Post # 1
I just want to warn others. We were first time home buyers and got our home loan with a particular bank based on many factors. After paying one mortgage payment, only one, I have been told that our loan is being sold to Wells Fargo. I am completely shocked. We still haven’t received notification in the mail about it yet, but I had to call in to our bank and ask a question and she notified me via phone acidentally. I now know this is a common practice for banks to sell mortgages to other banks, but I just did not think about this when we got our loan, as I am sure it was somewhere in those 60 million pieces of paper we had to sign…but being a first time home buyer, i was not aware it could happen.
So….here’s to hoping it goes smoothly with Wells Fargo…a bank we did not want to do business with. Ugh.
Post # 3
Our loan was sold too, it really wasn’t a big deal. Absolutely nothing in our loan terms changed (they can’t really), just who we pay every month. This is pretty common practice as far as I know.
Post # 4
Ours was sold too, before we even made first payment. The Loan Officer told us up front there was basically a 99% chance it would happen. Had no effect on us whatsoever!
Post # 5
I am guessing in your application it was listed who it would be sold to. Ours told us who would be buying it before we signed. When they originate their loan they already have planned to sell it.
Post # 6
@SpringDaisy5: Mine got sold too but I have not had any problems with them. 🙂
Post # 7
This happens to almost every home loan out there.
Post # 9
This is a pretty timely post, considering I was just talking to a lender about this today. I’m looking into buying a new house and wanted to make sure my mortgage wouldn’t be sold (my mortgage on my current house was sold to Nationstar Mortgage and it has been a HORRIBLE experience). What he basically told me is they will sell almost all of their FHA/VA loans to Wells Fargo. They will also sell loans for people with less than stellar credit (which I don’t get – if you don’t like their credit situation, why give them the loan in the first place??). This particular lender will only keep your loan if it isn’t FHA/VA and you have an excellent credit score.
Anyway, not sure if this helps, but just letting you know that you’re not alone. For what it’s worth, I bank with Wells Fargo and love them!
Post # 10
- Wedding: October 2014 - Savannah, GA
We just closed yesterday and they told us not to be shocked if our loan was sold, because 99% of them are.
Post # 11
Super common, happens all the time. Really it would be more of a surprise if it never changed.
Post # 12
I’ve had 2 mortgages so far in my life and they were both sold. The condo I owned had a mortgage that was sold twice. Happens all the time.
Post # 13
@SpringDaisy5: I had the same exact scenario last year. Paid one payment then sold to WF. I have had a really positive experience with them. I paid my mortgage twice this summer by accident (didn’t realize I had signed up for auto pay) and they refunded me within 2 days. You’ll be ok.
Post # 14
@SpringDaisy5: Happens all the time. Both our home mortgages were sold to Wells Fargo.
Post # 15
This happens to all loans pretty much. You won’t even notice a difference except for who to send your mortgage payment to every month. All the terms of your loan stay exactly as agreed when you signed the paperwork all that changed is who owns it and therefore who you pay back.
Post # 16
@SpringDaisy5: that happens very often. We went with navy federal credit union, it’s actually in our mortgage that it can never be sold, but thats super rare.