My mortgage keeps getting sold

[IronSnake]

This is annoying.

It went from the local credit bureau that issued the loan, which went great for us. They sold it to Wells Fargo, then I went from there to JPMorgan (Chase), and now Freedom mortgage just bought it.

I've owned the house since May of this year. Does this ever level out or should I just get used to signing up and managing new websites every quarter? So stupid.

 

[OETKB]

The loan originators almost always sell them right after the deal closes it seems, but I've never seen one get passed around like that before.

 

[RDJ]

yeah it will eventually level out. I have mortgages that were sold several times in 6 months and never after that. others were bought and sold over the entire life of the loan

 

[jrandy]

Yea, it does usually settle after the first 6-9 months. I was stuck with he shittiest mortgage company after they bout the mortgage on my first house. I was beyond pissed.

I've been very fortunate with this last house to be with a good company so far. It's been about 3 years and I haven't been sold yet.

 

[Blk04L]

Crazy. When my mortgage was sold the first and only time so far, it dropped my credit score by 80 points.
Not sure exactly why, but I think it showed in my credit history that I had two mortgages at one point before the first one was officially closed.

 

[RDJ]

best mortgage is no mortgage. which I now have. I still feel you guys pain tho

 

[IronSnake]

Greatttt... Well the good news is, my credits locked down so they can't report any new loans on it. But the first conversation with the new one, everyone's been alright. JPMorgan was okay, except they fooked up my escrow and had me at the wrong tax bracket.

As long as they handle my escrow right and I can make my payments without much hassle, that's all I need from em. Hopefully this is the last of it, or if they suck the second to last lol

 

[Mojo88]

I used my local bank for last two mortgages, and I asked them if they would hold them in house. They said they would, and they did. I paid them both off early. The bank made good on its word, kept them in house.

It's nice to have the mortgage paid off. But I still have property taxes, now at $600/month and climbing. I remember the days when $600/month was the whole PITI payment for a typical house around here.

 

[IronSnake]

I used my local bank for last two mortgages, and I asked them if they would hold them in house. They said they would, and they did. I paid them both off early. The bank made good on its word, kept them in house.

It's nice to have the mortgage paid off. But I still have property taxes, now at $600/month and climbing. I remember the days when $600/month was the whole PITI payment for a typical house around here.

Luckily Property tax here is about 1400 a year. I would have a heart attack at 600/month

 

[PaxtonShelby]

Always good to go with a bank that always manages their own loans. The loan may be sold to another institution, but you send your check to the same place for the life of the loan.

 

[GodStang]

Luckily Property tax here is about 1400 a year. I would have a heart attack at 600/month

Wow where in SC is it $1400 a year? Ours is $450 a year.

Our first house they sold with in a month and the new house we just bought they sold twice in a month but the second time you still used the first bank website to pay to. Made no sense but what ever.

I refinanced the old house online with Amerisave and they never sold our loan and it has been almost two years on that house.

 

[DaleM]

yeah it will eventually level out. I have mortgages that were sold several times in 6 months and never after that. others were bought and sold over the entire life of the loan

This

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[sleek98]

First house we went with a larger bank, got sold a couple times. Second and third house went with a local credit union and they held it in house. I couldnt stand the idiots that bought the mortgage on our first house, so I looked for a company that held them for the last 2 places we bought.

 

[lOOKnGO]

I knew someone who had their loan sold multiple times. He defaulted, however when he took the case to court the bank holding the loan could not provide the original paperwork of the loan. He ended up free and clear title. This was 9 years ago.


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[bigmoose]

Specifically went through my local CU because they service the mortgage for the life of the loan. They did sell it a week after closing to Freddy Mac but all payments and customer service is with my credit union.

 

[Deceptive]

I went through USAA which has US Bank handle the financing. It has been with USAA/US Bank for all six years so far.

 

[phillycobra99]

Happened to me, I bought my house in September of 2016 and it has been sold twice.

 

[allister]

The mortgage on our first house also eventually got sold to Freedom Mortgage. On the plus side, their website is easy and I like that they have a payoff calculator feature. I would always play around with numbers on it, see how much I'd save in interest and so then make little extra payments here and there. It really added up.

 

[CobraBob]

Wow where in SC is it $1400 a year? Ours is $450 a year.

Our first house they sold with in a month and the new house we just bought they sold twice in a month but the second time you still used the first bank website to pay to. Made no sense but what ever.

I refinanced the old house online with Amerisave and they never sold our loan and it has been almost two years on that house.

Whoa! Up here I'm paying $8K a year. And our home isn't upper tier. I'd love to move south. A number of our friends have.

 

[GodStang]

There is a reason our town is top 3 in retirement in the US year after year.

Whoa! Up here I'm paying $8K a year. And our home isn't upper tier. I'd love to move south. A number of our friends have.