So I've got mixed opinions 50/50 on this one and I hate it when that happens.

The VP at my credit union (someone I trust and have worked with for a long time) actually HIGHLY recommended a Wells Fargo friend of his to do our home loan request since we were moving out of the state. Then, one of my wife's customers who says he used to work for Wells Fargo told her absolutely do not go there.

What gives?? You guys got any insight by chance?

 

Wells Fargo is huge company. I'm sure there are some bad apples.

OTOH, a knowledgeable, honest mortage person that finds you the loan that works best for you is a very important part of the homebuying process. I'm sure Wells Fargo has some of those people.

I'd meet with the Wells Fargo guy with an open mind, and see what you think.

 

My current mortgage is with them... zero problems on this one. WaMu sold my mortgage to Wells Fargo on my last house -- zero problems there either.

I can't say that I've ever really had a problem that had to be fixed so, I can't comment on the customer service side and such -- but, then again, if it's going smooth and everything is rolling correctly, I guess it's good that I haven't had to use their customer service.

 

I've done some banking there, and my fiance has her home loan with them. We have had good experiences.

 

Terms and conditions vary by state. Wells Fargo used to screw me on the escrow for my property taxes. WF collected the escrow monthly, but only paid Maryland on the very last day that they were legally obliged to do so. This resulted in:

1) Wells Fargo holding and earning interest on my escrowed property tax.
2) Me having to pay Maryland an extra couple $100 because the state offered discounts for early payments.

That does not mean that other companies will not behave in the same manner. Just be careful with all the little details before you sign the contract, and try to keep as much out of escrow as possible.

I paid the mortgage off six or seven years ago, man did that make me happy. At the time it seemed like a poor investment, but the way the market is going I ain't so sure now. In any case it is a great feeling.

 

I think all impound accounts work that way don't they? I have my taxes and ins in an impound account in CA on my current home and pretty much do the same thing you just described...I pay monthly payments and they pay the tax man when they have to. Never had anything come of it though. Guess it depends on the individual and wither it's easier for you to pay taxes in smaller monthly payments or shell out thousands at once.

FWIW, I have my current home with National City Mortgage with no problems. Not going to rule them out.

 

Had a local Bank (ESB) sell to Washington Mutual and then WaMu sold to Wells Fargo. Haven't had a problem with them one time.