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Wells Fargo Mortgage
|Wells Fargo Mortgage is a division of the Wells Fargo Bank, NA and offers customized financing solutions to support the unique requirements of the clients. In fact, this is engaged in providing home buying loans and refinancing facilities to the US people. This is a leading home lender in the country. Annually, this home lender originates money worth of $400 billion and is servicing portfolio worth of $2 trillion. The popular US state of California is the largest market of it. It is also responsible for selling and securitizing home loans that it usually does not maintain in its portfolio. This is also responsible for issuing and refinancing mortgages through its numerous branches and online, as well as through joint ventures.
The Wells Fargo Mortgage is also engaged in offering consultancy services to the individuals who apply to avail home loans. One can find consultants at 2500 locations, spread across the United States. For the ease and the convenience of the clients, online mortgage accounts have also been set up. For the adjustable-rate borrowers, the company provides interest rate alerts.
Wells Fargo Mortgage Services
Wells Fargo Mortgage offers a wide ranging services to the individuals. Below here we describe about some of the home finance plans offered by this financial institution.
Special military financing programs|
This is a very unique feature. Under this category it lends to retired or on-duty military personnel at special mortgage rates. This is engaged in forwarding mortgage for credit requirements, debt and flexible income.
The jumbo loans are offered to the individuals at comparatively high rate of interest. This is applicable if the loan amount exceeds the stipulated loan limit defined by federal mortgage lenders—Fannie Mae and Freddie Mac. This specific scheme is aimed at homeowners who want to refinance their loans to invest in more valuable property. The borrowers who are more investment-oriented and who want to leverage assets in a better way, can go for the jumbo loans.
Blended jumbo loans
Under this plan, a fixed rate of interest is charged for loan amount up to a certain limit determined by Fannie Mae and Freddie Mac. For the amount which is in excess of the stipulated amount, an adjustable rate of interest rate is charged. The plan is ideal for the people who seek to buy jumbo loans but at a comparatively lower monthly payments.
This is a nice plan and it provides financing options to the people to purchase new even before selling the existing one.
First and second mortgage combination
This is a good plan which combines home equity plan with first home financing options. This plan curtails down the loan-to-value ratio by 20% through mortgage insurance costs.
Relocation mortgage program
This is targeted at the individuals who are planning relocation as a part of corporate transfer. This immensely benefits the corporate customers.
Wells Fargo Foreclosure and Mortgage Modifications
The incidence of foreclosure is not at all pleasing to the borrowers nor is it desirable for the lenders. The lender has to bear financial losses due to this incident. The foreclosure process also involve monetary loss to the bank. In other words, both the borrowers as well as the lenders despise foreclosures.
So instead of applying for foreclosure, the preferable option available to the bank is to make mortgage modification so that the clients can repay the loan amount. The customers also find modification program as a better option since it either increases the term of the mortgage repayment or decrease the mortgage rate of interest charged by the bank. Wells Fargo is well known for following a very rational approach when it comes to its modifications. Generally, the adjustment process entails three to five months trial period for the clients. During this trial period, the monthly mortgage payment made by the borrower is reduced depending upon his or her monthly salary and his or her monthly expenditures. During the trial period, the borrowers are required to make timely payments. The rules that are to be followed by them are very strict. After the completion of the trial period, it will review your case for Wells Fargo mortgage loan modification. There is however no guarantee that loan alteration will be approved. However, if the adjustments are approved, approval letters are sent to the clients and new terms and guidelines are provided in a new document.
Wells Fargo Mortgage Contact
If you are a customer of Wells Fargo and facing troubles in making your payments, it is recommended that you should not break down in despair. In fact this is a very common problem that many Americans face. Under these circumstances, the foremost thing one should do is to quickly contact the bank. The bank personnel are always there to give valuable mortgage assistance and advice to the customers. So it is advised that the clients should forget their embarrassment and fear of losing home, rather they should contact the bank personnel.
The troubled people should make arrangements for all income and expenditure documentation including pay stubs, household bills such as utility and telephone bills and other expenditures that a household must incur. This helps to gauge the complete financial picture of the customer and helps the bank personnel to find other options for the customer.
The bank is very clear about what the customers should do in case they find difficulty in making payment. As soon as an individual notifies the bank about the problem, it comes up with more options to help the customer. But sooner you notify the bank about your problem, the easier it becomes for it to come up with solutions.
The customers who are facing the problem should contact the appropriate Wells Fargo office by dialling these phone number or visiting the office:
Wells Fargo Home Mortgage Customer Service Number: (800) 678-7986
Wells Fargo Home Mortgage ARM Reset Help: (866) 398-7556
Wells Fargo Financial: (800) 275-9254
Wells Fargo Home Equity: (800) 944-4601