When interest rates dropped to 5.0 percent, we decided to refinance our home, in the hopes that we could save substantially on our monthly payment. Of course, it is a big decision to refinance because it is like starting over on your mortgage. But 5.0 percent! We just couldn't resist.
Wells Fargo Bank is the provider our mortgage broker found was the best option for us.
Roger Ingalls from Axia Financial, LLC in Seattle is our mortgage guy from now on. He manages to make all the financial-speak easy to comprehend and lays all the cards on the table from the outset.
The bank's underwriting department has been molasses-in-January slow and we've had to extend and lock our interest rate two or three times while waiting for them to process everything. Believe me when I tell you that they have gone over EVERYTHING with a fine-tooth comb, TWICE! Apparently, they are seriously trying to avoid loans that will end up in default. We actually appreciate that, though, because we are disgusted with some of the banks and their antics that were basically the cause of all the trouble in the housing industry. Wells Fargo has a good reputation, and we are hoping that they don't sell our loan to another institution. Update to follow....
We are going to sign papers this week, and couldn't be more satisfied with our mortgage broker and so we trust that Wells Fargo is going to work out fine for our refinance.