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Mortgage Basics
What is the secondary
Market?
Most loans get
sold on to the secondary market and the government has actually set
up agencies specifically for buying mortgages. The three names you
will most likely hear are:
? Fannie Mae (Federal National
Mortgage Association)
? Freddie Mac (Federal Home Loan
Mortgage Association)
? Ginnie Mae (Government National
Mortgage Association)
This gives lenders an almost
inexhaustible source of money.
Do not
be surprised if your loan gets sold over and over again on the
secondary market. However, if you receive a letter from the lender
stating your loan has been sold, make sure you call the lender. By
law, he has to provide you with an 800 number of the agency taking
over the loan.
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