When your grandparents bought their first home, chances are they went to the local bank and it gave them the money to make the purchase. They signed a promissory note
promising to pay the money back and they put the note in its vault and began collecting your grandparents’ monthly payments.
Things have changed dramatically in the mortgage lending business in the last few decades making it more complex. If you have a mortgage, you may
have applied and received the loan from one bank only to find out you would make your payments to another bank. Then, you may have received notice
that your bank had sold your mortgage to another bank…
Sources: www.cmpsinstitute.org, LA Times, www.dollarsandsense.org
For more information, please click here to find a loan officer near you.
You can even Apply Online For Your Mortgage today!