This is the third company my mortgage has been with in 4 years. Every time it changes hands I get a rate increase.

This time they're saying it's because of a "buffer" they want me to pay "just in case" I miss a payment.

Basically, out of a 496.00 payment on a 60,000.00 mortgage at 5.5% only 77.00 is going to my principle with 256.00 going to interest each month.

I'm doing the math here and I don't understand how my loan is going to be paid off in 30 years at that rate, especially if it keeps changing hands.

Is there anything I can do about this?

Yeah, ask your bank to keep your mortgage "in-house." If they won't another institution will. Right now it's very tight competition for people in the mortgage biz, and if having a mortgage in-house will keep yours there, a good financial will do it.

Your rate is dependent on a number of factors, not just the company. Depending on the type of mortgage you have, your rate could change as often as whenever federal interest rates change. This is to prevent bank closings and keep the FDIC and NCUA in the black, my advice is that if you are with a bank, take it to a credit union to refinance it, they generally put more restrictions on what can happen with a mortgage and you will be happier for it.

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Never sign intellectual property agreements...

Mortgages have to change hands so that there is more money freed up for additional investing. If Washington Mutual for example, loaned 1 Billion dollars for homes in 2006, all of their money may be tied up for '07, so instead of servicing these loans and collecting interest on them, they sell them to investors.

Typically when loans change hands they are not entitled to change the specifics of your mortgage note. If your mortgage was a fixed rate mortgage from the beginning than I suggest looking into this a bit more, because your fixed rate should not be affected by changing service providers.

Unfortunatly, a mortgage is the type of loan when interest is always paid before prinicpal. If you do not want to pay your mortgage for 30 years then i would recommend paying $50 more a month towards your payment. This extra will greatly reduce your principal and your term.

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Warm Regards,
Melissa Fish

Home Loans, Health Insurance Quotes, Student Loans, Auto Loans

I've heard people selling mortgage make a ton of money and that's why they always try to sell and buy.