5 comments to Our Refinance Trainwreck

  • I’m not quite at the point where I’m thinking of buying anything major like a home, but I’m trying to acclimate myself to the idea of having a mortgage and get over the “ahh scary” factor by reading blog posts like this so I can get comfortable with what could happen and what does happen. Great post!

  • Late to the party but, we had almost the exact same experience. Wells is supposed to to this steamlined refinance for current mortgage holders. We had a Wells Fargo mortgage at 4.75% for 15 years. We were two years in and the rates were so low, so we decided to refi again. Our agent said no problem. Six months later and tons of lost documents, and the agent saying how busy she was (maybe they need to hire more people) we had our closing scheduled at 4PM. My husband took off work early and the documents didn’t show up until 4:55. By that time our daughter was bouncing off the wall and he signed a power of attorney so I could sign for both of us and he could take her home. In the end, we now had a 13 year loan at 3.25%. We hope to be done in 10 years, so it is a sweet deal, just a big headache to go through the process. We have close to 800 credit scores, so I can’t imagine someone how it would be if your credit wasn’t perfect.

    • Kim – are you sure you’re not somehow my long lost sister living a parallel life on the other side of the country? First the rental property fun, now the epic awful-ness of a refi with Wells Fargo. Except I don’t have a daughter… just Kitty PoP =)
      I can’t believe that yours took 6 months. I was pestering them so much as we approached the 90 days to get that done. We actually closed on the purchase of residential lot a week after the refi was finished, and if the refi had been delayed any longer I’m not 100% sure that it would have closed. We probably would have had to wait a year and try again now after paying down a good portion of the HELOC…

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