My current home mortgage loan is 30-yrs with 6.74% interest rate. So I have decided to find opportunity to lower interest rate. My choice was Wells Fargo based on the information's given me by Home Mortgage Consultant Edward Estrada. During our phone conversation May 11, he told me that the interest rate will be locked on 4.75% and closing cost will be not higher than $3100. I have been very clear about the last number, and I have been assured by Mr. Estrada that the closing cost will be lower than $3100.
When loan package came to my surprise the estimated closing cost has been $4600. $1500 more then I agree. Mr. Estrada asked to explain the difference started long tirade about the loan and points and other things. I do not buy all this lies and being very disappointed I have asked to cancel my application for the loan.
Beware of the Wells Fargo deceptive practices and broken promises. The best way is to avoid doing any business with Wells Fargo Bank where employees are encouraged to lye and to misled customers.
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