Started working with my local Wells Fargo banker over 4 weeks ago. I finalized the purchase contract on the house early-last week and I went to lock in rates and get final closing costs yesterday and surprise, surprise... Just what I suspected... New fees, higher rates (above the mkt increase) and no explanation.
I have been very clear with my banker that I don't want any surprises. We are doing a standard 30 yr fixed conforming loan (21% down and a $417K mortgage) on a single-family house. 3 weeks ago the rate he quoted me was 5% (0 pts) and this was. 15% above the best rate Wells offered online (my credit score is in low 700's).
Yesterday the published rates on WF.com are 5.375% (with 1%) - the rate he wants to charge me is 5.875% (a 0.5% premium) PLUS 1 point PLUS another 0.25 point for a No Escrow Fee. Because I put over 20% down, I don't need to escrow the remaining years taxes, now they are charging me for that.
Three weeks away from closing they change their story, I wonder what would happen at closing... Completely incompetent and irrational.
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