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.
Take Over House Payments: How to Assume the Mortgage for a Family Member
Make sure that you keep everything in writing when forming an agreement to take over a relative's mortgage payment. If you are looking to take over house payments from a relative, you need to have all of your ducks in a row. If you can make a deal work, then you can save many costs that would otherwise eat up your budget. Here are the steps to assume the mortgage for a family member.