Cooling my heels waiting for Wells Fargo to fund a closing – this was supposed to be done on Friday but once again, the bank too big not to fail has screwed up. I never recommend the bank to clients because they take forever to approve loans (6 weeks is not at all unusual) and seem to operate on a business model that wrings as much float time as possible.
Or the indians attacked their stagecoach and made off with the loot but either way, they’re a difficult bank to deal with. Buyers tend to go for the lowest rate and often choose Fargo but if you consider that your loan will probably last just a couple of years, the teeny fraction of a point is insignificant, and the hassles of dealing with these people is huge.
I’m sure their lawyers would be pleased if I emphasized that my experience may differ from yours, so go ahead and grab that rate. Just don’t say I didn’t warn you.