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Real Estate f£>
Eileen M. Day realtor
IS BANK REALLY
MORTGAGE HOLDER?
You borrowed the money for your home purchase from your local bank or savings and loan association. You make your monthly payment to that very same bank. Does this mean that your bank holds your mortgage? Not necessarily. In fact, the chances are better than 50-50 that they have sold it on the secondary mortgage market.
Two of the most dominant forces in the secondary market are Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corp ) They buy well-secured mortgages at a discount.
To the average homeowner, the shift in banking roles has little impact since the local lenders continue to issue and service the mortgages However, the ability of local lenders to package and sell loans on a secondary mortgage market helps keep a continuous flow of money available to buyers at affordable rates When adequate funding for home buying is available, everyone benefits.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY. Realtor, The Clopton House. Washington; Va. 22747. Phone: 675 1400. We’re here to help.
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