Wells Fargo Renovation Loan
Has anyone had any experience with Wells? Currently, the loan officer I have been working with has not been reliable and I’ve caught him in several lies and he often blows me off. I currently have a reno loan with them, but the reno amount of course was not enough to cover the entire renovation,…
Has anyone had any experience with Wells? Currently, the loan officer I have been working with has not been reliable and I’ve caught him in several lies and he often blows me off.
I currently have a reno loan with them, but the reno amount of course was not enough to cover the entire renovation, which WF was aware that it was not enough to cover my reno. I’m beginning to feel that this is the way they operate because I hear I’m not the only one who they’ve done this to. They give you the mortgage and a certain amount for reno, but not enough, then they sell you dream after dream after dream. I’ve had enough and I need to finish my reno. Has anyone tried SunTrust or any other instituion? I have plenty of equity and I don’t understand why WF keeps leading me on. I’m ready to ditch WF. Help!!!
Have you heard of Renovate First ? My brother in Michigan used them for his house and based on his experience they gave him more $$ than Wells would have and they had a partnership with Lowe’s that gave him discounts on materials he purchased.
I think this type of a loan is different than just a home equity line or a typical home mortgage. Usually you stop contact with your lender after the loan closes, but with these loans you have to keep in touch, and work together to get the $$ to finish the project. That’s always a recipe for disaster when they don’t have the right people in place.
anon 12/6 4:29 i don’t remember it was a while ago.
Anon 12/5 11:49, who did you use @ gmac?
They have an inspector that comes in and determines the amount that it will take to renovate the property. I was told that I would need $30k more than what I was approved for to finish the reno. Which turned out to be $90k more. So the loan officer at Wells told me to take the amount that I qualified for and once I needed more, I could always tap into my equity which I have plenty of. I feel like the previous poster, I’ve experienced a lot of bait & switch with this bank. I think their MO is to befriend you, so that you can gain confidencein them and then they slowly screw over. I’ve decided to look elsewhere, I cannot continue to wait, with the interest rates having nowhere to go, but up.
Wells Fargo has had many documented problems.. Preditory lending and discrimination to name a few. However, I’m Still confused with the original issue.
From what I understand, you get a mortgage, sign and get funded. Or you get a mortgage + reno-loan, sign and get funded. the reno part is done in connection with a reputable contractor that states the amount needed for the reno, then you get funded.
Did you accept a loan that was known to be lower than the amount it would take to complete your renovation? If so… Why’d you do that?
If not… please explain.
I did a renovation loan with Wells Fargo and it was a total disaster. I can’t tell you how many lies and unkept promises they made and the terrible situation we are in today because of Wells Fargo’s bait and switch tactics. To the poster that said that Wells Fargo is one of the biggest equity lenders in the country and that this is evidence that they do a good job, take a look at the number of complaints that are on the internet regarding Wells Fargo. I think Wells Fargo is heading for a serious fall if they dont start improving their lending practices.
I have a mortgage with wells and so does a friend of mine and we both found their staff to be VERY frustrating to work with and our experiences mirrored yours. (The other posters must have been lucky enough to not get the scrubs or something). I would always (just from some bad personal experiances) place several loan applications with different banks. For example i needed a home equity loan for my house (also for reno) i applied at both wells and gmac mortgage simultaneously. I had already closed with gmac mortgage by the time wells was calling me up to set up a time to send out the appraisor and gmac gave me a much better rate. I closed with gmac in about 2 and half weeks from the time i started the application. If wells is dicking you around start one maybe even two other applications with other financial institutions (there is nothing wrong with doing this).
My mortgage is with Wells Fargo, as well as a home equity line of credit. We chose the amount of money for our reno, not Wells Fargo. And with a line of credit, one can overestimate the total cost without ever having to draw upon the funds. But the application process for both was very clear and brief. Your description of your experience sounds like the opposite of my experience. My advice is to try getting a different underwriter within Wells or move on.
They did not deny the amount I applied for. They’ve never given me a definite answer, it’s always wishy-washy, but she always promises and guarantees that it will get done. This has gone on for several months. During those months, we’ve gone through several different products that have never come to pass. I’m aware of how big and successful an institution Wells Fargo is, but this experience has just exasperated me. I want to believe that they’re going to come through for me, but am I being a fool after so much time. I hate to start all over again after I’ve invested so much time.