Bank originating loan is the original mortgage lender.

4 Replies

Only just joined and have a burning question (more to follow I'm sure) - So I went for loan on a property which I have under contract (my first) & I found out that this bank I'm applying to is the original loaner on that property. Coincidence, but is there any advantage to that bank being the my lender, would I get fees reduced or is there some easier less costly 'transfer' they can do since they already service that property? My agent found the details online & doesn't think it's been sold off. Does the bank even have to mention it? the application's been with them for a few weeks - they never said or offered anything?

Good question, Jim. Every bank is different so I would first go to the bank and ask how they would handle that situation. I used to underwrite loans at a bank and we would still charge the same amount of fees for the origination of a new loan each time. Sometimes, if it’s a smaller community bank, relationships can go along way in making for more favorable terms of your loan.

Thanks @Owen Schwaegerle

Greatly appreciate the reply, as this is a multifamily couldn't I get a break on survey, environmental report, possibly transfer same insurance into place etc...

Is it even possible to negotiate a loan assumption or am I stretching? 

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