Please Don't Sell My Loan!
Written: Jul 31 '05 (Updated Jul 31 '05)
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Pros: Good communication on Countrywide's part.
Cons: Unsure if phone hours on statement are accurate.
The Bottom Line: I would recommend Countrywide Home Loans as their website is easy to navigate and gives you the information you want.
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| remnjava's Full Review: Countrywide |
My late husband and I purchased a home about 30 years ago. It started out locally and was quickly sold several times over. It finally was located in New York, about 1500 miles away. I'd call with questions and problems on my lunch hour, after coming home from work. Busy, Busy, Busy. Frustrating, Frustrating, Frustrating! When we refinanced, I made sure my loan was with a local company that wouldn't sell my loan. It was so nice to have it close!
Fast Forward 30 Years...
It was time to move from our neighborhood. I had NEVER sold a house before, nor purchased a new one, taking all the responsibility for the new paperwork, etc. Originally the loan was sold to a local company. You can guess what happened next...
Countrywide
We'd been warned not to go with a mortgage company we'd found on TV, radio or internet. When I realized Countrywide was a household name and not local, I cringed. I don't know why I cringed, since we have had nothing but good relations with Countrywide since our loan was sold.
The Positives
We get a statement in the mail each month. The statement includes which month it is for, along with our current principal balance, escrow balance and due date. It tells you if you are late after a certain date, how much the late charge will be. Currently $32.84 after the 16th of the month. I'm not sure if that is based on the balance of your loan or not. I can go to their website at: customers.countrywide.com, enter my username and password and I can see my transaction history, currently at 7 months.
As well, I am anxious to pay off my mortgage before it is due. I got sick and tired of paying off a previous mortgage, paying off 20 years worth and only decreasing the debt by $10k on a $50K loan of 30 years. I now have a 15 year mortgage and am putting an extra $100 toward the principal each month. I can watch this progress on the payment history page. It breaks out how much the extra $100 is decreasing my principal, as well as showing the balance of my escrow account and how much of each payment goes toward it.
There are several payment options with Countrywide when you have your payment taken out of your bank account, as I do:
You can elect to have your payments taken out each month.
You can have your payments taken out every two weeks, making 13 payments in a year.
You can have your 1/2 your payment taken out twice a month, before your due date.
You can have 1/4 of your payment taken out on a weekly basis. At the end of a year you will have made 13 payments.
There is a small service charge for the bimonthly and every 4 week payment options.
Their website is very easy to navigate and has several tools you may find helpful. You can find amortization schedules, find out of a payment schedule of 15, 20 or 30 years is best for you, points, vs. no points, etc.
I called them once to set up the extra $100 per month payment, which carried over to my automated payments. I don't think the first time I called they were available during their posted hours. The second time, during their true hours, it was easy to get through.
Yes, I may get occasional mailings from them other than the statements, but who cares? I am always close to a trash can. I have gotten credit card applications from a variety of companies, but can't tell you for sure who sold our name, the mortgage company, IRS, or drivers license bureau. They have never called me at home. I would have pitched a fit since I work nights and sleep days.
Beware of "phishing schemes." This warning is also on the Countrywide website, warning you not to provide personal info such as account numbers, social security numbers,etc., to others if you did not initiate the call.
All in all, I am pleased we do have our present mortgage with Countrywide and have no regrets our loan was sold.
Phone: 1-800-519-9832
Countrywide Personal Loan Consultant: 1-800-861-4915 from 7am to 10 pm M-F and 8am to 7pm Sat and Sun CST
Website: www.countrywide.com
Recommended:
Yes
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Epinions.com ID:
remnjava
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Member: Carol
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Zekiah born 11-3-03 6lb 14 oz 19 3/4" dark curley hair blu eyes
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