Does anyone know what it takes to get qualified for Countrywide home mortgage?

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My husband and I found a house we really like. It is bank owned by Countrywide. We must get pre qualified before submitting an offer does anyone know how to go about this and what is required? Our realtor isn’t really helpful. Also, once we get pre qualified can we then get a loan through a bank of our choice or does it have to be Countrywide?

  1. Reply
    May 17, 2011 at 6:23 am

    You can absolutely use whichever lender you like for the pre-approval and mortgage. They make it sound like you have to use Countrywide because it is convenient for them. The bottom line is, I bet they would just be happy to sell it.

  2. Reply
    May 17, 2011 at 7:05 am

    You may get pre-qualified and use the lender of your choice but Countrywide may require you go through a free pre-qualification with them to make them comfortable with your ability to finance the property. That does not mean that youare required to use them for your financing and considering thier current financial position I think I’d find another lender anyway.

    Due to the current upheaval in the mortgage industry wholesale lenders ( the entities with whom brokers place their products) are closing their doors right and left so I would highly recommend you choose a direct lender who funds their own loans.

  3. Reply
    May 17, 2011 at 7:10 am

    First of all if you have not been pre-approved for a loan you should not even be talking to a real estate agent. Talking to a real estate agent is the 2nd stage of your journey to purchasing a home.

    The other answer is that you may use any lender which will approve you for a loan.

    Let’s follow these few steps and get (pre-approved) not pre-qualified.

    So the first thing you should do is contact a mortgage broker so you can complete a loan application, after which he will run your credit report.

    This credit report will give him your credit score. Get a cup of coffee or your favorite beverage when filling out the loan application this is not a 15 minute chore.

    Your credit score will tell him what loan programs you are qualified for as well as the interest rate you can expect. This credit score will tell if you are able to get a 100% loan and if not how much cash you have to bring to the table as your down payment.

    There are lots of documents and information the mortgage broker will need. I will give you a few to get you started.

    #1 Six months of all bank statements you use currently, as well as any statements from your 401k at your place of employment

    #2 One months of pay stubs from all that are going on the mortgage.

    #3 Two years of federal income taxes and W-2s

    After discussing the best loan program for you and agreeing on the program you want, the mortgage broker will issue you a pre-approval letter. Don’t forget your good faith estimate (GFE). This will give you an idea of the cost of your loan. That
    is in addition to any down payment how much additional cash you must bring to the closing table.

    In order to preclude PMI when a lender will finance 100% of the house you are buying the mortgage industry have solved that problem by offering a 80/20 loan. Don’t be afraid of them.

    You have to understand that the increase in payment if the loans are adjustable.

    Your first mortgage (80%) might be a fixed product, while your second (20%) could be an adjustable product. If you don’t understand the product ask your mortgage broker and don’t leave until he/she has explained it to your satisfaction.
    Now once this has been established you should connect up with a real estate agent to find you a home. Upon finding a home you like the real estate agent will then prepare a sales contract for you and the seller to sign.

    The mortgage broker will order an appraisal of the house to prove the value.

    Once all the documents necessary has been collected the mortgage broker will order loan docs for the program that you agreed to earlier. Again don’t plan on spending a lunch hour there to sign loan docs this is a process so be prepared to be there for awhile.

    Don’t sign the loan docs if anything has change from what the mortgage broker explained to you. Call and get an explanation.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  4. Reply
    May 17, 2011 at 7:41 am

    You do not have to finance with Countrywide just because they own the property. You can get pre-qualified with any lender. This is apparently a foreclosure. Most banks require proof of funds on a foreclosure, this is either proof of money or being pre-qualified for a loan. If there’s a bank or mortgage company that you have in mind then go to them and tell them you want to get pre-qualified. They’ll take your information, do a credit check and let you know if they can give you a loan. Get a letter of pre-qualification from them to give to the realtor to submit with your offer. You might want to make a copy to keep too in case this sale falls through.

  5. Reply
    Casey C
    May 17, 2011 at 7:48 am

    Amy, loan masterone seems to be right on here.

    I’m actually a loan officer with chase and would be more than happy to prequalify you. If anything just so you can compare it with other offers. I’ll be able to teach you how to shop as well.

    One thing I would ask Countrywide though is if you could get a discount on your rate and closing costs by using them. You are doing them a huge favor by taking a house off their inventory and then using their services to earn them interest on a mortgage.

    Otherwise, if you’d like to send me your contact info and we can talk or you can visit my website

  6. Reply
    May 17, 2011 at 8:11 am

    You can go with any lender you choose and just to add a litle info from Countrywide’s news article
    In addition, Countrywide said credit quality among its prime borrowers — clients with solid credit ratings — has drastically worsened. At the end of June, 3.7 percent of Countrywide’s prime home equity borrowers were not up to date with their payments, compared with 1.5 percent at the end of the second quarter last year.
    As stated previously it is not just the subprime market that is falling down it has now moved up to the prime

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