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I am in a 3 year arm that will rest in 8 months. I have a good credit score and great pay history with wells fargo. However when I got a my mortgage I had a subprime rate of 9.99, that is adjustable. How can I get Wells to lower my rate.
thank you

jameshogg · Posted: Tue Sep 16, 2008 11:59 pm Post subject:

Hi JTFAQ,

Welcome to forums.

If you wish to lower the rate, you can talk to Wells Fargo regrding a refinance of your ARM into a fixed rate mortgage. The loan term will be longer no doubt, say 15-20 years but currently fixed mortgages are available at 5.9%-6%. So, you are likely to benefit from the lower rate.

You may even calculate your monthly payment on an FRM by using the FRM Calculator.

Thanks

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

If you have a good credit score, I would look at refinancing. Wells Fargo will still treat this as a refinance but they usually have higher rates than other well known lenders. I would just shop around for a better rate.

gmakerley · Posted: Wed Sep 17, 2008 7:32 am Post subject:

i'm in agreement with lisa - check with wells fargo on their current rates, but also shop around. you may very well find a better deal elsewhere.

elnoralittle · Posted: Wed Oct 01, 2008 4:31 pm Post subject:

I know a lender at wells, I would call them. Evaluate why your loan was subprime to begin with. If the situation has changed, it would probably be easy for you to refi. Wells doesn't want to lose you as a client either. Sometimes they offer loans in house and eliminate the junk fees on the loan.

Research your home as well, make sure the value of the property hasn't declined. Sometimes you can check tax records online to see what current comparibles are. Or you can try this website http://realestate.yahoo.com/Homevalues
Sometimes it can be really helpful.

shop around, but don't let too many people pull your credit. The first lender that pulls your credit is required to give you a copy of that report.

Hope that helps

gmakerley · Posted: Thu Oct 02, 2008 8:22 am Post subject:

i have never heard of the requirement that the first lender pulling credit has to provide a copy of the report. i do it anyway, but sometimes i am the second or third lender(!). maybe i should be concerned that i'm doing something i don't need to do! j/k

truly, elnora...where did you learn that?

elnoralittle · Posted: Thu Oct 02, 2008 8:33 am Post subject: Credit Score Notice

The Credit Score Notice is a required document. It states that the lender furnish your credit scores and advises the consumer to review all debts being reported and a copy of the information that was obtained.

here is a link http://www.famb.org/documents/NAMBRulesRegardingCreditScoreDisclosure. pdf

I hope the information helps.
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gmakerley · Posted: Thu Oct 02, 2008 8:38 am Post subject:

the way i read it, it appeared to me you were talking about the credit report itself.

i'm familiar, of course, with the fact act notification requirements. thanks for the clarity.

elnoralittle · Posted: Thu Oct 02, 2008 8:42 am Post subject:

it does say you need to furnish a copy of the information given by the credit reporting agency used.

Maybe it is just our company's way of interpreting the law.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

You should look into refinancing. Wells will not consider lowering your rate unless you are behind on your mortgage payments and that's not a guarantee. Don't ruin your credit in hopes of them just lowering the rate. In most cases of a ARM loan modification, they will simply hold the rate from adjusting up for a longer period of time. If you are at 9.90% with good credit, I strongly urge you to look elsewhere to refinance at a much lower rate.

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