Pauline
Home
Contact Me
Looking To Buy
Looking To Sell
My Listings
Mailing List Signup
Previous Articles
Secondary Market
August 21, 2003



You may discover one day when you open your mail that your lender has sold your mortgage to another financial institution. It's not that your lender doesn't want your business. Most mortgages today are eventually grouped together with others in a practice called packaging and sold on the secondary market. The bank recoups it investment, making more money available for local lending. The requirements of major buyers in the secondary market can exert a significant influence on local lending practices.

The sale of your mortgage on the secondary market has no effect on the terms of your agreement. If your lender continues to accept payments and handle paperwork, you may never know your mortgage has been sold.



To signup for my weekely email, including my article, click here.