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dreamworld06
LIF Adult
Member since 2/07 1341 total posts
Name:
Heather
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Do banks keep your mortgage for the entire time?
or do they sell if off to someone else? Are you able to pay the mortgage off early or are you charged? or does that depend on the bank?
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Posted 4/9/13 11:04 AM  |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Do banks keep your mortgage for the entire time?
They can sell it to someone else. Ours was sold to Wells Fargo before our first payment was even due.
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| Posted 4/9/13 11:06 AM |
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Pomegranate5
LIF Adult
Member since 2/11 4798 total posts
Name:
Pomegranate5
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Re: Do banks keep your mortgage for the entire time?
Ours was also sold before our first payment was due. Our broker told us up front to expect it to get sold asap.
All of the terms remained the same, including being able to payoff early, being assumable, etc. Our loan is an FHA, so I don't know if that makes a difference.
Message edited 4/9/2013 11:14:10 AM.
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| Posted 4/9/13 11:13 AM |
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brownie
Baby #1 is here!
Member since 11/08 13903 total posts
Name:
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Re: Do banks keep your mortgage for the entire time?
Posted by ElizaRags35
They can sell it to someone else. Ours was sold to Wells Fargo before our first payment was even due.
Same here (well sold to Franklin American)
Message edited 4/9/2013 11:18:21 AM.
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| Posted 4/9/13 11:17 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Do banks keep your mortgage for the entire time?
Even if its sold to another bank, you can pay it off early with no penalties
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| Posted 4/9/13 11:34 AM |
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2BadSoSad
LIF Adult
Member since 8/12 6791 total posts
Name:
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Re: Do banks keep your mortgage for the entire time?
Ours has been sold at least 3 times already.
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| Posted 4/9/13 11:36 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Do banks keep your mortgage for the entire time?
Yes most mortgages are sold but it does not affect the terms of your loan.
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| Posted 4/9/13 11:41 AM |
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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Re: Do banks keep your mortgage for the entire time?
Posted by ElizaRags35
They can sell it to someone else. Ours was sold to Wells Fargo before our first payment was even due.
THIS!!!!!
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| Posted 4/9/13 11:46 AM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Do banks keep your mortgage for the entire time?
None of mine were ever sold, and I've refinanced twice (all with WF).
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| Posted 4/9/13 11:55 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Do banks keep your mortgage for the entire time?
ours was sold twice
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| Posted 4/9/13 12:04 PM |
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ny55angel
car seat tech & geek :-)
Member since 2/06 4346 total posts
Name:
P
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Do banks keep your mortgage for the entire time?
Bethpage Credit Union doesn't sell them.
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| Posted 4/9/13 12:55 PM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Do banks keep your mortgage for the entire time?
Mine was with Bank of America and was sold about 6 months ago.
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| Posted 4/9/13 12:56 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Do banks keep your mortgage for the entire time?
Some do but, there is no guarantee.
Our first mortgage was with ABN Amro and it wasn't sold (although they had been acquired by Citibank prior to closing). Our two refinances were sold though, we went through a mortgage bank and the first time it was sold to Chase and the second time it was sold to Wells Fargo.
ETA - If the loan is sold to another institution, the terms of the loan still remain the same. If your original loan has no prepayment penalty (I think most mortgages don't have one nowadays) it will still be the case.
Message edited 4/9/2013 1:34:46 PM.
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| Posted 4/9/13 1:33 PM |
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Courtz
LIF Adolescent
Member since 4/12 582 total posts
Name:
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Re: Do banks keep your mortgage for the entire time?
Posted by ElizaRags35
They can sell it to someone else. Ours was sold to Wells Fargo before our first payment was even due.
This happens 99% of the time, mine was just sold for the second time!
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| Posted 4/9/13 2:12 PM |
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butterfly20
Party of 5 - 2015
Member since 4/06 7390 total posts
Name:
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Re: Do banks keep your mortgage for the entire time?
sold twice in 6 years, then i refi to credit union
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| Posted 4/9/13 7:30 PM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Do banks keep your mortgage for the entire time?
ours was sold 3 times before our 1st payment was due
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| Posted 4/9/13 7:58 PM |
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Hope2009
Thankful
Member since 1/09 4429 total posts
Name:
A
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Re: Do banks keep your mortgage for the entire time?
I have an agreement with Capital One, they wouldn't be selling mine.
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| Posted 4/9/13 8:13 PM |
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meloyellow
LIF Adult
Member since 3/13 1843 total posts
Name:
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Re: Do banks keep your mortgage for the entire time?
we were countrywide, acquired by bank of america and then sold to M&T...so ya they can def sell
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| Posted 4/9/13 8:49 PM |
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