Prospective homebuyers usually put in a significant amount of time researching various mortgage lenders and loan offers before zeroing in on one. Despite this, your mortgage provider may change during the loan term. Here’s what you need to look out for if this happens to you:
Pay Attention to Notices Sent by Your Mortgage Lender
Mortgage lenders will usually communicate important information through mails. So, if you aren’t careful, you may end up missing important notifications. It’s best to open any mail that arrives from your mortgage lender and file it away in case you need to refer to it later.
Go Through Your Credit Report
It is possible that you may not open every single mail you get, which may cause you to miss important notifications from your mortgage provider. This is why it is important to check your credit report. Your credit report contains information about your past and current debt, along with details of who you owe money to currently. So, going through your credit report can help you check if your mortgage provider has changed. If you notice any changes, make sure to contact the mortgage lender for more details.
Confirm Transitions with Your Original Mortgage Provider
Mortgage scams have become quite common of late. So, if you receive any communication that mentions your mortgage has been sold to a new mortgage servicer, it is important to double-check this with your lender.
Don’t Miss Your Payments
Until your mortgage has been officially transferred to a new servicer, you should keep making payments to your current mortgage provider. If you miss any payments during the transfer process, your credit score could take a hit.
Maintain Records
Loan transitions can cause a significant amount of change and confusion. So, ensure that you keep a record of all your payment receipts. Further, if you reach out to your old or new mortgage provider at any time, make sure that you make a note of the name of the person you speak to and the date and time at which you speak to this representative.
Although your loan may have transitioned, remember that the loan term and monthly payment will remain the same.