by haytham fox
Question by Ryan: How can I find a bank or credit union (preferably local) that doesn’t sell their mortgages to Fannie/Freddie?
Rather than blaming Government/Wall Street/Capitalism for our economic woes, I realize we as ‘consumers’ have the power to change the system. I would like to refinance my mortgage, but want to keep the money I’m spending local. How can I find a local bank that doesn’t sell their mortgages to bigger banks/institutions? I tried calling several mortgage brokers and small community banks with no good leads. I live in Madison, Wisconsin.
Answer by Huntsman
My mortgage was not through any of these
Put 20% down (or have 20% equity) and you don’t have to bother with these government agencies
Better idea to fight capitalism:
Make a plan to pay off your mortgage and stop making banks rich with interest money
What do you think? Answer below!