1.0Movoto Bloghttps://www.movoto.com/blogMovoto Editorial Teamhttps://www.movoto.com/blog/author/revans/What Happens When Your Loan Is Sold?rich600338<blockquote class="wp-embedded-content" data-secret="CGuBwisaOs"><a href="https://www.movoto.com/blog/ultimate-homebuyers-guide-mortgage-rejection/">What Happens When Your Loan Is Sold?</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.movoto.com/blog/ultimate-homebuyers-guide-mortgage-rejection/embed/#?secret=CGuBwisaOs" width="600" height="338" title="“What Happens When Your Loan Is Sold?” — Movoto Blog" data-secret="CGuBwisaOs" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript">
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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 happens when a loan is sold? Your lender is legally required to notify you within 15 days. You’ll receive a letter from your old lender and a letter from your new lender. Your new lender will provide information on who to make payments payable to from here on out, […]https://www.movoto.com/foundation/wp-content/uploads/2016/05/Loan-Sold_banner.jpg