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hmm
Sweet
Member since 1/14 7983 total posts
Name:
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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.
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Posted 12/15/19 6:21 PM  |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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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.
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| Posted 12/15/19 6:22 PM |
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hmm
Sweet
Member since 1/14 7983 total posts
Name:
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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.
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| Posted 12/15/19 6:30 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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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
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| Posted 12/15/19 6:37 PM |
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ap123
LIF Infant
Member since 10/10 268 total posts
Name:
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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.
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| Posted 12/15/19 6:52 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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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.
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| Posted 12/15/19 7:00 PM |
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hmm
Sweet
Member since 1/14 7983 total posts
Name:
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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
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| Posted 12/15/19 7:03 PM |
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hmm
Sweet
Member since 1/14 7983 total posts
Name:
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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.
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| Posted 12/15/19 7:05 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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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.
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| Posted 12/15/19 7:50 PM |
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ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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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.
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| Posted 12/15/19 8:29 PM |
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Mill188
LIF Adult
Member since 3/09 3072 total posts
Name:
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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.
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| Posted 12/15/19 8:50 PM |
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Re: mortgages, do they always get sold to other companies
mine was sold immediately, it was very strange.
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| Posted 12/15/19 9:37 PM |
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RainyDay
LIF Adult
Member since 6/15 3986 total posts
Name:
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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
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| Posted 12/15/19 10:53 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
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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.
Message edited 12/16/2019 6:58:20 AM.
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| Posted 12/16/19 6:57 AM |
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Momma2015
Mommax2
Member since 12/12 6655 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.
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| Posted 12/16/19 8:41 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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mortgages, do they always get sold to other companies
Two mortgages with Chase - neither one was sold
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| Posted 12/16/19 8:42 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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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.
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| Posted 12/16/19 9:57 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 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?
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| Posted 12/16/19 11:27 AM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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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.
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| Posted 12/16/19 11:29 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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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
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| Posted 12/16/19 11:51 AM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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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.
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| Posted 12/16/19 1:21 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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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?
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| Posted 12/16/19 1:27 PM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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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.
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| Posted 12/16/19 2:58 PM |
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