Predatory Lending withheld information

[stuckinlamad]

I am not sure if your aware of this or if it is helpfull at all but most morgages are sold as soon as closing is done. I literally didn't know that till closing. I live in a big area for sellers. My agent told me that in the last 2 years she has not had a seller take an out of state morgage. I think they would have as they were military and I wanted to use USAA. Regardless of that, I found an Instate mortgage company. Who sold my loan before closing to this awefull company. Fortunatly 2 months later it was sold again to Wells Fargo. I have now owned the house for 5 months. I have a fixed 30 yr rate of 6.125 with zero points. ARMS are a BAD Idea. Just wanted to add that I know it may not help any but this will more than likely only be your mortgage company until closing.

[pty]

Originally Posted by stuckinlamad

I am not sure if your aware of this or if it is helpfull at all but most morgages are sold as soon as closing is done. I literally didn't know that till closing. I live in a big area for sellers. My agent told me that in the last 2 years she has not had a seller take an out of state morgage. I think they would have as they were military and I wanted to use USAA. Regardless of that, I found an Instate mortgage company. Who sold my loan before closing to this awefull company. Fortunatly 2 months later it was sold again to Wells Fargo. I have now owned the house for 5 months. I have a fixed 30 yr rate of 6.125 with zero points. ARMS are a BAD Idea. Just wanted to add that I know it may not help any but this will more than likely only be your mortgage company until closing.

Even if the mortgage company sells the loan (and yes, it’s very common) it doesn’t change the terms of the loan. The terms of the loan remain the same.