That sounds like one bad agent. If you know who it was, report them to WF for review in case they are still there. Although if you originated your loan in 2007-2008, it wouldn't surprise me if they weren't there anymore. Shortcuts like what you described is part of what damaged the market.
Ames area mortgage lender recommendations
- Thread starter Mr Janny
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That sounds like one bad agent. If you know who it was, report them to WF for review in case they are still there. Although if you originated your loan in 2007-2008, it wouldn't surprise me if they weren't there anymore. Shortcuts like what you described is part of what damaged the market.
Yes, I work at WF. Yes, I can promote them, that's what I was doing with that post with the facts. However, I cannot recommend that he, nor anyone else, goes and originates their loan with WF as part of my specific position.
If you're not a big wig......
Expect to get below average service, and expect for the process to take about 90 days @ wells fargo.
Expect to get below average service, and expect for the process to take about 90 days @ wells fargo.
The first rule of Wells Fargo. Do not talk about Wells Fargo.
The second rule of Wells Fargo. Do not talk about Wells Fargo.
And so on...
Sorry if the company hurt you in someway...? It's part of my contract due to the department (Government Regulation & Loss Control), but if I was in sales, I'd be talking my *** off.
Early last year someone from the Ames area mentioned the university of iowa credit union of this site. So i gave them a try, when i refinanced last summer they had the lowest rates and lowest closing costs. All i had to do was put $5 in a savings account to become a member. They service story and polk counties with their office in Grinnell. Completed application online and a gentleman came to house to sign the loan docs. Our loan was sold to US Bank. They don't charge for online loan payments. My previous mortgage was sold to Iowa Bankers Mortgage and for a onetime online payment they charge somewhere around $8 to $10, can't remember for sure but thought it was a ripoff. Could have set it up for monthly auto debit, but I wanted to freedom to pay extra every now and then.
There are some small banks out there that will sell your mortgage but retain the servicing of the mortgage. What that means is you would still make your payments to where you originated your loan. I currently work for a bank that does this. You essentially get the best of both worlds...a long-term fixed rate mortgage with local servicing (e.g. not CitiBank, Chase, BOA, or any of the "big guys").
You'd be surprised. For the most part, if you make your payments, pay your taxes and insurance (if they're not escrowed) and go on your merry way, servicing means nothing to you. However, if you hit a rough spot and need payment assistance, stop paying your taxes/insurance, file bankruptcy, etc.....then you're going to need a good servicer....
I have two mortgages that were initiated at First Nat'l in Ames and both are now with Iowa Bankers Mortgage Corp. It is handy to have them in Johnston. They have been good to work with. You might save time by going directly to them...
We went through Bankers Trust a couple years ago and had a great experience with them. Our mortgage was sold to Chase and we have had zero issues.
Back in the dark ages when I was a student at ISU I banked with First American Bank. Moved away, changed banks. Ten years later we move back into the area and because of positive experience in my past, went back to them. We have an excellent credit record, etc., We locked in a rate, bought a house and waited to take possession. Twenty-four hours before we closed, they call us and jump the rate a half a percent. WTH! Lots of talking in circles, yadda, yadda. The representative even said, "You know, it doesn't really jump your monthly payment all that much." Astounding - are people really this stupid? Wait, don't answer that, I know the answer.
Stern conversations occur. We immediately went to our current bank in western Iowa, they met the rate and it was smooth sailing from there. We walked away from First American - left all our accounts in western Iowa because we can do everything electronically and they treated us well. We're still with them.
A month later one of my coworkers had the exact same thing happen to them so it wasn't a crazy fluke, miscommunication, or odd occurrence with us. And yes, they still signed on the dotted line with First American.
Stern conversations occur. We immediately went to our current bank in western Iowa, they met the rate and it was smooth sailing from there. We walked away from First American - left all our accounts in western Iowa because we can do everything electronically and they treated us well. We're still with them.
A month later one of my coworkers had the exact same thing happen to them so it wasn't a crazy fluke, miscommunication, or odd occurrence with us. And yes, they still signed on the dotted line with First American.
VisionBank can either go through Iowa Bankers or directly to Freddie Mac with their mortgage loans. They are a seller/servicer for Freddie Mac. That means you still make the payments directly to them and can talk to a real person if you need help. Going directly to Freddie Mac gets you a little lower rate too. Their closing cost are about the same or a little lower than most. Call Nathan at the S Duff office he is very experienced and very easy to work with.
Mine was sold to IBMC as well and I also haven't had any issues. Very easy to set up bi-monthly payments and access your mortgage info online. Seeing how much interest you're paying each month can really serve as motivation to throw everything you can at your mortgage.
IBMC doesn't originate loans the bank does this, so you can't get a loan directly from IBMC. IBMC buys the loan from the bank and does the servicing.
We had a good experience going through Valley Bank in Ames back in 2009. They sold it and we deal with Nationwide in Des Moines now (I think Ginnie Mae owns the mortgage). We're going through a refi with Nationwide directly now which has been pretty straightforward.
On the rate thats not exactly true, brokers have flexability on what they offer not only in rate but on back points and some fixed costs and some will try and get what they can out of you. My wife is in the business having been at a couple different companies before going to a traditional bank but she will be the first to tell you that there is little difference except the false security of the traditional bank being set. Shop around (they hate this)for and let them know you are shopping around and they will get you the best they can. Also take all costs into account (some charge upfront to buy down the rate etc.)And and look at the true cost of the loan. Also if you know someone you will likely get the lowest rate possible, people often don't want someone they know doing there loan but often worth it. I would check with the Iowa state credit union as they often are hard to beat and have less sale pressures, a local bank, and a Des moines bank like bankers trust, peoples in waukee/clive etc. And a mortgage brokerage though there are not many left that are local so take your pick... once everyone knows your shopping the rate won't be total cost wont be too different. also credit unions usually keep a higher percentage of stable buyers in house but it is always a crap shoot as all sell most of there loans. We couldnt use her bank for our loan (ethics) and we chose a dsm credit union and after 7the years they havent sold it.
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