(Closed) Can my “fixed” home loan be sold for another rate?

posted 7 years ago in Home
Post # 3
Member
500 posts
Busy bee
  • Wedding: June 2011

I would call your new loan servicer – this definitely doesn’t sound right.  That’s the purpose of having a fixed rate mortgage versus an ARM. 

Post # 4
Member
610 posts
Busy bee
  • Wedding: May 2011

I think when it gets sold they can change the rate. They did something like that with my fiance’s car loan.

Post # 5
Member
921 posts
Busy bee
  • Wedding: June 2011

I would call your mortgage provider or real estate lawyer… you signed a contract at a certain rate so unless you signed anything at the 5% they cannot expect you to pay the difference.

Post # 6
Member
500 posts
Busy bee
  • Wedding: June 2011

Saw this on bankrate – I’m searching for info on this now, seeing as how I have a fixed rate as well.

“The new servicer must honor the terms and conditions of your original mortgage agreement, with the exception of those directly related to servicing the loan”

 

Post # 7
Member
1944 posts
Buzzing bee
  • Wedding: June 2009

No this is not ok. Your loan can be sold multiple times through out its life but they have to abide by the original terms.

Post # 9
Member
1105 posts
Bumble bee
  • Wedding: October 2009

My home loan on my house that I bought 10 years ago, changed hands several times, but never did they increase my rate.  Once you sign your contract it should not be changed unless you refinance and get a lower rate.  Otherwise it is an ARM rate..  Maybe they mistakenly thought it was an ARM and not a fixed…I would definitely call them and let them know that it is wrong!!

The topic ‘Can my “fixed” home loan be sold for another rate?’ is closed to new replies.

Find Amazing Vendors