HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Topics » Economy & Education » Personal Finance and Investing (Group) » Is there any reason to ge...

Thu Jan 8, 2015, 11:33 PM

Is there any reason to get a mortgage from Discover

rather than Wells Fargo?

7 replies, 2053 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 7 replies Author Time Post
Reply Is there any reason to get a mortgage from Discover (Original post)
roody Jan 2015 OP
elleng Jan 2015 #1
roody Jan 2015 #2
elleng Jan 2015 #3
roody Jan 2015 #4
elleng Jan 2015 #5
dixiegrrrrl Jan 2015 #6
Sunlei Jan 2015 #7

Response to roody (Original post)

Thu Jan 8, 2015, 11:37 PM

1. I don't know anything about Discover - mortgages,

but don't like Wells Fargo generally. They acquired our old bank (Wachovia,) neither of which were/are stunning. I don't know who is good for that now.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to elleng (Reply #1)

Thu Jan 8, 2015, 11:38 PM

2. Wells Fargo bought my mortgage long ago.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to roody (Reply #2)

Thu Jan 8, 2015, 11:40 PM

3. So why are you asking the question now?

Thinking of refinancing with Discover?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to elleng (Reply #3)

Thu Jan 8, 2015, 11:43 PM

4. Yes.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to roody (Reply #4)

Thu Jan 8, 2015, 11:52 PM

5. I'd say go with the best rate,

assuming people you're dealing with are ok. I'm glad I'm done with all that! Sold the house!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to roody (Reply #4)

Fri Jan 9, 2015, 01:09 AM

6. You might want to look up complaints about Discover.

And a bit about its history.
Google can be real helpful.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to roody (Original post)

Mon Jan 12, 2015, 11:59 AM

7. My Mortgage was sold about 10 times and ended up the past couple years with Wells Fargo

They have done a good job accepting payments and never made a mistake on my method of paying toward principle. Wells Fargo never offered refinance, you have to ask them

My plan was to always pay toward principle the first 8-10 years, about 20% of the payment total. Then for 5 years pay larger toward the principle and end a 30 yr. at 15 years.

This was the advice of a real estate Lawyer when I first needed a mortgage. Was easy to get a mortgage in those days but lenders intended to make interest profits and perhaps foreclose & make even more off the property.

The advice of that Lawyer was the best money I ever spent. On a new mortgage pay toward the principle every month for about 8-10 years. Those are the years when every payment is almost pure interest profits for the lender and very little of your payment actually goes toward the principle. Ramp up the principle payment in chunks if/when you can afford it. You pay less and less interest as the principle gets lower. The interest paid was a decent tax deduction. The plan worked. My mortgage is over and now my house will probably start to fall apart

My advice would be to check how much the costs would be to refinance and perhaps instead pay that 3 or 4 thousand toward the principle. It may not be worth it to refinance and make a new contract for a slightly lower monthly payment. And perhaps find a real estate attorney for some advice and to review all the paperwork. good luck!

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread