Your loan terms will remain the same. They cannot be changed by the new owner. The only difference is that you will make your payments to a new payee and send them to a new address.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
email@example.com | http://www.AustinListed.com
The go a little bit more into detail, the loan companies bundle a bunch of loans and sell them to another bank. They mix in loans whose applicants have really good credit with those whose scores are low. If they didn't, then nobody would buy the loans with low scores and the original lenders would be stuck with them. The best advice I can give, having my loan sold to a bad company, is keep record of every payment, print the confimation page, put it in a file and keep a copy on your computer. People get wrongfully foreclosed on because of human error and without the confirmaion number, your payment is lost if it goes to the wrong account. I hope this helps!
If you are not happy with your loan servicer and your interest rate is too high, you should look into a refinance. You want to have your mortgage with a company, which has good online capabilities as well.
Senior Mortgage Banker
NMLS No. 213826
Republic State Mortgage Company
2121 Sage Road, Suite 140
Houston, Texas 77056
Rather than holding your loan (and lots of lenders don't--they do just what BoA did), they sell it. They make some profit up-front. Then they sell it. That gives BoA money to make more loans.
It's purely a business decision. Dollars and cents. It has nothing to do with you.