cancel
Showing results for 
Search instead for 
Did you mean: 

Mortgage sold to Chase

tag
missgamecock
Contributor

Mortgage sold to Chase

UGGGH, I don't like Chase and they give me bad JUJU. So can I pay my mortgage online with them??? Do I still have the same terms as I did with my previous company. Had my original mortgage with M&T. Refinanced in November and now it is sold to Chase. Ex. Payment is due on the first, but they give you a grace period to the 16th. After the 16th, you are charged a late fee. Is it the same with the new company now??? I was able to drop payments off at M&T in town before through the deposit box. Chase is NOT local and I don't trust the your payment wasn't received on time. GRRRRRRR.
Message 1 of 15
14 REPLIES 14
ShanetheMortgageMan
Super Contributor

Re: Mortgage sold to Chase

The mortgage terms will remain the same regardless of who your mortgage's servicing rights are sold to, however the terms on the servicing side of things can change from servicer to servicer.  With all of the changes congress is proposing and passing, I would've hoped that mortgage servicing would've had a major overhaul... but no such bill that effects mortgage servicing has been proposed yet.  So I'd ask Chase for a copy of their servicing agreement, it should outline the dates you need to pay by before a late fee is incurred.  Chase has several different loan departments, some of their loans can be paid online and some a mortgage payment has to be mailed in.
 
Your Rights and the Responsibilities of the Mortgage Servicer
 
Mortgage Servicing: Making Sure Your Payments Count
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 15
fishbjc
Senior Contributor

Re: Mortgage sold to Chase

My mortgage is with Chase.  Yes you can pay it online for no fee, or over the phone for $14 or at any Chase Bank.
 
I've found them to be very aggreable.
Message 3 of 15
CreditDrama85
Established Contributor

Re: Mortgage sold to Chase

chase sucks. try refinancing with Wf after a few months
Message 4 of 15
ShanetheMortgageMan
Super Contributor

Re: Mortgage sold to Chase



CreditDrama85 wrote:
chase sucks. try refinancing with Wf after a few months

Remember that refinancing costs money, and there is no guarantee that Chase won't end up with the servicing rights at some point... refinancing to get away from a service provider can be fruitless.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 5 of 15
CreditDrama85
Established Contributor

Re: Mortgage sold to Chase

unfortunately shane is very right.....my friend refinanced with capital one and the mortgage was sold to citi
Message 6 of 15
marty56
Super Contributor

Re: Mortgage sold to Chase

Maybe off point but why do Mortgage companies sell loans?  Mine is 30yr fixed at 7.25%  My credit scores were very low 4 years ago when I got it thus the high interest rate,
 
If I could find an investment that paid me 7.25% for 30 years guarantied I think I would keep it.
1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 7 of 15
ShanetheMortgageMan
Super Contributor

Re: Mortgage sold to Chase

When servicing rights are sold the lender who sells them receives a service release premium, so money is made that way.  They also free up capital to fund a new loan.  Interest is made over time, while fees made on originating a loan or releasing servicing rights is a one time fee, but is much more than a few months of interest.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 8 of 15
missgamecock
Contributor

Re: Mortgage sold to Chase

This was a refinance. On the paperwork that we received on closing day, it stated that 50-60% of their loans were sold.
 
It sucks that they sold it to Chase. I have bad juju with them from years ago. Maybe they have changed. GRRR
Message 9 of 15
fishbjc
Senior Contributor

Re: Mortgage sold to Chase

My mortgage interest is 5.125%.  I've had nothing but good experiences with Chase Mortgage.
 
One of my neighbors began with Pulte, then mtg was sold, then sold again to Chase.
Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.