On Jan 23, Wells Fargo had a 30yr fixed rate mortgage advertised for 5.125% for 1 point. I called into their mortgage center and after holding for several minutes was answered by a gentleman. He would only take my name, phone number and current loan number with Wells Fargo and informed me that he could not accept my application for refinance as their systems were overwhelmed due to call volume - apparently everyone saw the rate and wanted to refinance: refinancing an existing Wells Fargo mortgage is advertised to be a no closing cost loan. You only pay the 1 point - it sounds like a great program. This would have reduced my mortgage payment by ~$300 a month!
By the time Wells Fargo called me back at 4:17PM - the rates had jumped to 5.5% and I was told "sorry" you cannot get the 5.125% rate. Wells Fargo failed to call back while the rate was still at 5.125%. After going nowhere on the phone, I ended the call.
I am not going to give up that easy - seems a bit like a bait and switch tactic or just a poor way of doing business. Wells Fargo failed me as a customer. What can I do?
I would appreciate any assistance on who to contact to get a resolution - basically, how can I get that 5.125% fixed 30 yr rate? BTW, that rate is now 5.625% as of 1/25/08.
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