Good Service but Not the Lowest Rates
Written: Mar 29 '00
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Pros: Good service and rates
Cons: Can't always provide the best rates
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| dbhoutx's Full Review: Countrywide |
A while back when I purchased my house and again more recently when I looked at purchasing a beach house, I called Countrywide. I called a specific representative known by my real estate agent. Some would say that in itself was crazy, but with the added information that my real estate agent has known me since I was five (5) when her kids, my sister, and I would all play together in our pool and their fort. Thus, I was comfortable that I was dealing with a reputable person.
Both times that I have called and spoken to folks at Countrywide, they are very friendly and helpful. Unfortunately, a local bank has always been capable of being more helpful by providing good service and more importantly a lower rate. I will share my thoughts about the service and then the rate situation I ran into while dealing with Countrywide.
When I made my first call to Countrywide, the individual I called was not available. She was on a day off or otherwise tied up. I had called in the afternoon so I did not expect a call for a day. Early the next morning, I had that phone call coming right through to my desk. The lady asked appropriate questions to qualify me for a maximum loan amount. That was of course well above what I wanted to spend, but she did this so I would be able to honestly tell a buyer I was pre-qualified for any amount I was comfortable spending. She explained the ratios used to determine the maximum loan amount. (Personally for my own financial situation, I used a more conservative ratio thus going for a smaller loan.)
I was prequalified over the phone. It helps to have a good job, stability in your employment history, and few outstanding debts. In my case, I only owed on my car and that was 1/2 way paid off. With the pre-qualification, I was able to move along with my research on homes and looked for what I wanted. I was quoted an interest rate that she could lock in if I found something over the next few days.
A couple of weeks later, and after several houses were viewed, I found what seemed like the great find. (Given the drought in Houston and the foundation problems I face along with the other 4 million folks in the area, there are days I wonder about my decision to buy this particular house!) I called the lady at Countrywide back to discuss the current rate. I also had been keeping an eye in the newspaper for other legitimate low rate offers. Countrywide made one rate offer while a local bank offered a rate 1/2% lower. Both rates had the same terms which was why I took the local bank offer.
As far as rates go, I find that Countrywide often is right in among the best at finding good rates and loan terms. (This is for the Houston area and may not be exactly the same where you live.) Both during the process of buying my first house, as well as during the search for financing on a beach house and a new house closer to the Texas Medical Center, I have looked to Countrywide for rates. They always have produced for me rates that are among the leading rates in town. In fact during the most recent round of looking at financing, it would be a toss up between Countrywide and local banks. To some extent, I think it is a function of exactly what day you want to lock in a rate. Additionally, if you can get the money right from a local bank, you may save since they do not have to pay a middle person to get this money loaned out to you.
I recommend calling Countrywide for a free pre-qualification and a quote. Tell them what kind of terms you want for the loan and let them come back to you and tell you how they can meet your terms or how close they can get. Then, check sources about the rates offered from your local banks matching all terms against what Countrywide offered. Do not forget to ask for some concessions, sometimes they are available.
Recommended:
Yes
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Epinions.com ID:
dbhoutx
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 - Top 1000 |
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Member: David
Location: Houston, Texas
Reviews written: 324
Trusted by: 223 members
About Me:
David loves outdoor activities, travel, breeding Registered Texas Longhorns.
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