I applied to refinance with my mortgage company Wells Fargo. I wanted to refinish my basement so I applied for the 4.5 interest rate, and wanted to borrow $20,000. My principal at the time was about $110,000 which is less than half the value of the house. The agent told me my credit report came back excellent. My income was also good. She said there would be no problem processing my loan, and it would take a few months. I paid $356 for an appraisal. I called them for the next 5 months. They would only reply a few times to tell me my loan had expired, and I needed to resubmit my paperwork. I complied everytime.in the meantime I had to obtain a seperate loan to finish my basement.
They finally contacted me 5 months later to notify me my loan was rejected. I would have never paid any money if I thought there was any chance my loan would be denied. I also would have not bothered to borrow money from them if I knew it would take 5 months. They sent me a counter offer for half the amount. I told them I no longer need the loan, but would like to refinance for the lower interest rate. They said this would not be a problem, but then told me I would have to pay 4-5 thousand dollars. I explained that I'm not a new customer. I'm not taking any money out, and Wells Fargo messed up the loan in the first place. I cancelled the loan, and asked for a refund of the $356. I work hard for my money, and Wells Fargo has no concern for its consumers. They promise you everything, and once they get their money they could care less about you.
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