What Happens When Your Loan Is Sold?
Once you close on the home, it’s common for your loan to be sold. Don’t worry, this doesn’t mean anything will change. Banks will often sell mortgages to other lenders to free up money. This can happen multiple times during the duration of your loan or not happen at all.
What Is an Escrow Account?
You're going to hear the word "escrow" a lot when you're buying a home, whether it's someone referring to an "escrow" account orgoing into escrow.