From its early days as a stagecoach provider, Wells Fargo has been a part of the American financial landscape for well over 150 years. After the US government took them out of the delivery business in 1918, though, they focused exclusively on banking. Starting out with a single branch in San Francisco, they expanded throughout California and then became a national force through their acquisitions of Minneapolis-based Norwest Bank and Charlotte-based Wachovia. Today, they are one of the world’s largest financial institutions and one of America’s largest mortgage lenders.
Traditional Fixed and Adjustable Rates
Borrowers looking for a traditional “conforming” loan of $417,000 or less can take advantage of Wells Fargo’s low refinance rates. They have a broad range of fixed and adjustable products including 30-year and 15-year fixed loans as well as three, five, seven and 10 year ARMs which start with a period of fixed interest and then have yearly rate adjustments. While Wells Fargo usually quotes their interest rates with the payment of one discount point, they actually offer a range of different options.
Wells Fargo’s traditional refinance loans come with a broad range of customer-friendly terms. You can make your fixed-rate loan payments more manageable by taking advantage of the Interest only and temporary interest-buydown options. Adjustable rate mortgages can also include an interest only payment option. Another important protection that Wells Fargo includes is an adjustment cap. Wells Fargo’s adjustment caps limit not only how much a loan can go up every year but also how much it can go up over its entire life.
Existing Wells Fargo customers can take advantage of their online streamline program. This program has no application, appraisal, or closing fees and works completely online. As long as you can qualify for a loan and do not want to take cash out, this program makes it easy for you to refinance into a lower rate mortgage with reduced paperwork. It even takes advantage of any government programs that will save you money.
Jumbo Refinance Rates
Wells Fargo’s financial strength gives them the ability to make jumbo mortgages which are loans over the $417,000 limit that Fannie Mae and Freddie Mac impose on loans that they will be reselling. Like many lenders, their jumbo loans carry higher interest rates than their conforming loans. Unlike other lenders, Wells Fargo’s premium is very small, frequently as little as 25 basis points. In other words, if Wells Fargo was issuing 30-year mortgage refinances at 5.00 percent rates, a jumbo refi would be just 5.25 percent.
FHA and VA Streamline and HARP Rates
Borrowers looking to do a streamlined refinance can take advantage of Wells Fargo’s many special programs. With FHA, VA and HARP loans, Wells Fargo offers refinances which can cover most Americans even if they cannot qualify for a traditional conforming refinance mortgage.
Wells Fargo’s FHA Streamline loans offer an easier process for people who want to refinance their FHA mortgage. They have reduced paperwork requirements, lax credit underwriting terms, require little or no equity, and also offer competitive rates. In fact, some FHA streamline mortgages have lower rates than traditional mortgages.
VA streamlines are even more attractive than FHA loans in that they offer all of the same benefits but with no requirement for mortgage insurance. While they are limited to veterans and active-duty service people who already have VA mortgages, the savings that borrowers can achieve by taking out a VA streamline refinance are significant. If a borrower qualifies for the Interest Rate Reduction Refinance Loan (IRRRL) program, their paperwork is even easier to complete.
Borrowers with regular Freddie Mac and Fannie Mae mortgages can refinance their mortgages even if they owe more than their homes are worth through the Home Affordable Refinance Program. If you have a good history of being current on your payments and have not yet taken a HARP refinance, you could refinance your loan’s mortgage to a new one at today’s lower rates through Wells Fargo Mortgage.
Home Equity Rates
Wells Fargo was an innovator in home equity lending, offering one of the first Home Equity Line of Credit (HELOC) loan products ever. Today, they offer traditional home equity loans, flexible HELOCs, and a unique Home Asset Management Account. This account combines a Wells Fargo mortgage with a Wells Fargo HELOC to let you have a single point of contact for both your mortgage and your HELOC. It also offers a choice between traditional payments and interest-only payments to let you manage your monthly cash flow.
Wells Fargo has a long history of leadership in financial services. Their wisdom in avoiding sub-prime lending led them to be one of the strongest banks coming out of the real estate bubble and positioned them to be one of the strongest lenders in the market. Whether you need a 3/1 ARM, a 30 year HARP refinance or you need to tap into your home’s equity through a HELOC, they have a mortgage product that can serve your needs. You can learn more about their offerings and rates by visiting their website at https://www.wellsfargo.com/mortgage/ and exploring the information available there.
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