mrken30

Seeing that the other thread was close, anyone thinking of getting a Wells Fargo mortgage may want to know they charge commission.

https://www.zacks.com/stock/news/144...tgage-revenues

I know this is an older article, but probably still carries some weight.

MidAtlantic

Of course, no other mortgage provider pays commission.

Just like my auto/home insurance agent gets paid commission. I don't care how much he is paid. I am interested in what I have to pay.

mrken30

So true, but you would like to be given options and not have a high pressure sale. Some of those insurance agents are persistent. They always say that their product is far superior than any other product out there on the market. Some smaller lenders sometimes have prepayment penalties with their mortgages. Hopefully you will be told about those.

It is also easy for insurance companies to charge lower premiums if they under estimate the rebuild value of your house.

The other annoying thing that sometimes happens is you get inundated with junk mail and accounts opened out of the blue.

Also people should be told about comparison sites like bankrate.com to get some idea if they are getting a reasonable rate.

Rete

ian-mstm

Yes - some are. Most, however, are jolly decent folks who are trying to make a living by slogging a product that people seem to want.

You, OTOH, seem to find fault in almost everything and everyone. You and hungryhorace should get together for a bromance! He's also a miserable git... so you'd probably have plenty to talk about.

Ian

Nutmegger

Actually, hopefully that is one of the first questions that anyone asks when looking at mortgage products.

mrken30

When you are using a relocation consultant, you would expect that consultant to ask the questions. I mean what would you be paying for their services for, if they were not trying to do things in your best interests.

Unless that consultant is also working on commission and doesn't care about the customer, as in the pre 2008 mortgage era.

Getting the wrong mortgage could cost you thousands, same as getting a bad financial adviser. That is why you always ask if this is a fiduciary agreement when dealing with financial and legal people.

mrken30

Calling me during my dinner more than once a month is persistent and annoying. Maybe I should give them your number. Most people are decent people, that is no excuse. Same as door to door salesmen (solicitors)

Nutmegger

Yes, so why on earth would you rely on what someone tells you, rather than asking the questions yourself and then ensuring that the paperwork reflects your understanding? A relo consultant may provide you with information, but it is up to you to make informed decisions.

Rete

Enough already. That is what she was asking for. People to give her their thoughts on what questions should be asked at her meeting.

She didn't give a list of the things she already knew to ask but was asking the "kind" and "helpful" members of BE for their input. Not for their comments on their dislikes of a financial institution or to be put down.

A nice civil reply for all participants would have been a welcome change for once.

petitefrancaise

Wells Fargo are the biggest suppliers of mortgages in the USA.

I got a WF mortgage that was great and still is.

They have an international mortgage program. I have the details and how to apply for it. I know what happens when and where some of the pitfalls are. I am not a mortgage advisor, I don't get commission from anyone anywhere ever. If someone asks me about mortgages on an L1 I want to be able to give good accurate advice.

I recommend IAS too. Yet no-one gets pissy about that.

Worldfirst? No one gets pissy about that either.

VW International Business Program. No one gets pissy about that.

I'm taking a break from BE. Certain people around here should try helping others instead of just being arses.

mrken30

I was not trying to put her down. The topic went off at a tangent. It is good to know peoples concerns, good or bad. This way you can put people at ease by giving the right information.

So would she be acting as an intermediary? Maybe she should ask what information will be supplied to her clients, both verbal and physical. Ask for examples.

This is probably the biggest purchase most people will buy. Also there are a lot of emotions for some people when buying a house which causes them to not always think logically.

mrken30

There are certainly cheaper options than using Worldfirst. Maybe not better, but cheaper.

mrken30

One thing that probably would be useful is an explanation of all the different types of mortgages and pros and cons. 5 year ARM, fixed etc.

Most ARMs have a lifetime cap, but I think WF also has a yearly change cap.

Also the house buying process where you may be able to get some of the mortgage costs and taxes deducted from the price of the property.

Some financial employees are salaried and not commissioned. I met a Fidelity guy few months ago and he told me he did not get commission.

It appears that nobody has many questions for you to ask.

Good luck with your meeting.

petitefrancaise

I had my meeting. Thank you, I learned enough to know that the advice previously given on BE is incorrect.