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Real stories of
homeowners who
found true advocates
in their Wells Fargo
Home Mortgage teams.
THE HOMEOWNER: Firouz & Sofia Mehrabad
Juneau, Alaska Four years ago, Firouz Mehrabad, his wife Sofia and their three children left Iran—the only home they had ever known—and moved to the
United States. It was a drastic but necessary decision. The Mehrabad’s Bahai religion, a minority in Iran, drew persecution in every area of their lives,
from their freedom to worship, to job opportunities, to their ability to own property. “We were living without certain freedoms,” Firouz says.
Once settled in the United States, Firouz set out to accomplish something he had never been allowed to do in Iran: become a homeowner.
His first step was to find a mortgage company. Firouz researched a number of options before eventually deciding to stick with his bank. “Wells
Fargo had better financing, better service, and especially better people,” Firouz says. “There were a couple companies that even offered me a
lower interest rate, but I chose to stick with Wells Fargo because I really liked and trusted the people.”
Challenge two was to overcome the tight real estate market in his new hometown of Juneau, Alaska. “The Juneau market is tough,” Firouz
says. “There isn’t a lot of real estate, so when something does come up for sale, it sells right away—sometimes within a couple of hours.”
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Lisa Shockley, Mortgage
Sales Associate, and
Catherine Sayre, Home
Mortgage Consultant
The Mehrabad’s Wells Fargo
Home Mortgage Team
But Firouz didn’t let that stop him. He spotted the house he wanted in the
newspaper and, armed with a Priority BuyerSM preapproval, immediately called
the seller. “I went over to his house that night!”
The final—and hardest—challenge was coming up with the down payment. Nearly
$10,000 short, Firouz, his wife and his teenage son, Panah, kicked their work schedules into
high gear. Their hard work, penny-pinching and last-minute sale of a Persian rug produced
the money just in time. At closing, the family recognized Panah’s contributions by adding his
name to the mortgage. Today, the Mehrabads are loving life as American citizens and homeowners. Firouz and Sofia work as an accountant and nurse, respectively, and their children
are in school. “We tried to get to this point for so long,” Firouz says. “And it is finally here.”
“We do this job every day,” says Wells Fargo
Home Mortgage consultant Catherine Sayre. “But
every so often there is someone you become extra
excited for; who really touches you. This was the case
with the Mehrabad family.”
Firouz was recommended to Catherine by his
Wells Fargo banker. Struck by his story and determination, she and her team became chief advocates in the Mehrabad’s quest for a home.
Catherine immediately secured a preapproval,
which helped Firouz understand what price range
he could afford. She then assessed which of
Wells Fargo 90-plus financing options would best
suit the family’s needs for a low down payment
and low monthly payment. “We combined a firsttime homebuyer program, which offers a lower
interest rate, with an FHA loan, which accepts a
lower down payment,” Catherine says.
Because the financing process requires history
of employment, Sofia was asked to submit her
healthcare license. Unfortunately, the license was in
the Mehrabad’s native language of Farsi. That’s
when Wells Fargo Home Mortgage underwriter
Claudia Holmes had an idea. “I have a PersianAmerican friend who is a teacher and has taught
Farsi in the past,” Claudia says. “I contacted her
and asked if she would be willing to translate the
document for us. She said, ‘Absolutely!’ She even
wrote her phone number down on the translation
document with a note that the Mehrabads could
call her anytime. Clearly, this family has a lot of
people who were happy to see their success.”
This theme of people helping people runs deep in
the business of home financing, and it seemed to
crystallize at the Mehrabad’s closing. Catherine admits
she became a little emotional at the sight of her
ever-determined customers becoming homeowners for
the first time in their lives. “Just as he was about to
sign the first document, Firouz said, ‘This is a very historic moment for our family.’ I almost cried. It felt
awesome to be a part of such an important moment
in these people’s lives.”
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“He helped my wife fix several
mistakes on our credit report,
walked us through each step of
the financing process and met
repeatedly with both of our real
estate agents.”
THIS PAGE: PHOTO BY MICHAEL PILLA
—Paul Ricci
THE HOMEOWNER: Paul & Nancy Ricci
Collegeville, Pa. Paul and Nancy Ricci are proof that homeowners do not need to be in the same
city as their mortgage consultant in order to successfully buy a home. As a matter of fact, their
home purchase was coordinated by a team of experts located all throughout the United States.
Listening to the Riccis tell the story, it’s hard to believe this spread-out cast of characters
wasn’t in their own back yard. Especially when it came to their Wells Fargo Home Mortgage
consultant. “Tony Cardinali is the hardest- and smartest-working professional we have ever
dealt with in the banking industry,” Paul says.
Tony and his team came into the Riccis’ lives during a particularly trying time. Paul received a
sudden job offer but couldn’t sell his old home in time to buy the new one. “We were relocating
from our lifelong home to an unknown state, new job and a brand new life to put into place.”
Sensing the couple’s anxiety, their real estate agent suggested they call Tony. He and his
team instantly put the Riccis at ease, assuring them everything would turn out just fine. “He
helped my wife fix several mistakes on our credit report, walked us through each step of the
financing process and met repeatedly with both of our real estate agents,” Paul says.
Yet even with all of Wells Fargo Home Mortgage’s legwork, it was the team’s accessibility
that most put these homeowners at ease. “If Tony wasn’t available,” says Paul, “we were
marvelously taken care of by his assistant.”
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Tony Cardinali,
Home Mortgage
Consultant, and
Mark Richard,
Sales Associate.
The Riccis’ Wells Fargo Home
Mortgage Team
Buying a new home while the old home is still on
the market may seem stressful to a homeowner,
but it’s all in a day’s work for a home mortgage
team. That’s why the first order of business for a
Wells Fargo Home Mortgage team often is to
assure their customers that there is a solution to
this common predicament.
Tony and his team took this challenge headon, first by providing a special bridge financing
package to carry the Riccis through the transition of juggling two mortgages. “I acted as a
sort of conductor in this process,” Tony says.
“I looked at the circumstance, decided what
financing package would work best; then worked
with the underwriter.”
He also conducted the relationship between
the Riccis and their real estate agents. “I
talked regularly with the real estate agents
at the Riccis’ new residence—just to keep
them abreast of what was going on here in
Massachusetts—and I co-sponsored a broker
open house at the Riccis’ old residence.”
These types of broker open houses serve to
not only raise awareness of a property among
local real estate agents, but also to show the
customer that progress is being made. “Knowing
that their financing was in place prevented the
Riccis from rushing or pressuring their real
estate agent to hurry up and sell.”
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THIS PAGE: PHOTO BY JOE HARRISON
THE HOMEOWNER: Barry & Laurie Cothran
Troy, Ohio “When you’re forced to move—even when it’s a positive move—it can be stressful,” says Laurie Cothran.
For Laurie, the forced move came two years ago when her husband, Barry, was transferred from Missouri to Ohio. Around that same time,
two of their town’s biggest employers closed, causing countless people to put up their homes for sale—and the market to become flooded.
Further complicating the situation, the Cothrans were carrying a significant amount of debt. “Our credit rating was good,” Barry says. “But
we had a lot of revolving debt. So much that a lot of banks turned us down.”
Fortunately for the Cothrans, the Sydney, Ohio Wells Fargo Home Mortgage office was well versed in handling these types of situations. “Our Wells
Fargo Home Mortgage consultant stepped up to the plate,” Barry says. “I had done my homework and was relentless in my search for the best deal
possible, but they showed tremendous patience, running countless options by us.”
In the end, Wells Fargo Home Mortgage resolved the credit issues and provided a financing package that allowed the family to purchase
their new home before the old one had sold. Today the Cothrans find themselves better off than they were before the move. Troy’s good
schools and family-oriented neighborhoods are the perfect fit for their three kids and spunky Labrador. “The Wells Fargo Home Mortgage
team was instrumental in taking a tough situation and making it positive,” Laurie says.
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“I’m proud of the compassion
shown by this team. That is part of
what we do; the job is about more
than just receiving a paycheck.”
—Karen Lawrence, Wells Fargo Home Mortgage Branch Manager
Karen Lawrence,
Branch Manager
The Cothrans’ Wells Fargo
Home Mortgage Team
Getting the Cothrans through the transition of
owning two homes at once was one task facing
this Sydney, Ohio Wells Fargo Home Mortgage
team. Resolving the issue of the family’s high
debt was a second.
High “debt-to-income ratios,” as they’re called
in the mortgage industry, signal potential difficulties
in a homebuyer’s ability to support a monthly
mortgage payment. As a result, they can also
hinder that homebuyer’s efforts to get approved
for a loan—unless the homebuyer has a team of
professionals that is trained in finding solutions.
“We were able to justify their reasons for exceeding
normal ratios,” says Wells Fargo Branch Manager
Karen Lawrence. “In addition to showing other
assets—things like 401(k)s, mutual funds, etc.—
that could be used if absolutely necessary.”
Perhaps more important, they were able to
make their homeowners feel comfortable with
their situation. “It can be very frightening to be
in a situation like this,” Karen says. “I’m proud of
the compassion shown by this team. That is part
of what we do; the job is about more than just
receiving a paycheck.”
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THIS PAGE: PHOTO BY JOHN GIUSTINA
THE HOMEOWNER: Angelica & Jose Ramos
Grants Pass, Ore. When is a home mortgage consultant worth his weight
in gold? When he opens a door his customer didn’t know existed.
Homeowners Angelica and Jose Ramos were searching for an investment
property. What they found was a new property to live in. “I saw this house
and immediately liked it better than where we were living,” Angelica says.
“It had a bigger kitchen, better appliances and more light.”
Switching to “Plan B,” the Ramoses decided to move into the better,
more expensive home and use the former house as a rental property. The
only catch was that they didn’t have enough money for the down payment.
Worried their plan could be derailed, they called their mortgage company,
Wells Fargo Home Mortgage.
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on your side
Every Wells Fargo Home Mortgage customer has a team of experts.
Timoteo Sanchez, Home
Mortgage Consultant
The Ramoses’ Wells Fargo
Home Mortgage Team
When Wells Fargo Home Mortgage consultant
Timoteo Sanchez picked up the phone that day,
he could sense the worry in his customer’s
voice. “Many borrowers think they have to have
at least 10 percent to put down, especially when
they already own a home,” Sanchez says. “The
Ramos family was no exception.”
Fortunately, Timoteo knew otherwise. “I told them
there were other options. They could put 5 percent
down, or because the house they were purchasing was going to be their primary residence, they
could even finance 100 percent using our
80/20 program.”
An 80/20 program is a loan that uses a homeowner’s primary residence (in this case the Ramoses’
old house) to finance 80 percent of their new
property. The remaining 20 percent is financed
from a home equity loan.
In the end, the Ramoses chose to put down
5 percent, saving themselves from the higher
fees and interest rates that are typically
incurred with 100 percent financing. Timoteo
and team helped them feel confident in that
decision. “After interviewing them about their
financial situation and goals, I found this option
made the most sense,” he says.
• Home Mortgage Consultant: Your main point of contact. A home mortgage
consultant listens to your story and responds with a solution designed to
meet your homebuying and financial needs. Next, the home mortgage
consultant guides you through the application, approval and closing
processes, acting as the liaison between you and your real estate agents,
attorneys, closing agents, etc.
• Underwriter/Processor: Reviews the mortgage file and processes your
application. An underwriter is a trained analyst whose top priority is to help
you receive a loan approval. If conditions aren’t amenable to an approval,
underwriters will do their best to find alternate solutions.
• Closing Agent: Reviews the loan documents and ensures a smooth
transaction. Neutral parties, such as title companies, escrow companies
or attorneys can also act as closing agents.
• Mortgage Assistant: Some home mortgage consultants have Mortgage
Assistants who serve as an alternate point of contact when the home
mortgage consultant is not available.
✱
how we can help... make the most of
your Wells Fargo Home Mortgage team
They may each have a different area of expertise, but there’s one thing that your Wells Fargo
Home Mortgage consultant, underwriter and loan processor have in common: They want to
see you succeed in homeownership. Here’s how they can help.
• By identifying your needs: Whether you’re purchasing or refinancing, the first job of a home
mortgage consultant is to listen to your story. It’s only then that he or she can prescribe a
specially tailored financing package to fit your current situation.
• By financing your next purchase: Wells Fargo Home Mortgage’s teams are experts in finding
the most efficient way to get you into your next stage of homeownership. That’s why they
should be the first people you talk to when you’re ready to move up, downsize or purchase a
second home.
• By referring you to an expert: If ever your Wells Fargo Home Mortgage consultant sees an
opportunity to offer a unique solution, such as a renovation or new construction financing,
he or she will refer you to one of the company’s many specialists.
Reach us by phone or visit us online, where you can e-mail us directly or find a Wells Fargo
Home Mortgage office in your neighborhood.
800.545.7585
www.wellsfargo.com/yourhome
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