Anyone have caveats/warnings/etc about doing business with HSBC vs Wells Fargo for a coop mortgage?


Comments

  1. I noticed that I asked the same thing about HSBC in February. This time we’re really in contract. We’re looking at a rate under 4% so the idea that we’d ever want to refinance is almost laughable, but I guess you never know. So far my experience reflects what y’all are describing. HSBC’s fees are a little better but they don’t return emails.

    How negotiable do you think fees are in this market? It doesn’t seem like the banks are hurting for loan business, but they really do lather on the fees.

  2. I too had a horrible experience with Wells Fargo. We have our current mortgage with them, and first time around (5 years ago), it was no problem. Last year we tried to refinance with them. After being assured by the agent we worked with (at the office on Atlantic/Nevins) that it would all be a piece of cake, we went through 8 months of hell, submitting and resubmitting paperwork, bouncing around from person to person, not getting any straight answers. They finally rejected our application because we’re in too small (4-unit) a co-op–something they obviously knew from day 1. It was so frustrating–AND we lost $700 in fees that the guy promised to get refunded to us and of course never did–that I will NEVER work with them again. Caveat emptor.

  3. I had a bad experience with Wells Fargo. After much reassurance (and pre-approval, fees, appraisal, etc.) that there would be no problems with the mortgage, Wells Fargo rejected our application right as we were handing in our coop package. I wouldn’t have been so upset if they were more upfront with their concerns at the get-go (freelance).

    The coop was understanding, and we ended up going with CitiMortgage (who gave us a great rate and a commit letter within a couple of weeks). We closed on Wednesday, so yay.

  4. For what it’s worth I contacted both when shopping for a mortgage about 5 months ago. More specifically I went to the HSBC branch on 9th St. and they never got back to me…

    On the other hand, Scott Sullivan and his assistant Yenny Collado from Wells Fargo made the whole mortgage process a breeze for us. I highly recommend them.

    We dealt with Scott Sullivan: scott.sullivan@wellsfargo.com or 718-780-9111

    Good luck

  5. I have had mortages with both…I would recommend you talk with my broker, who is amazingly informed, up-to-date and totally honest. Diane @ GMC 718-979-2700.
    Good luck!