You’ve got the keys to your new house. All the boxes are in and mostly unpacked. Now what?
Don’t panic! You’re not on your own!
Within a month or two of your closing (though it could be longer), your loan will be serviced to another company.
What is servicing?
If your loan is serviced, it means that First Home Mortgage has sold and/or transferred the rights to service your mortgage to another company. You will be notified via letter from your lender stating that your loan has been serviced and to begin sending payments to the servicer. You will also likely receive a letter of introduction and sometimes even a phone call from your servicer.
What does this mean for you?
This means that instead of sending your payments to First Home Mortgage, you will send your payments to another company, such as PennyMac or Chase. The servicing company will now be the one to maintain your escrow accounts to pay your taxes and insurance. This also means that you can now setup online payments through your servicer, if that interests you.
Who do I call with questions?
Your mortgage is one of the largest financial commitments that you will ever make, so don’t be afraid to reach out with any questions or concerns that you might have. Even after your loan has been serviced, we are still here for you. If you ever have any questions, you can still call your Loan Officer for help.
Have further questions regarding this topic? Give me a call, I’m happy to help!