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Sweet - my mortgage is going to be local

S

spidey07

No Lifer
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.
 
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.
 
spidey07 said:
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.
Click to expand...

Has your bank told you that they won't sell your mortgage sometime down the road?
Didn't think so.....
 
That's why I went with Wells Fargo... that and they were the only one in town that could do a 203k renovation loan.
 
I am with my bank, so guess it's "local" as in, they have a branch here. My bank has actually been really good to me, in every aspect. I have all my services with them.

If they somehow went under, I'd be screwed though, but has anyone ever heard of a bank going under? They just have to shake the toner and print some more money. 😛
 
dank69 said:
Let us know how long it takes your local bank to sell your mortgage to BoA.
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It's possible. But they also have the 2nd so it wouldn't make much sense. I guess I'll find out when I close and if I sign something that says they're going to turn around and sell it.
 
Corporate Thug said:
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.
Click to expand...

how much less?
 
My local credit union keeps theirs in-house too. And at the end of each year you get a kickback from the profits based upon your interest paid. Ended up being like $300 for us last year.
 
Who cares who holds the paper? My local bank will charge you an interest rate premium if you want them to service the loan, and it's fairly substantial. I don't understand why anyone cares about that. It's a bill, you pay it every month. Why does it matter who you write the check to (or which website auto drafts your payment)?
 
Dealing with a portfolio lender only really matters if you have wierd circumstances that don't fit in traditional guidelines...or may have payment situations where maybe you need to make a double payment at times and skip a month.

They can work out custom programs. They usually need the traditional 20% down and have more strict underwriting.
 
sjwaste said:
Who cares who holds the paper? My local bank will charge you an interest rate premium if you want them to service the loan, and it's fairly substantial. I don't understand why anyone cares about that. It's a bill, you pay it every month. Why does it matter who you write the check to (or which website auto drafts your payment)?
Click to expand...

Talk to the guy that had his mortgage sold to BoA and then got screwed with their electronic payments. I think BoA has the worst track record for screwing up with mortgages.
 
spidey07 said:
It's possible. But they also have the 2nd so it wouldn't make much sense. I guess I'll find out when I close and if I sign something that says they're going to turn around and sell it.
Click to expand...


If you've got good credit they'll bundle your loan with a bunch of other ones and sell it in a heartbeat. In my last 3 mortgages, they've all been sold within 1 month (This is using 3 different local banks to get the original mortgage).

Having a secondary mortgage doesn't change anything. My last house had primary and secondary. They sold the primary and kept the secondary.
 
bignateyk said:
If you've got good credit they'll bundle your loan with a bunch of other ones and sell it in a heartbeat. In my last 3 mortgages, they've all been sold within 1 month (This is using 3 different local banks to get the original mortgage).
Click to expand...
My last 2, at closing. Pissed me off that the bank got 1% for pulling my credit.
 
spidey07 said:
But they also have the 2nd so it wouldn't make much sense.
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Weren't you someone who was complaining about taxes going up for households making more than 250K and you have a second mortgage in Kentucky... Bravo sir...you're keeping this economy running!
 
PricklyPete said:
Weren't you someone who was complaining about taxes going up for households making more than 250K and you have a second mortgage in Kentucky... Bravo sir...you're keeping this economy running!
Click to expand...

With rates this low I'd be a fool to not borrow as much as I can.
 
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