paradise105pw
Member
i too, have had problems w/ WF. i think you should watch every move they make. did WF offer to do a refi for you to get out of this rate? if not, bet they will, soon.
have you gone over the construction loan doc's carefully? did you have council review any of the doc's?
i ask this because the end loan is usually adressed in the contracts. also, loans without a fixed rate almost always have a cap, and that cap is usually 2% on the renewal date with a 5% cap over the life, and if the rates go down, the bank must adjust down. if the rates go up, the bank does not have to go up, but obviously will.
why would you ever consider giving WF this end loan? WF should have made certain that you understood this loan in its entirety.your relationship with them seems to be off to a not so good start.
good luck. watch your back.
have you gone over the construction loan doc's carefully? did you have council review any of the doc's?
i ask this because the end loan is usually adressed in the contracts. also, loans without a fixed rate almost always have a cap, and that cap is usually 2% on the renewal date with a 5% cap over the life, and if the rates go down, the bank must adjust down. if the rates go up, the bank does not have to go up, but obviously will.
why would you ever consider giving WF this end loan? WF should have made certain that you understood this loan in its entirety.your relationship with them seems to be off to a not so good start.
good luck. watch your back.