Top Mortgage Transfers of the Year

When you take out a mortgage, you’re borrowing money to buy a home. The home is the collateral for the loan. This means that if you don’t make your mortgage payments, the lender can take your home. The mortgage is a contract between you and the lender. It’s a way for you to finance the purchase of your home. When you get a mortgage, the lender gives you the money you need to buy the home. You then make monthly payments to the lender, with interest, until you pay off the loan.

Mortgage being transferred to another lender.

Yes. Banks are allowed to sell mortgages or assign servicing rights to other entities under federal banking laws and regulations. Consumer approval is not necessary. The bank or new servicer must, however, normally follow specific protocols when informing you of the transfer.

What it mean when your mortgage is transferred.

An existing mortgage (a loan to buy a property, typically a residential one, using the property as security) is assigned from the present holder to another person or company in a transfer of mortgage transaction.

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