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mortgages, do they always get sold to other companies

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hmm
Just Breath

Member since 1/14

7164 total posts

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mortgages, do they always get sold to other companies

just wondering, is that the norm. How many times has your mortgage changes hands

Message edited 12/15/2019 6:21:57 PM.

Posted 12/15/19 6:21 PM
 
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LSP2005
Bunny kisses are so cute!

Member since 5/05

18601 total posts

Name:
L

Re: mortgages, do they always get sold to other companies

I think it depends what kind of bank you use. Some banks always sell the mortgage, and others tend to keep them.

Posted 12/15/19 6:22 PM
 

hmm
Just Breath

Member since 1/14

7164 total posts

Name:

mortgages, do they always get sold to other companies

Not using a bank but mortgage agency/company, they told me all mortgages get sold not matter or who holds the loan, the name the check is made out to might stay the same but the owner of the loan could change. This is disturbing.

Posted 12/15/19 6:30 PM
 

Mrs213
LIF Adult

Member since 2/09

17210 total posts

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mortgages, do they always get sold to other companies

Mine did once in 10 years. It went from Bank of America to M&T

Posted 12/15/19 6:37 PM
 

ap123
LIF Infant

Member since 10/10

224 total posts

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Re: mortgages, do they always get sold to other companies

Posted by hmm

Not using a bank but mortgage agency/company, they told me all mortgages get sold not matter or who holds the loan, the name the check is made out to might stay the same but the owner of the loan could change. This is disturbing.



Why is it disturbing? It doesn’t change the terms of your loan, you just write the check to a different entity.

Posted 12/15/19 6:52 PM
 

LSP2005
Bunny kisses are so cute!

Member since 5/05

18601 total posts

Name:
L

Re: mortgages, do they always get sold to other companies

If you use a mortgage broker, and don't apply directly through the bank I think you have a much greater likelihood of having your mortgage sold. If you have excellent credit, and pay on time with a bank that normally keeps the mortgage it originated then I think they will likely keep your mortgage.

Posted 12/15/19 7:00 PM
 

hmm
Just Breath

Member since 1/14

7164 total posts

Name:

Re: mortgages, do they always get sold to other companies

Posted by ap123

Posted by hmm

Not using a bank but mortgage agency/company, they told me all mortgages get sold not matter or who holds the loan, the name the check is made out to might stay the same but the owner of the loan could change. This is disturbing.



Why is it disturbing? It doesn’t change the terms of your loan, you just write the check to a different entity.



I'm not sure why, I have a friend who had many issues when her loan was sold. I guess working out the loan with one person only to have it change bothers me

Posted 12/15/19 7:03 PM
 

hmm
Just Breath

Member since 1/14

7164 total posts

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Re: mortgages, do they always get sold to other companies

Posted by LSP2005

If you use a mortgage broker, and don't apply directly through the bank I think you have a much greater likelihood of having your mortgage sold. If you have excellent credit, and pay on time with a bank that normally keeps the mortgage it originated then I think they will likely keep your mortgage.



based on what I was told, fixed mortgages get sold faster due to them "losing money" since it does not fluctuate.

Message edited 12/15/2019 7:05:31 PM.

Posted 12/15/19 7:05 PM
 

NervousNell
Just another chapter in life..

Member since 11/09

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..being a mommy and being a wife!

Re: mortgages, do they always get sold to other companies

I think mine was sold twice in the 16 years we had it before paying it off .
It didn't affect anything at all though

Message edited 12/15/2019 7:51:43 PM.

Posted 12/15/19 7:50 PM
 

ali120206
2 Boys

Member since 7/06

15463 total posts

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mortgages, do they always get sold to other companies

We’ve refinanced a couple of times through a broker but the loan has been sold once each time. It’s always been to a major bank and we’ve had no issues (Chase, Wells Fargo).

Message edited 12/15/2019 8:41:31 PM.

Posted 12/15/19 8:29 PM
 

Mill188
LIF Adult

Member since 3/09

2828 total posts

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Re: mortgages, do they always get sold to other companies

we've had our mortgage for 10 years - it's never been sold (Wells Fargo). We did use a mortgage broker.

Posted 12/15/19 8:50 PM
 

BaysideForever
LIF Adult

Member since 1/11

9611 total posts

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Re: mortgages, do they always get sold to other companies

mine was sold immediately, it was very strange.

Posted 12/15/19 9:37 PM
 

RainyDay
LIF Adult

Member since 6/15

2702 total posts

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Re: mortgages, do they always get sold to other companies

Posted by BaysideForever

mine was sold immediately, it was very strange.



Both houses we have owned, the mortgage was eventually sold. I think it's pretty common

Posted 12/15/19 10:53 PM
 

Blazesyth
*yawn*

Member since 5/05

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Re: mortgages, do they always get sold to other companies

Posted by Mill188

we've had our mortgage for 10 years - it's never been sold (Wells Fargo). We did use a mortgage broker.



We used Wells Fargo thru a broker, paid off in 12 years and it was never sold. Probably because we were paying it off early no one wanted to buy it because they would make no money on us.

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Message edited 12/16/2019 6:58:20 AM.

Posted 12/16/19 6:57 AM
 

Momma2015
Mommax2

Member since 12/12

6289 total posts

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Re: mortgages, do they always get sold to other companies

Ours did- we started out with Wells Fargo. It's switched once, we purchased in 2016.

Posted 12/16/19 8:41 AM
 

chilltocam
LIF Adult

Member since 11/11

8012 total posts

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mortgages, do they always get sold to other companies

Two mortgages with Chase - neither one was sold

Posted 12/16/19 8:42 AM
 

alli3131
Peanut is here!!!!!!

Member since 5/09

18064 total posts

Name:
Allison

mortgages, do they always get sold to other companies

Never had mine sold. My husband worked in mortgages for years. Banks will sell off ones that they don’t like the risk on. But to do that they have to throw some good ones in too.

Posted 12/16/19 9:57 AM
 

NYCGirl80
I love my kiddies!

Member since 5/11

10344 total posts

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Re: mortgages, do they always get sold to other companies

It's common for mortgages to be sold, but literally nothing changes about your mortgage (other than who you are paying it to). The mortgage itself (loan amount, rate, etc.) all remains exactly the same. The company/bank servicing your mortgage is the only change. They sell mortgages, among other things, to free up their own lines of credit.

What exactly bothers you about it?

Posted 12/16/19 11:27 AM
 

lightblue
LIF Adult

Member since 1/17

2086 total posts

Name:

Re: mortgages, do they always get sold to other companies

Mine was sold twice within the first few years, third company has been the same now for like 5 years but they just changed their name.

Posted 12/16/19 11:29 AM
 

ave1024
I Took The Wrong Road

Member since 12/07

5969 total posts

Name:
That Led To The Wrong Tendencies

Re: mortgages, do they always get sold to other companies

Can happen anytime. This is why I always shop for the lowest rate and best terms vs. staying bank loyal or with a bank i have other accounts with.

I used Better Mortgage for my last two purchases in Florida because they had by far the best rate and terms than any other bank.

Better even says in their documentation that they plan on selling the mortgage after it funds. First time they sold to Wells Fargo. Second time it got sold to Mr.Cooper (never heard of them but they are legit).

Better is now available in NY too. By far best mortgage experience I have ever had.

https://www.better.com

Posted 12/16/19 11:51 AM
 

MaZz
* Lovin my baby girl!!! *

Member since 2/09

6217 total posts

Name:
Gina

Re: mortgages, do they always get sold to other companies

It depends. I had a mortgage with Wells Fargo that never changed hands the whole time I owned (8.5 years). My current home started with DHI and changed immediately to Wells Fargo and I’m hoping it stays this way bc I never had issues with them.

Posted 12/16/19 1:21 PM
 

NervousNell
Just another chapter in life..

Member since 11/09

48975 total posts

Name:
..being a mommy and being a wife!

Re: mortgages, do they always get sold to other companies

Posted by ave1024

Can happen anytime. This is why I always shop for the lowest rate and best terms vs. staying bank loyal or with a bank i have other accounts with.

I used Better Mortgage for my last two purchases in Florida because they had by far the best rate and terms than any other bank.

Better even says in their documentation that they plan on selling the mortgage after it funds. First time they sold to Wells Fargo. Second time it got sold to Mr.Cooper (never heard of them but they are legit).

Better is now available in NY too. By far best mortgage experience I have ever had.

https://www.better.com



Mr. Cooper was who my mortgage was sold to right prior to us paying it off.
We were like- what the heck kind of name is this?

Posted 12/16/19 1:27 PM
 

Peainapod
Peanuts are here!

Member since 1/09

13587 total posts

Name:
Diana

Re: mortgages, do they always get sold to other companies

in the 10 yrs Ive owned a home, it went from Citimortage, to some company called Seterus that is now defunct and turned over to some company called Mr. Cooper. I thought it was a freaking joke when I got a letter in the mail saying Mr. Cooper was taking over my mortgage..lol. DBA nationstar or some nonsense.

its very common for the debts to be sold.

Posted 12/16/19 2:58 PM
 
 

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