2007-04-19 12:25:15 · 10 answers · asked by ladybugjan 3 in Business & Finance ➔ Credit
I refinanced 3 months ago and they have already sold my loan.
2007-04-19 12:40:58 · update #1
It would be in your best interest to talk to someone who works with many many lenders. I know of a guy at American Anthem mortgage who could help you. His name is Eric Lines and you can reach him at 317-513-4216. He won't try to pull your credit or pressure you into a loan but he will give you a straight answer.
2007-04-19 13:01:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
that is how most mortgage company make their money, we fund loans and sell them we don't make that much servicing them. and the way the market is right now, be careful and don't get into a gimmick loan, if you can't afford a fixed product then you really can't afford the house your looking at. if you buy this year you most likely will be upside down in your loan within a few months, so make sure you like where you buy, you may have to stay there long enough to ride out a bad market, but as long as your in a fixed loan and you can afford the monthly payment you should be OK. and you really should try and come in with as much down as possible, 20% if possible. If you come in with that you won't have to pay for Mortgage insurance. and if something happens and your out of work for awhile at least you have some equity to borrow against.
2007-04-19 12:38:28 · answer #2 · answered by Sir Hard & Thick 3 · 1⤊ 0⤋
Probably not. Most mortgage companies will sell their loans! What are you most worried about? Is it having to deal with the change?
I work for Bank Of america. The one thing I can guarantee to you is that we will service it for the life of the loan. Yea, we will proabably sell the loan to another company in the future (that's how instituions make money) But I can promise you won't have to deal with some a random change. You won't even notice it.
2007-04-19 12:40:16 · answer #3 · answered by Ms Beans15 2 · 1⤊ 0⤋
Their are a few companies that service their own loans. There are more that don't service any loans. The only thing that changes when your loan is closed is who you write the check to and the mailing address. Does it matter that much to you?
2007-04-19 14:20:15 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
My last mortgage company sold my loan before I even closed! I've found that once the loan has been sold to a larger bank, Chase, ABN-AMBRO etc they keep the loan
2007-04-19 12:52:27 · answer #5 · answered by Mom of 2 4 · 0⤊ 0⤋
Try Country Wide Home Loans,as I think they hold the note. I remember getting a first on my house to buy a condo, and the loan I had gotten from the first mortg co., sold it to countrywide, so I believe they hold it and do not sell it. It is really easy to check.
2007-04-19 12:37:42 · answer #6 · answered by Ron 7 · 0⤊ 1⤋
Countrywide services all of their own loans. There are a couple of others that do as well. I am a mortgage broker, and I might be able to help you out if you would like.
2007-04-19 12:40:53 · answer #7 · answered by moonman 6 · 1⤊ 1⤋
You do not want to refinance now, but when you get ready to refinance. Tell your loan officer that you do not want your loan sold. When people tell me that I know which companies to take it to.
2007-04-19 13:05:08 · answer #8 · answered by Cindy 3 · 0⤊ 0⤋
It has absolutely no effect on your loan terms
2007-04-19 13:09:39 · answer #9 · answered by Anonymous · 1⤊ 0⤋
have you communicated?
2016-05-19 01:37:10 · answer #10 · answered by ? 3 · 0⤊ 0⤋