What does it mean when Freddie Mac buys your mortgage?
If Freddie Mac owns your mortgage, then your lender must have sold it to Freddie Mac — or sold it to an investor that eventually did. Freddie Mac only buys mortgages that meet its underwriting criteria, meaning that it considers you a good credit risk and your home a worthy investment.
Can you get a mortgage directly from Freddie Mac?
No. Freddie Mac does not make loans directly to homebuyers. Our primary business is to purchase loans from lenders to replenish their supply of funds so that they can make more mortgage loans to other borrowers.
How does Fannie Mae and Freddie Mac work?
Fannie Mae and Freddie Mac buy mortgages from lenders, which frees up funds at banks to originate new mortgages. The loans Fannie and Freddie will purchase must meet certain characteristics and cannot exceed a certain size. Fannie and Freddie guarantee payment on those securities, even if home borrowers default.
What does it mean when Fannie Mae buys your mortgage?
Fannie Mae buys mortgage loans from lenders to replenish their funds so the lenders can continue making new mortgage loans. That helps keep affordable financing available for homebuyers in the market for a home.
How do I know if my mortgage is backed by Fannie Mae or Freddie Mac?
Fill Out the Short Form
- To find out if Fannie Mae or Freddie Mac own your mortgage.
- All you have to do is fill out a short form on their website.
- You will be notified immediately if they do or do not own it.
- If they do you’ll be directed to options for assistance.
How do I know if my mortgage is owned by Fannie Mae?
If your loan is in the Mortgage Electronic Registration System (MERS), you might be able to find out who owns or backs your loan by calling MERS or running a check on the MERS website. Check the Fannie Mae lookup tool and Freddie Mac loan-lookup tool online to find out if Fannie Mae or Freddie Mac owns your loan.
How can I tell who owns my mortgage?
You can look up who owns your mortgage online, call, or send a written request to your servicer asking who owns your mortgage. The servicer has an obligation to provide you, to the best of its knowledge, the name, address, and telephone number of who owns your loan.