Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4761485
Complaint Overview
Complaint ID: 4761485
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Virginia
ZIP Code: 220XX
Date Received: 2021-09-28T12:00:00-05:00
Date Sent to Company: 2021-09-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
We tried to refinance our home with Wells Fargo, our mortgage loan servicer. Our current rate is 4.25 percent ( 30-year fixed ) and we have been with Wells Fargo for over 10 years. Our loan balance is {$270000.00} and our home is currently valued at {$700000.00}. I have a good credit and would like to lower the interest rate. Wells Fargo concluded that our home is considered as an investment property since I am not physically present in the house all the time. I am a XXXX XXXX XXXX XXXX and I am currently stationed in XXXX XXXX. While I am away members of my immediate family including my wife and adjust children live in the house. This is our primary residence and we do not rent it. I explained this Wells Fargo multiple times and they concluded that our home is considered as an investment property and the interest rate they offered is higher than that of primary homes. The only conclusion I could come up is that Wells Fargo prefers to keep us locked in at the 4.25 interest rate so they can make more money. I think this is an improper business practice and I would like to submit a complaint. Loan application : number XXXX.
Frequently Asked Questions
What is Complaint #4761485 about?
Complaint #4761485 was filed against Wells Fargo & Company regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2021-09-28T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.