Wells Fargo Home Mortgage
Hidden $500 Prepayment Penalty in Home Equity Loan Documents

I have had 3 home mortgages with Wells Fargo. On the third one, I specifically told the Wells Fargo representative that I would be moving in less than 3 years. This is a tale of I should have read every single one of those 100 pages or so the bank gives you to sign... Buried on page 8 of 18 in one of the several dozen-page-plus documents of legal terms I was given to sign is a $500 prepayment penalty for paying off the home equity loan before 3 years. This fee was not highlighted or bolded... Just slipped in there. Now that I'm selling my home 2 years 10 months later, just like I told them I would, they're refusing to waive or even pro-rate the $500 penalty. Their customer service was completely unreceptive to any compromises other than taking out another loan with them. Giving a dishonest company more business is not something I would consider. I would not recommend them - their loan agents are more concerned about making a fast buck than getting you the right loan and their corporate policies focus on the immediate dollar, not keeping long-term customers. They will never get my business again. My hope is they will lose that $500 many times over.

Company: Wells Fargo Home Mortgage
Country: USA
State: South Dakota
City: Sioux Falls
Phone: 8886671772
Site: wellsfargo.com

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