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Countrywide?

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Anonymous
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Countrywide?

Is countrywide a good lender? or am i better of with a bank like wachiva or bank of america? Sorry i ask to much is just i so nervous on applying for a VA loan that i just want a good lender and seens i am so new i don't know who will be a good one or it really dosent matter who i go with they are pretty much all the same? i have called and ask questions and they pretty much sound very familiar with the VA loan, rates are pretty much the same, Bank of america was offering it at 6.35 the federal credit union almost the same but countrywide is at 5.87, so it made me wonder why do they have it so low? are they good?
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Countrywide?

Go with the lender that offers you the best rate and terms.  If all the lenders you are talking to are selling you on a 30 year fixed VA loan then the only thing you really need to consider is what rate the bank is offering and how much you will have to pay in closing costs.  There may be several things you like about one bank over the other but the bottom line is this is a financial transaction where you are bringing them your business.  Even if one of the lenders that are in more financial trouble like B of A or Countrywide offers you 5.5% at 1point and say Wells Fargo or Wachovia who have attracted less attention for bad lending habits offer you 6.0 at one point I would still take the more troubled bank because even if the go under the note will just be sold to another bank.  The terms and cost are the most important factors to me, I do not care for brand recognition enough to choose a more expensive financial product over a cheaper one.
Message 2 of 9
BallBounces
Valued Contributor

Re: Countrywide?

This brings up a question I have had before (and have again now).
 
Take this at face value:    Why would I ever care if my loan was sold?
 
 
050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 3 of 9
Mslewis1999
Established Member

Re: Countrywide?

I am in the process of getting a loan with Countrywide as well.  I asked them what the interest rate is and they told me right now it's floating at 6.875 with FHA. I am really confused.  My credit isn't bad but dropped after Chase ran an inquiry.  I am trying to figure out why is it so **bleep** high.  I thought FHA had really low rates.
Message 4 of 9
OneDay800
Valued Member

Re: Countrywide?

That seems high, I am using Country Wide and locked on Friday the 14th at 6.00% 30 year fixed FHA, and our credit scores are not the best.  They said that the Fed rate cut can make the mortgage rates go up, so maybe that is the case.  I was a little nervous about using Country Wide to, since they were recently been backed by Bank of America I was more relaxed about it.  They have been GREAT!  The lady that is helping us has the patient of a saint with all our questions! (First time home buyers).  If your at the point to locked maybe you should talk to your broker to see if now is the best time.  Ours watched it for a week before we locked (went up to 6.55%), locked when it hit 6.00%.  I think it dropped alittle more after that but it wasn't that drastic.  Hope this helps!
Message 5 of 9
Mslewis1999
Established Member

Re: Countrywide?

Are you building or is this a pre-existing home?  She told us we couldn't lock until 30-45 days before closing and that won't be for some time now.
Message 6 of 9
a0034d
New Contributor

Re: Countrywide?

CW bought my previous mortgage and we were very happy with them. We just purchased another home in Feb. and they bought our loan again. I feel very comfortable with them handling my mortgage. I hope you enjoy your new house!
Message 7 of 9
Anonymous
Not applicable

Re: Countrywide?

I work for a foreclosure firm here in Oklahoma.  I can honestly say that Countrywide seems to be the most easy to work with or what we call "most debtor-friendly".  Of course, we're working with people in dire straights about to lose their home, hopefully, you won't ever be in that situation, but if you are, Countrywide *really* tries their hardest to find a plan to work with people in trouble!
Message 8 of 9
Anonymous
Not applicable

Re: Countrywide?

By the way, for all intents and purposes, Countrywide is now Bank of America.
Message 9 of 9
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