Our mortgage was sold to another bank

posted 3 years ago in Home
Post # 3
Member
5697 posts
Bee Keeper
  • Wedding: August 2012

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
Member
446 posts
Helper bee
  • Wedding: August 2013

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
Member
3570 posts
Sugar bee
  • Wedding: September 2011

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 # 7
Member
10384 posts
Sugar Beekeeper
  • Wedding: September 2010

This happens to almost every home loan out there.

 

Post # 8
Member
562 posts
Busy bee
  • Wedding: June 2011

It’s almost inevitable.

Post # 9
Member
536 posts
Busy bee

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
Member
945 posts
Busy bee
  • 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
Member
1327 posts
Bumble bee
  • Wedding: April 2014

Super common, happens all the time.  Really it would be more of a surprise if it never changed.

Post # 12
Member
811 posts
Busy bee
  • Wedding: March 2013

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
Member
3010 posts
Sugar bee

@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
Member
1582 posts
Bumble bee
  • Wedding: November 1999

@SpringDaisy5:  Happens all the time. Both our home mortgages were sold to Wells Fargo. 

Post # 15
Member
881 posts
Busy bee
  • Wedding: September 2012

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
Member
1177 posts
Bumble bee
  • Wedding: May 2014

@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. 

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