Sweet - my mortgage is going to be local

[sunzt]

My mortgage was with a small local bank too...it got sold a million time in 1 year. I'm probably going to re-fi with B of A because they are giving me the best rate as of right now. I could care less who holds the paper.

watch the finance charges. Some banks will do no closing costs/origination fees for mortgages and refis too.

 

[ultimatebob]

This is going to be nice. Even though I went through a mortgage broker my loan is actually going to a very local bank. And best of all it's not a government backed one!

Happy Dance.

Been there, done that, hated it.

You'll think that it's cool to have your mortgage serviced by a small local bank... until you find out that you no longer have access to view your mortgage statements online, and their customer service hours are now only from 8 to 5 Monday to Friday.

 

[FoBoT]

Been there, done that, hated it.

You'll think that it's cool to have your mortgage serviced by a small local bank... until you find out that you no longer have access to view your mortgage statements online, and their customer service hours are now only from 8 to 5 Monday to Friday.

its a mortgage, not a credit card
you pay it 12 times a year, how often do you really need to check on it?

 

[Corporate Thug]

watch the finance charges. Some banks will do no closing costs/origination fees for mortgages and refis too.

That's just it, their savings is only .25 percent but because I know someone, there are practically no fees involved. They also refi my car w/o any fees.

 

[sunzt]

its a mortgage, not a credit card
you pay it 12 times a year, how often do you really need to check on it?

Always useful to check balances, past history, check payments, make payments, and what they have in escrow through an online portal for any financial interest. It's usefulness is not just limited to credit cards.

 

[Fingolfin269]

(Probably) ignorant question...

Does it really matter who holds the loan?

 

[SunnyD]

My mortgage was local... then as soon as I closed it was packaged and sold off to Chase Home Finance.

 

[ultimatebob]

its a mortgage, not a credit card
you pay it 12 times a year, how often do you really need to check on it?

Yeah, yeah... it's still a pain to keep the account manually updated on Mint, though.

 

[ultimatebob]

My mortgage was local... then as soon as I closed it was packaged and sold off to Chase Home Finance.

Mine started off local as well... and got sold to Countrywide within a month. Then it went to B of A, and then got sold to another local mortgage company.

 

[IronWing]

(Probably) ignorant question...

Does it really matter who holds the loan?

It's all part of being green. If he misses a payment, it is a short bus ride to break his kneecaps. If he had a loan through a big New York City bank there would have been a plane trip and a rental car to send the guys to bust his kneecaps. The greehhouse gas emissions would have been horrendous.