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Is there any reason to get a mortgage from Discover (Original Post) roody Jan 2015 OP
I don't know anything about Discover - mortgages, elleng Jan 2015 #1
Wells Fargo bought my mortgage long ago. roody Jan 2015 #2
So why are you asking the question now? elleng Jan 2015 #3
Yes. roody Jan 2015 #4
I'd say go with the best rate, elleng Jan 2015 #5
You might want to look up complaints about Discover. dixiegrrrrl Jan 2015 #6
My Mortgage was sold about 10 times and ended up the past couple years with Wells Fargo Sunlei Jan 2015 #7

elleng

(136,595 posts)
1. I don't know anything about Discover - mortgages,
Thu Jan 8, 2015, 10:37 PM
Jan 2015

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.

elleng

(136,595 posts)
5. I'd say go with the best rate,
Thu Jan 8, 2015, 10:52 PM
Jan 2015

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

dixiegrrrrl

(60,011 posts)
6. You might want to look up complaints about Discover.
Fri Jan 9, 2015, 12:09 AM
Jan 2015

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

Sunlei

(22,651 posts)
7. My Mortgage was sold about 10 times and ended up the past couple years with Wells Fargo
Mon Jan 12, 2015, 10:59 AM
Jan 2015

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!

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