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Wells Fargo Attorney General Settlement no cost Mortgage Rate Adjustment not refi

Jaynos 212 July 23, 2012 at 01:17 PM in Home & Home Improvement (6)
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Last Edited by widgit July 23, 2012 at 04:31 PM
I just completed a mortgage refi without any cost. I repeat NO COST. Prior to the refi my mortgage was 6.125%. I have just had this adjusted down to 4.25%. This was down without any appraisal, fees, points or anything that cost's $'s. Prior to this deal I could not find any refi option for less than 5K!. If you are a Wells Fargo customer in need of a refi then you should look into this pronto. Call the mortgage department at Wells Fargo:
https://www.wellsfargo.com/help/phone_dir

Tell them you are interested in the Attorneys General settlement (this is a sweet rate reduction).
https://www.wellsfargo.com/downlo...lement.pdf

Have your mortgage account info ready. Be persistent. Once they take your information they will tell you if you are eligible. This is not for people with hardship. I am thankfully able to pay my mortgage but I wanted the savings (who doesn't). If you are eligible then the process will take about two months so get started now. I believe they are only offering this to people who call and ask. I also believe this will work with other banks (I only tried the one that holds my mortgage). This is really a great deal. Have patience and be prepared for about 6 weeks to work through it! woot

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#16
i have 4.75 so looks like no luck.
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#17
Quote from empiretc View Post :
yep, 3 step. did this last september. went from 6.25% to 5.25% for 30, and cut the total payment (escrow and all) to less than half of what it was with $0 out of pocket. last year was pretty bad, but it is refreshing to now have a mortgage payment that is lower than most 1b/1b apartments around here.

they have been offering this for quite some time now.
Lots of customers for unkown reasons did not qualify for the previous 3 Step or Easy Refi offers (I was one of them). Im also kinda thinking these have also been terminated.
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#18
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.
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#19
Quote from drboom View Post :
Sorry but I don't think this is a hot deal. Rates are down well into the 3s - we're closing tomorrow on refi'ing our 30yr fixed on a no-cost refi to 3 5/8 and rates dropped since we locked in so I suspect we could to better today. 4 1/4 is very high today.
Check http://www.freddiemac.com/pmms/ for an idea of where rates are - I've found our broker can typically get us close to the survey rates (we've refi'd more than 8 times in 5 years on no-cost loans as rates have dropped) on a no cost 30yr fixed. We're in MA and our LTV is ~60%.

Thanks for posting though, hopefully this spurs some of the readers to refi at a lower rate.
What magical bank is this? I have never had luck find a true no cost refi for my situation.
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#20
Quote from janoolove View Post :
i have 4.75 so looks like no luck.
nah, current on bankrate is 3.59% on a 30 year fixed, so the best a person can hope for is 4.59%. You may be able to swing 3.5% on a 15 year fixed.



Quote from cptbarkey View Post :
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.

that only applies to people who make minimum monthly payments!
Last edited by empiretc July 23, 2012 at 01:51 PM
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#21
Quote from cptbarkey View Post :
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.
This is a program that Gov Co is using to punish the banks. I know a refi always benefits a bank and lawyers with all the fee's. Then they restructure the loan so all the interest is paid up front. This deal adjust the interest rate only. My term is still the same.
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#22
Quote from empiretc View Post :
nah, current on bankrate is 3.59% on a 30 year fixed, so the best a person can hope for is 4.59%. You may be able to swing 3.5% on a 15 year fixed.
so u mean i can still will be able to use this program? they say 5.25% or higher in their qualification thing.
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#23
Quote from empiretc View Post :
nah, current on bankrate is 3.59% on a 30 year fixed, so the best a person can hope for is 4.59%. You may be able to swing 3.5% on a 15 year fixed.






that only applies to people who make minimum monthly payments!
What Bankrate and other sites quote as the current rate is usually unobtainable. It's good for showing the trend but if you want the lowest rate it will typically cost you so much that you will want to puke.
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#24
Quote from cptbarkey View Post :
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.
Seriously? That is not good advice. I did a HARP 2.0 ReFi. I was 9 years into a 30 year fixed mortgage at 5% and dropped to 15 years at 3.25%. Closing costs were around $1500 that got rolled into the ReFi. My payment is $120 more per month, although I'll be saving hundreds of dollars in interest per month while also gaining on principal and shedding 6 years off the live of the loan. So, definitely win for me!
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#25
Quote from cptbarkey View Post :
refinancing, no matter what or who, always benefits the company who refinances your mortgage. you are resetting your payments and increasing interest payments. its not a win - win - win. who wins? not you.
Unless you can refi to a lower rate and pay extra toward the principal each month so that you effectively have not extended the loan period.
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#26
I called BOA and my loan is Ginnie Mae, which also doesn't work. SOB I am out on every single way.
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#27
I lose out on two counts. My interest rate is 4.75% and my loan is only serviced by Wells Fargo (owned by Fannie May or Freddie Mac, don't remember actually which one).
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#28
Quote from sdkjr View Post :
Seriously? That is not good advice. I did a HARP 2.0 ReFi. I was 9 years into a 30 year fixed mortgage at 5% and dropped to 15 years at 3.25%. Closing costs were around $1500 that got rolled into the ReFi. My payment is $120 more per month, although I'll be saving hundreds of dollars in interest per month while also gaining on principal and shedding 6 years off the live of the loan. So, definitely win for me!
The poster seems to only be thinking about refinancing into a loan with a longer term.
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#29
TU to subscribe. We're with WF. Can't hurt to try. Will TD later if unable to replicate.
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#30
Quote from TheEdge View Post :
TU to subscribe. We're with WF. Can't hurt to try. Will TD later if unable to replicate.
Thank you for trying. I think the success rate will be high! Please let us know what they tell you.
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