As I mentioned previously, we secured a mortgage preapproval over the phone recently. We did this using Wells-Fargo, which I've since learned is not the most customer-friendly banker out there.
That's ok -- I don't need friendly yet. I just wanted to know the loan could come if I needed it.
Well, yesterday I finally got something in the mail from them. It was the loan documents for the smaller loan, the "20" in the "80/20". I was disappointed in the amount of information provided, and also confused by the form. I have to look at it closer this evening but it looks like the loan they approved me for, at least for the 20, has a balloon clause -- we pay X/month for ten years and then pay off the remainder of the loan.
There was no verbal indication of this when I spoke to the bank, so I was very surprised to see this. It's one small strike in the "con" column for dealing with this company in the future. Given how competitive the mortgage market is right now, I'm surprised to see this being handled so sloppily.
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