<prompt> Human: I am currently buying my house from my bank on land contract. this came about due to the home being owned directly by the bank at the time i bought it. I am fine with the terms and plan to set up a traditional mortgage on the balance in a couple of years when the principal is paid down a bit. Recently i received the following letter:Dear Mr. Groundscore,Derp Bank is please to advise you that we will be renewing your current land contract purchase agreement and converting your account to a regular mortgage loan for the remainder of the current term. This will involve the bank giving you a deed to your home, and cancelling the land contract to replace it with a promissory note and mortgage in the amount of the remaining land contract balance. You are pre-approved; there will be no cost to you for this conversion of your land contract to a deed and mortgage. The interest rate, and amortization term will remain exactly the same as your current land contract and your monthly payment will remain as close as possible to the current amount.We will, however, need to ask yyou to come in at a convienent time for a closing on the new documentation.Please contact Derp Derpington at a phone number or email address, Our department manager at your earliest convience to complete the process and set up a closing appointment.Sincerely, Some GuySo now the obvious questions, can they do this without my permission? Is it in any way to my advantage to do this? i know rates are going to go up should I shop around for a better deal? Basically what the hell should i do?tl;drGot a letter from my bank informing me they are changing the terms on my house, what to do?  <response>: Im going to guess that buried somewhere in the paperwork for the land contract is a clause saying they can convert it to a mortgage. I doubt you will get a better deal obtaining a mortgage if they are keeping the terms the same. Nothing will prevent you from refinancing if you wanted to later on as well.The reason they are doing this is most likely so they can sell your mortgage to another bank or mortgage provider and get all their money sooner rather than later. 