Abcdefg
LAS Vegas,#2UPDATE EX-employee responds
Tue, May 06, 2008
I used to be employed with Wells Fargo as a Pricing Analyst (working with mortgage brokers to register, lock and restructure mortgage first and seconds.) I am not 100% sure how it works with stand-alone second mortgages, but I can say what I know about a second attached to a first. Home Equity Lines of Credit (HELOC) are always adjustable, so what you are speaking of sounds like it is the Heloc with a Fixed Rate Advance Option (FRAO). Where Home Equity Loans (HELOAN) are fixed when locking the first, The Heloc with the frao, the fixed portion can only be locked into a rate at or after closing. So when you were quoted, my guess is the prime rate went up sometime thereafter.
Abcdefg
LAS Vegas,#3UPDATE EX-employee responds
Tue, May 06, 2008
I used to be employed with Wells Fargo as a Pricing Analyst (working with mortgage brokers to register, lock and restructure mortgage first and seconds.) I am not 100% sure how it works with stand-alone second mortgages, but I can say what I know about a second attached to a first. Home Equity Lines of Credit (HELOC) are always adjustable, so what you are speaking of sounds like it is the Heloc with a Fixed Rate Advance Option (FRAO). Where Home Equity Loans (HELOAN) are fixed when locking the first, The Heloc with the frao, the fixed portion can only be locked into a rate at or after closing. So when you were quoted, my guess is the prime rate went up sometime thereafter.
Abcdefg
LAS Vegas,#4UPDATE EX-employee responds
Tue, May 06, 2008
I used to be employed with Wells Fargo as a Pricing Analyst (working with mortgage brokers to register, lock and restructure mortgage first and seconds.) I am not 100% sure how it works with stand-alone second mortgages, but I can say what I know about a second attached to a first. Home Equity Lines of Credit (HELOC) are always adjustable, so what you are speaking of sounds like it is the Heloc with a Fixed Rate Advance Option (FRAO). Where Home Equity Loans (HELOAN) are fixed when locking the first, The Heloc with the frao, the fixed portion can only be locked into a rate at or after closing. So when you were quoted, my guess is the prime rate went up sometime thereafter.
Abcdefg
LAS Vegas,#5UPDATE EX-employee responds
Tue, May 06, 2008
I used to be employed with Wells Fargo as a Pricing Analyst (working with mortgage brokers to register, lock and restructure mortgage first and seconds.) I am not 100% sure how it works with stand-alone second mortgages, but I can say what I know about a second attached to a first. Home Equity Lines of Credit (HELOC) are always adjustable, so what you are speaking of sounds like it is the Heloc with a Fixed Rate Advance Option (FRAO). Where Home Equity Loans (HELOAN) are fixed when locking the first, The Heloc with the frao, the fixed portion can only be locked into a rate at or after closing. So when you were quoted, my guess is the prime rate went up sometime thereafter.
Robert
Aliso Viejo,#6Consumer Comment
Fri, December 30, 2005
Maybe it changed because the prime rate has increased so much over the past year, just an idea. Why do you think it's fraud if you received the rate you wanted? Mortgage rates on 1st and 2nd mortgages change on a daily basis and as far as I know no one can lock a rate on a second mortgage, especially an adjustable line of credit. By the way, if they committed fraud the first time why would you go back to them a second time?
Cassandra
Chippewa Falls,#7Consumer Comment
Thu, December 29, 2005
Do you know if you were looking at the interest rate or the APR? There can sometimes be a big difference between the two, and sometimes they are not explained properly. If there were fees/points charged, the APR will be higher than the interest rate. Just a thought!