Advice on whether to go with chase or countrywide

[Mslewis1999]

I recently posted a message stating that my husband I were approved for 100% financing with Chase bank at 6.275.  We went out and looked at a KB community that was in our price range.  Of course they tried to convince us to go with Countrywide and if we do, they will pay up to 3% of closing cost, 1% of title policy and we only have to put down $1000 ernest money compared to $2000 if we stick with Chase.  I discussed it with my realtor and she suggested to see if Chase will match of course they wouldn't.  I have until March 14 until the 100% goes away.  Should I give them a try?  They didn't run our credit yet so I don't know what they would even give us.

[Anonymous]

Id you are gping to shop the chase loan do it within 14 days of the intial inquiry (then only counts as 1 for scoring).

Ask the builder if they will do the 1% and 3% for you because you have already procurred financing --- sales are slow and they might just accept your offer.

I am NOT a countrywide fan (since BofA took them over policies are slowing changing though).

[Mslewis1999]

Ok thanks.  The initial inquiry was February 14.  Will this hurt our score since it's been that long?

[pattycake]

Okay, I'm confused. I thought it was 45 days for mortgage inquiries and 14 days for auto financing????

[Myhearts]

My brother and his wife bought in the Lakewood Homes community in Plano and they are financed through Countrywide but have an adjustable rate mtg.  They have already had 1 late pay and Countrywide is not forgiving of it.  They are not even considering a gw letter from them.  So, I say that because I had Countrywide as well and though they did work with me on lates, they did not work with me on refinancing my loan with them, were very rude to us.  They gave my brother all kinds of incentives to get with them but their loan is going to rate change in a year and with that late hurting their scores they may not be able to refi through them either.  I would watch Countrywide, please....  There are so many posts on the boards here about them and how lowdown they can be.. Read some of those first before deciding to go with them.  The builder is getting some kind of kickback and that is why KB is pushing you all to go with their offer and CW.

Just be careful and weigh your options.

Hearts

[Mslewis1999]

My realtor told us it was 60 days.  Now I am getting scared as if we should go with them.  I am definitely getting a fixed rate. We have been renting for 8 1/2 years and have never been late on our rent.  We make sure that is paid before anything else.  I am not trying to spend all the money we have if we stick with Chase.  I did ask if they could match and they said no.  Shane, do you have any advice for us?

[fishbjc]

Tell this builder to match Chase's offer or you're walking.  I've been given excellent service from Chase.  I have heard a couple of crummy things about Countrywide.

According to Craig Watts of FICO, the window is 45 days.

[Mslewis1999]

We were planning to ask them to match Chase.  I guess we didn't want to dish out all that money if we stay with Chase but we will see come Saturday what they offer.