mortgage. If you have any questions when filling in your application you can contact Wells Fargo’s customer service desk free of charge at 877-937-9357 from Monday to Friday 8.am to 11 pm and Saturdays from 8 a.m. to 4:30 p.m.
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