Reply to Courtesy Calls from Wells Fargo aka Shitheads

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Somebody who knows a lot about the mortgage business once told me, why let them earn interest on your money for two weeks (between the 1st and the 15th), when you can earn this interest on your money for two weeks.[/quote]

They are already earning interest on your money for those two weeks, since it is calculated on the amount you still owe them. If you pay them earlier, then they don't earn as much interest on the reduced principal. Unless your money is earning interest at a higher rate than your mortgage, waiting to pay it costs you more than it earns.[/quote]

Yes, I am paying interest to them for the life of the mortgage. But this interest is already figured into my monthly payment amount and is independent of when during the month I pay the bill. We have a fixed interest rate mortgage. I could save on interest charges if I paid the whole thing off 20 years early. But in the absence of doing that, the monthly payment amount was determined when the mortgage was made, and it doesn't drop from $3,500 to $3,300 (made up numbers) if I pay the monthly bill on day 1 instead of day 15, nor does the total number of payments over 30 years fall.

So why let Wells Fargo earn interest *twice* on cash that could sit in their bank vs. sit in my bank.[/quote]

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