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I have always had my money in a credit union.  However, when I bought my house last year, eventhough I started at the credit union to get my mortgage, eventually one of the big U.S. banks wound up being our mortgage company.  I know you can look into a refinance option, but is there a good mortgage company that isn't a big bank?  Is there a way you can keep your mortgage out of the hands of a big bank?  Just wondering.  I hate writing monthly checks to this bank.  

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Comment Preferences

  •  Don't know much about CUs... (0+ / 0-)

    ...but if yours has a proprietary trading desk, you might want to find out whether or not the loan originated with them will stay with them.

    A quant and damned proud of it.

    by Cera on Tue Nov 01, 2011 at 07:08:42 PM PDT

  •  Helps to know what state you're in (0+ / 0-)

    I just bought a house and my mortgage is owned by FHLMC, but the bank we originated from (local) retains servicing. Generally, that's pretty much the best way to go. Nowadays, the only time a bank or other financial institution keeps a home loan on their books is when they CAN'T sell it to FNMA/FHLMC, and that's rare these days.

    "Train yourself to let go of everything you fear to lose." ―Yoda to Anakin Skywalker

    by Auntie Neo Kawn on Tue Nov 01, 2011 at 07:09:52 PM PDT

  •  The same thing happened to me. (0+ / 0-)

    Although my loan was closed by the credit union, it is serviced by a local bank.  Payments are made out to CU Memberfs Mortgage.  I have no idea who that is.

    The funny thing:  this was a refinance away from the local bank that now services the loan.  

    Many credit unions do not have the staff to set up servicing departments.

    If you want to know the real answer: Just ask a Mom.

    by tacklelady on Tue Nov 01, 2011 at 07:10:04 PM PDT

  •  I refied at my CU but Freddie Mac now owns it (1+ / 0-)
    Recommended by:
    jdmorg

    I refied at my CU in 2010 but they immediately sold it to a regional bank who then sold it to Freddie Mac but still service the mortgage.

    I got a fantastic rate for a 20 year fixed rate.  I couldn't swing a 15 year and I didn't wish to refi into another 30 year as it would increase the amount paid for the entire mortgage.  My 20 year mortgage was nearly identical in monthly PI versus my old 30 at the higher rate.

  •  Probably just the middleman (0+ / 0-)
    when I bought my house last year, eventhough I started at the credit union to get my mortgage, eventually one of the big U.S. banks wound up being our mortgage company.
    I'll bet that the big bank is your mortgage servicer.  They handle the payments and paperwork, and get a fee from whomever actually holds the mortgage.  They're just the middleman.  A few years ago I got a mortgage loan through an independent broker, and I have no idea who actually made the loan and holds the note.  Chase was the servicer.  I'd never choose to do business with Chase, but they did a good job for me as the servicer.
  •  Ask the CU again (0+ / 0-)

    Your post isn't clear why you "ended up with" a bank mortgage instead of the credit union -- but it's always worth asking the credit union again if you can refinance with them. Most do offer mortgages, though they may have more conservative underwriting (because they're protecting their depositors, not reselling the loans to Wall St. speculators).

    All of the "mortgage companies" are either affiliated with banks or are too sleazy to qualify as banks (or want to be regulated as them) or are mortgage brokers who take a big cut and funnel you to a bank. I wouldn't go there.

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