Always want us to get a line of credit..
Written: Apr 13 '01
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Pros: Long rate lock programs, get a statement mailed every month
Cons: Always want to give us a line of credit!
The Bottom Line: Good service, low fees, have a rate lock program longer than average
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| LauraRN's Full Review: Countrywide |
My husband and I had our house built a couple of years ago and had a hard time choosing a mortgage lender. We have good credit and many different lenders were after us. Our problem was that none of them would guarantee the rate we would get at closing because it would take them three months to build our house. It made it difficult for us because we didn't know if we would end up with the best deal in the end and felt like we might as well choose at random.
Enter Countrywide...
Our builders recommended Countrywide, who we originally ignored. But one day I was rereading the literature they had given us and I saw they have a rate lock program for new construction. They would lock in a rate for three, six or twelve months for a small fee that was credited to us in the closing costs.
We thought this was a good deal. The rate they were willing to lock in for us was 7.375%, which was about what everyone else was offering at the time. The fee was applied to our closing costs and we had the option of lowering the rate one time if rates went lower while our house was being built.
The qualification process...
To anyone who has never applied for a mortgage, be prepared to disclose the details of your whole life! We brought them bank statements, pay stubs and tax returns. We qualified for the loan but because it was still five months before we expected to close. Since we planned on saving more money, they wanted proof. We had to send them our bank statements every month until closing.
The day before closing...
A couple of days before closing, I sat down and figured out exactly what we wanted our loan amount to be. I didn't know exactly how much closing costs would be, so I (niavely) told the guy I wanted the loan amount to be the (cost of house + closing costs) - downpayment money. He told me they didn't do it that way and I had to give them a number. I guessed and told him how much we wanted.
The morning before closing, I was walking into work at 6:30 am doing math in my head. I realized we were $1000 short for our downpayment if we got the loan amount I had requested. I frantically tried to figure out where we would get another $1000 while trying not to panic.
In the midst of my panic, the Countrywide guy called me at work. He was missing some piece of paper that we had faxed to them a month ago and needed it right now. Of course, I was at work and so was my husband and the paper was at home. I was so happy to hear from him even though I knew we had faxed the paper and it required my husband to go home to get the paper and fax it again. I asked him if we could change the loan amount. He told me he'd have to ask his boss.
He asked his boss, who told us it was okay but was kind of snotty about it because I had been unsure how much we wanted in the first place. I assured her I wasn't going to change my mind again and that was it.
After closing...
Closing went smoothly and we've had no problems since. The only minor thing was that our house number was entered into someone's computer wrong and our first statement came to the wrong house number. I called the customer service person and they changed it quickly. However, a lot of junk mail also started coming with the wrong house number on it. Hmm.. wonder where they got the address from...
They mail us a statement every month. I like this because recently we have started to pay more than the minimum amount and we can watch the principle drop on the statement every month. I also like not having to worry about a payment book.
Their website is very useful. There are loan calculators where you can figure out all sorts of stuff about your loan and you can view you statement and the current rates online.
Complaint..
My big complaint is that they always want us to get a line of credit. At first they were calling us all the time to offer it to us. After saying no quite a few times, the calls seem to have stopped. However, there's always a leaflet with every statement in case we changed our mind and want one afterall.
Overall..
We've been happy with Countrywide. Our payment always posts when it should, they don't send us too much junk mail and our rate was good. I especially liked the rate lock program. If you are looking for a mortgage, consider Countrywide, especially if you need a rate locked in for a long period of time.
Recommended:
Yes
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Epinions.com ID:
LauraRN
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Location: Rochester, NY
Reviews written: 64
Trusted by: 22 members
About Me:
Nurse practitioner seeking employment.
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