I had refinanced my house with Wells Fargo about 4 years ago. There were red flags that I should have seen when I went through their loan center in Nashville. A "loan officer" there was always pushing us to go with a 30 year mortgage when we wanted a 15. My husband and I went with them anyway and signed the paperwork for a 15. When interest rates went down, we asked the same "loan center" about getting a better rate than 8% and that Bank of America could give us 7%. The loan officer said he could do better than that but said he couldn't discuss details over the phone and to come to Nashville. We live about 60 miles away and had to leave work early to make the trip. After a lot of beating around the bush, the "loan officer" (some young guy fresh out of college) said the best they could do was 10%. Our jaws dropped and we left out of there in quite a huff. Unfortunately, we had credit cards with them, which they decided to raise the interest rate from 12% to 17 %.
Late last year we finally refinanced our house with Bank of America at a rate of 5.5% and they gave us a 12% non-collateralized loan of nearly $50,000 to pay down some other debts. When we asked Wells Fargo for a non-collateralized loan, they pretty much laughed at us and said we'd never get even $20,000 from anyone unless we put up our house as collateral. Wells Fargo is full of it and I will never ever use any of their products again.
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