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Wells Fargo Home Mortgage Review

Wells Fargo Home Mortgage is a subsidiary of the Wells Fargo Bank, which is a full service bank with locations and ATMS primarily in the Midwest. Despite the subprime mortgage crisis, this company has remained profitable while offering competitive fixed rate mortgage terms.

Wells Fargo Bank, the parent of Wells Fargo Home Mortgage, is a regional Western and Midwestern full service bank with over 3200 location and 6800 ATMs. To see their full line of products and services, or locate a nearby Wells Fargo Bank or Wells

Wells Fargo provides 30 year fixed rate FHA home mortgage which can depend on the location of the property. The amount of the morgtgage is also dependent on the location of the property. There is a prequalification that is provided to first time buyers that they offer for free. They also have mortgage refinancing at affordable rates.

Wells Fargo Home Mortgage underwotes more responsibly than others because it tends to keep most of the home mortgages that it makes, thereby avoiding the foreclosures and mortgage-related losses that other competitors have experienced.

This company offers several financing options for it’s home mortgages, such as those that start with a set interest-only pamyment period and then moves to make up for the principal amount that should have been paid earlier. The amounts of the payments or the interest rate could be higher depending on the loan. A positive thing to note is that Wells Fargo describes the home mortgage risks and dangers up front.

Overall, Wells Fargo Home Mortgage is a decent source for a mortgage with buyers who need a little more flexibility with their financing.

You can check out their rates at:

https://www.wellsfargo.com/mortgage/rates

Citi Mortgage’s Home Mortgage Review

CitiGroup’s home mortgage subsidiary is Citi Mortgage. This banking group was one of the institutions most hurt by the subprime lending crisis and has subsequently lost billions in stock value and has had to retrench several thousand of its employees. CitiGroup’s new CEO, Vikram Pandit had taken all of the group’s mortgage activities and merged them into one entity, Citi Mortgage. In doing so, Mr. Pandit seeked to improve the control over the group’s mortgage practice as well as reduce the confusion brought about by maintaining several subsidiaries.

Citi Mortgage, which advertises their mortgage as Pay Less Now, Get More Now,  offers VA and FHA mortgages, as well as fixed rate conventional mortgages that are available at fixed rates for 15 or 30 years. They also offer several variable rate mortgages that start with an introductory fixed rate and then switch to a variable rate that depends on the prime for the rest of the loan.

Citi Mortgage is a part of Citigroup, one of the major issuers of subprime loans, and one of the most heavily damaged by the housing downturn and the subprime lending crisis. In November of 2007 Citigroup took a $7.5 billion loan from Abu Dhabi on poor terms just to stay afloat after suffering staggering losses. Shortly thereafter, Citigroup replaced its CEO.

Citibank planns to reduce it’s holdings by 20% in residential mortgages. This equates to about 45 billions dollars, to reduce their holdings in riskier assets and reduce their subprime losses. It plans to sell about 90% of it’s home loans and only allowing new home loans which they plan to hold on to.

All this increased toxic attitude towards new mortgages makes Citi Mortgage a hard place to get a new loan and it might not be the best place for homebuyers to go to in trying to get a home mortgage.

Visit their website at http://www.mortgage.com

Crestar Mortgage Review – A Broker’s Perspective

From an email:

As a broker right now, I’m finding it more difficult to secure loans. It’s quite unlike in previous years where lenders were almost practically ready to give out money. Now, most of my problems are caused by too many stifling loan conditions that are handled by incompetent staff. However, I find that Crestar as a mortgage lender is very easy to do business with. Their rates are very competitive and they have very active and engaging¬†customer support. While they also have their own set of guidelines for securing a loan, they are flexible and have helped me out in securing home mortgages for my clients by bending some of those rules. They have been also very flexible when it comes to quick processing of deals and they are prompt and deliver on time.

Crestar also allows me to take access the Fannie Mae online underwriting program and I can use this to get approved during the application process and help me get through deals quicker. A real time saver.

I recommend Crestar highly as an option for financing and refinancing.

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Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.