Every day, the real estate and investment professionals from EXIT Realty Upper Midwest offices throughout the Upper Midwest help their clients find homes and plan for the future. From helping people buy their first piece of property to selling commercial real estate, they can handle every aspect of the real estate process. One thing that seems to confuse many homeowners and property professionals are mortgage selling and transfers, which is why EXIT Realty Upper Midwest created this real estate and investment guide of frequently asked questions:

• I’ve lived in my home for years, and I just found out my mortgage was sold. How is that possible, and what does that mean? Mortgages frequently change hands between different lenders, so even though you initially signed on with a certain bank or financial institution, they can sell your mortgage to someone else without your prior consent. Your original lender just has to legally notify you within 30 days of the sale.
• Is it a bad sign that my mortgage was sold? The short answer is not really. Mortgage selling is completely legal and quite common, and it has no adverse effect on most people. The exception to this rule is people who have fallen behind on their mortgage payments. In that case, the mortgage may have been sold in an effort to recoup losses much in the same way that a collections agency might take over your credit card debt.
• Will my mortgage payments change after my loan has been sold? If you have an adjustable-rate mortgage, your payments may be affected, but otherwise your payments should remain stable even after the mortgage has changed hands.

If you’re a homeowner or an aspiring real estate professional who wants to learn more about how issuing and selling mortgages works, contact EXIT Realty Upper Midwest today! They love helping people pursue careers in real estate, so call them at (612) 414-4022.