The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: HAL9000 on January 23, 2018, 03:36:41 PM
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I am missing something? I am floored by the response I got from Wells Fargo regarding the following question...
"How are my HELOC payments calculated?"
I got a HELOC loan from Wells Fargo that is comprised of a fixed rate over 60 months, with a fixed monthly payment. I like to forecast through an amortization table what my principle and interest will be over time, using additional payments to shorten the loan period.
After 2 weeks of asking this question and going through 5 separate people, spending hours on the phone and finally getting escalated to Wells Fargo "HELOC Executive response center", the final response from Wells is:
"The payment calculation is proprietary internal information we do not share with customers."
WTF?! I have done this with car, credit card, mortgage loans, but HELOCs loan calculations are proprietary?
Is this even legal? How can you create a loan for a customer and then hide the details of it's composition?
What am I missing? because my bullshit meter just cracked...
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That's completely strange. Should be a one sentence answer.
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Can you just ask for an amortization table? Maybe they think you want something else.
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If you have your original loan documentation, it should be stated there. Mine was compounded daily. But using the daily average balance for the month, I was able to get within $0.25 of their calc whenever I checked it.