Wells Fargo Mortgage
RIPOFF quoted interest rate, at time of signing the rate was much highe

I applied for a line of credit with part of it at a fixed rate for three years and the other part as an ajustable rate, and was quoted an interest rate. At the time of signing, the rate was much higher. I did not say anything and signed the papers.

About eight months later, I refinanced the total amt of this ine of credit to a seven-year fixed rate and was quoted 7.225%.

However, when I received the call that the paperwork is ready for signing, I wanted to verify the interest rate and was given 7.75%. I was not going to take this lying down, since this was the second time I would receive a higher interest rate at signing than quoted earlier. No one could find the quote of 7.225% untile I threatened with a law suit, etc. All of a sudden the original quote was found on the computer and I was promised to receive that interest rate.

However, at the time of signing, the rate was 8.39, which I of course rejected and became very upset. Again, we went around and around and finally the original quote was again found on the computer, and again I was promised the orinally given rate.

So, the next day I again drove the 14 miles to the bank and the papers showed 7.47%. I could not believe it. Finally, I drove the third time to the bank and finally received the 7.225% interest rate.

A letter to Dick Kovacevich did not even provoke an answer, let alone an appology.

Since this has happened to me twice, I cannot believe that I am the only one this has happened to and believe very strongly that this is a common practice of Wells Fargo and would like to hear from anyone having had the same experience, since I call this fraud.

Company: Wells Fargo Mortgage
Country: USA
State: California
City: San Francisco
Address: P.O. Box 63710

  <     >