4 ms·
Refi that bad-boy to your local credit union
by edoceo 8y ago
Refi that bad-boy to your local credit union
- abawany 8y agoI moved loans to First Tech Federal Credit Union, which used to (and still probably do) state in the loan contract that they will service the loan for its life. Very happy with them so far.
- funkymike 8y agoThat's good language to look for. I didn't check closely enough and my mortgage documents stated that the loan issuer (my bank) would service the loan, but without any guarantee of how long. They sold the loan shortly after issuing the mortgage.
- hinkley 8y agoIt doesn't work that way. Mortgages get resold between banks all the time. You can walk into your local bank and get a house loan, and five months from now you'll get a business envelope from Wells Fargo informing you that you should send your checks to them now. I would expect if WF decided your first loan met their purchasing criteria, your refinance would get the same treatment.
- CydeWeys 8y agoCan't. It's a fixed 30 year mortgage at a 3.375% rate. Refinancing it will increase that by at least a point. Plus, I originally did get the loan through a local credit union, who then sold it to a consolidator who sold it to a big national bank (which happened to be Wells Fargo). Local credit unions generally don't hold onto mortgages. They don't have the economies of scale to service them efficiently.
- westpfelia 8y agoMy 'local' credit union does. They dont sell mortgages/loans to anyone and keep them 100% in house. Its why even after moving to Germany I keep that bank for US assets. They just dont seem as criminally motivated as other banks.
- fiveFeet 8y agoWhat is the name of this credit union?