Countrywide worked well with our builder.
Written: Mar 03 '08 (Updated Sep 24 '08)
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Pros: Smooth closing
Cons: Will likely sell your mortgage.
The Bottom Line: They had a better interest rate and ensured a smooth closing.
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| xyzwyatt's Full Review: Countrywide |
We have used Countrywide two times. The first time they immediately sold our loan so we were very unhappy. The transaction between the banks was a nightmare. Recently, we used them again and had a surprisingly wonderful experience and according to the paperwork, there's less of a chance that the loan would be sold.
Getting the loan
We decided to build a home. Our home builder was working exclusively with Countrywide for financing. When we were drawing up the paperwork, they wanted to make a deal that said that we would use Countrywide. In return, we would be given a $1500 credit at closing as an incentive.
We were very skeptical because we had used Countrywide before and we weren't very happy with them, but other than selling our loan we didn't have anything really substantial to justify the reasoning. I went into the whole transaction on the defensive. We had a really good deal through BOA though an employee incentive program. Business is business, so we decided to give Countrywide a chance.
I had a heck of a time with the loan officer. He was very busy and was never available to answer my calls. He came across to me as a “salesman” in the negative sense. He kept saying that he would take care of us, but he never backed it with paperwork. If we didn't already have another bank in our back pocket, we would have had no choice to but to look elsewhere. Nothing was more important to us at the time than securing a loan so it was very stressful for us. I wish we would have asked for another loan officer. I imagine if we acted like we were definitely going to use their service, we probably would have gotten better treatment too. In the end, he came through.
Interest rates were very low when we were buying. To our surprise, the interest rate Countrywide offered was surprisingly low. The interest, contract conditions and cash incentive made Countrywide a sweeter deal. In addition, we felt confident that closing would be smoother since they were working with our builder. Another consideration was that our Countrywide loan officer was just two miles down the road so we wouldn't have deal with some stranger over the phone in a different time zone.
Once our loan was in process everything changed. Customer service was 5 star. We were given the name of each person that we would be dealing with and what their responsibilities would be. I talked to each of them several times and they were extremely efficient. They followed through on contacting other people like they said they would, and it was done in minutes. Dare I say, it was the best customer service we have ever had. They treated us like we were important, which is an odd feeling to get from companies these days.
Paperwork
Countrywide sent a book of a billion pages to read through concerning the loan, and a copy of the contract. People who don't read the paperwork will always be sorry. Verify that the paperwork matches the terms that you asked for. Make sure the paperwork is for a conventional 30 year mortage if that's what you wanted. If you choose an ARM or balloon make sure you know what that means. Some other things to check would be rate locks, closing costs, if there is a penalty for refinancing early, prepayment penalty, home insurance requirements, if you're required to pay PMI or not, what documents are needed, and how to get a copy of the appraisal that you probably paid for.
Countrywide did not explain anything to us. Maybe because we didn't ask, maybe because it wasn't our first purchase.
Home Insurance
Countrywide requires the home to be insured by a company with a company rated B+ or better. Countrywide must be listed as the mortgagee and the deductible can't be more than 1% of the loan. It's the buyers job to shop for insurance and make sure Countrywide gets a copy of the policy before closing.
Closing
We started the loan in February but didn't close until September. We were approaching closing and didn't hear anything from them. We called during the last month and they reassured us that everything was in place for closing. Apparently the builder had been in close contact with Countrywide and they had all the paperwork that was needed such as the changed that were made during the building process. We were just a week away from closing when Countrywide was pasted across the front page of every newspaper and news broadcast for being b-r-o-k-e. That was a very uneasy feeling, but we knew that whatever happened wouldn't effect us. We even got an email from Countrywide to reassure us that we would not be effected.
Closing was extremely smooth. They told us the day before how much to show up with for closing and that was it. Our paperwork was correct at closing and there were no delays.
Online Experience
Since I signed up for online payments, I don't receive bills through the mail. I really like the online website. I can sign on from the front page which also has a visual site key for extra security. I can see my statement, make a payment, see how much I owe, payoff information, tax statements, monthly payments, and all other account information. The information is organized and easy to understand.
I can schedule payments up to 30 days in advance. Payments can not be scheduled for weekends or holidays. I receive an email after my payment has been made.
There are different types of payment plans that they peddle. Be sure to read the details because most of them have fees. I would personally use recurring bill payment through my bank before I did any of those.
Spam
For some reason Countrywide keeps calling my cell phone wanting me to refinance and they don't seem to take no for an answer. We already have our loan with them, so I don't see the point. Anyhoo, we're getting lots of calls, emails and junk mail.
Overall
We've closed twice with Countrywide and I can't complain about closing. I worry that they will sell our loan which they did in the past because they sold it to an incompetent bank...but that can happen with any mortgage. It's been 6 months now and there's no complaints. We'll see what the next 29 years brings.
Recommended:
Yes
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Epinions.com ID:
xyzwyatt
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Location: Nashville, TN
Reviews written: 542
Trusted by: 171 members
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Be a coffee-drinking individual - espresso yourself!
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