malch

The smaller regional banks sometimes have great rates and real customer service. I'm on the other coast so I don't have any recommendations for NJ but I have a 10 year fixed at 2.625% with a local bank. It was the most pain free mortgage application and close I've ever experienced.

mrken30

I would definitely agree with this statement

SockToy

Thanks folks ;p

petitefrancaise

Socktoy, just don't get your hopes up that "the smaller, regional banks" will give you a mortgage since you are just relocating and don't have credit history etc. If they do, please come back and let us know which one and how you got on.

mrken30

I am not sure if it makes a difference if the lender normally sells on the loan to Freddie or Fannie. My lender keeps most of their loans. that does mean I know who will be servicing the loan. Some loan servicers are easier to deal with than others from what I have heard.

Pulaski

I sincerely doubt that, though they may keep the servicing end of things. The ownership and servicing are unrelated, and the mortgagee probably doesn't know who "owns" the loan. In the case of many banks they retain the servicing but sell the loan. Since 2008 the vast majority of loans have been purchased by Fannie Mae or Freddie Mac, with money printed by the Fed. I think I read at one point well over 95% of mortages were being sold to those two agencies.

I had a mortage that was "sold-on" to an investor, and only discovered that when I tried to take advantage of Fed-mandated HARP refi's offered in 2010-2011, and I was unable to do so because the owner of my mortgage was more than happy to enjoy the 6-3/8ths% rate I was locked in to.

In my case my mortage was sold to heaven only knows who, but the servicing went to Washington Mutual, and was then snapped up by Chase when WaMu folded in 2008.

mrken30

My old mortgage I got notified by mail when the servicer and the owner changed . This was back in 2009/2010. My servicing went to BOA and the loan went to Freddie or Fannie I think. It was a long time ago. I have since remortgaged.

petitefrancaise

Our WF mortgage loan was sold almost immediately to Fannie/Freddie (what's the difference), like within days. It is still serviced by WF though.

mrken30

If you are interested you can look up who owns your mortgage at

https://www.knowyouroptions.com/loanlookup

https://ww3.freddiemac.com/loanlookup/

It looks like Freddie/Fannie owns the loan , but I wasn't informed by my present mortgage company as far as I remember.

Pulaski

I think Sallie Mae is student loans only.

mrken30

I think you are right, I just edited my post. I had Sallie Mae in my head as we have a savings account with them. I meant Freddie/Fannie

Pulaski

OK, so that was my experience then - I am fairly certain we weren't told.
But those links only seem to help if your mortgage is owned by Fannie Mae or Freddie Mac.