Got a pay raise...........

Goose · May 19, 2017

Yesterday I got a $5100 annual pay raise.

Nope, not on the job, we closed on a refinance on our acreage. We went with a different lender (Wells Fargo) and went from a 30 year mortgage to 20 years and dropped our interest rate 3% in the process. Then the loan officer at Wells was startled at how much we were paying a nationally known insurance company for insurance, both homeowners and vehicles. I checked with a local independent agency, and they got me equal coverage for half the price.

Between the new mortgage and switching insurance, we're coming out $5136 per year ahead. I'm torn between paying down credit cards or buying more tractors.

flying H · May 19, 2017

I vote tractors but get one the wife likes first.

neverfear · May 19, 2017

Goose, I wish you luck but I'd bet you will not be a fan of Wells Fargo Bank by the time you have it paid off. Just my opinion.

Bob in SD · May 19, 2017

I wouldn't worry too much about Wells Fargo. They'll probably sell the note before his second payment is due.

Good job on the "raise".

evilboweivel · May 19, 2017

Been with Wells Fargo Bank since they bought out Northwest( first financed the house in 1999)
Could not ask to be treated better than they have treated me.
Way better treatment than people I have worked with that are financed other places, and other mortgages in the past on other houses.
As to selling off the mortgage they have not done that in all these years,
Actual bought the mortgage from someone else when I refinanced due to a divorce and the local Wells Fargo said they could not finance me.
Since have refinanced again dropping the rate each time I have refinanced.
Access my mortgage on line and pay on line
Best I have ever dealt with on escrow, have not tried to put it to me like has happened in the past

Goose · May 19, 2017

Our daughter suggested Wells Fargo. She's a Title Officer with a real estate title and escrow company in Omaha, and she deals with them all on a daily basis.

She says from their end, USAA is the worst to deal with.

Dick2 · May 19, 2017

At 23% interest, I recommend that you pay off all the credit card debt.

Dick2 · May 19, 2017

I still have a Northwest Bank ball cap somewhere. Also a business case with Northwest Airlines logo on it.

LAA · May 19, 2017

I'm about to do the same on insurance, it may even be the same nationally recognized insurance company, anyway, they don't seem too interested in insurance these days, mostly want to pester their customers to tears about annuities and other financial products, service is non-existent at our branh office.

aFORDable · May 19, 2017

If you want to save even more, borrow the money from a bank at much lower interest than a credit card interest, to pay off all credit cards and quit using them except what you can pay off each month without paying interest. Or, quit using them all together. Credit card debt is a big time losing endeavor. That will save you more than what you just did in the long run.

Frank 41 · May 19, 2017

The two BEST banks that I have ever dealt with were locally owned banks. Usually the bigger they are, the more crooked they are. I left one bank that demanded both parents to cosign and my wife was working at the place. When I asked the new bank if he wanted me to have a cosigner, he said that if he thought that I needed a cosigner, he wouldn't be lowning me the money. I still do business with small banks even if I have to drive some distance.

Steve@Advance · May 19, 2017

Get rid of the credit card debt first!

Gambles · May 19, 2017

You should have opened an account with them years ago. Then, when they opened up another dozen fictitious accounts in your name, you could have collected on that $110 million that they had to pay out to their account holders.

steve_in_mo · May 19, 2017

I'll second that.

PaGlenn · May 20, 2017

I got rid of Wells soon after they acquired Wachovia a few years back. I also got rid of State Farm insurance who was charging me the loyal customer rate which was a lot higher than I am paying now.

Goose · May 20, 2017

The insurance company I dumped was American Family. Their premiums just kept going up with no justification. I don't blame you for dumping State Farm. If you want the straight skinny on State Farm, just read some trade publications from the auto body business from 10 to 15 years ago.

One experience I had with State Farm was an adjuster refused to pay a cut and dried $800 claim I had against one of their insured's. She knew I wouldn't take them to court to keep from paying the $100 deductible to my insurance to pay for the damages.

Goose · May 20, 2017

You guys should have figured out by now that I was joking about tractors or credit cards.

Blackhole49 · May 20, 2017

Don't pay down the credit card(s?), pay them off and stop using them unless you can do it without carrying a balance. Then put the extra money back into the mortgage and pay that off in 15 years or less. Why do banks let you refinance? Because the first several years you are paying mostly interest and very little on the principal. It's your money, put it where it will do you the most good, not the bank.

Married2Allis · May 21, 2017

I knew you were joking! Something else is likely to come along that will take that 5000.

PaGlenn · May 21, 2017

I know what you mean about the 100.00 deductible. A carrier I got on this site damaged my hotrod in transit. they had Canales Insurance who didn't want to honor the claim. My insurance company American Collectors paid the claim. I had to pay the deductible.

calf · May 23, 2017

If you don't have credit card debt, I suggest you put some of the 'extra' towards the mortgage, even if the rate is low. Make it a 10 year loan.

Royse · May 23, 2017

(quoted from post at 22:08:59 05/23/17) If you don't have credit card debt, I suggest you put some of the 'extra' towards the mortgage

Why not all of the extra? If you could afford it before, you can still afford it now.

Got a pay raise...........

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