is countrywide the kind of like a bank, where i can go get a mortgage loan or is it different?

Deal Score0

and do they have better rates then banks?

7 Comments
  1. Reply
    TheOtherOne
    May 15, 2011 at 1:07 am

    Countrywide’s one of the mortgage lenders in serious financial difficulty because of giving bad mortgages.

    If you go with them, be careful about the terms of what you’re getting. You really don’t want an ARM (Adjustable Rate Mortgage), because even if it seems cheap now – it really isn’t. Sooner or later (usually sooner) that interest rate is going to go up, and your mortgage payments will go up – and it’s really hard for you to predict when or how much . . . or whether you’ll be able to afford the mortgage payment in a couple of years.

  2. Reply
    Etta P
    May 15, 2011 at 2:03 am

    No Countrywide is not a bank, they are a mortgage lender. I have heard about them in the news, preditory lending, being investigated by the FBI and stuff like that. My neighbor got her mortgage from wells fargo, it was a VA loan but she said it was smooth and closed right on time.
    Just food for thought. here is the websites I saw the info on.

    http://housingpanic.blogspot.com/2008/03/flash-countrywide-toxic-mortgage.html
    http://money.cnn.com/2008/03/08/news/companies/countrywide_FBI/

  3. Reply
    LOCKNLOAD1
    May 15, 2011 at 2:40 am

    Countrywide is in such turmoil right now that you may think you have a loan and find out at the last minute, you don’t.
    Have a friend or relative recommend a Broker that can involve more than one bank in your transaction and make sure that they have been in the “business” more than 10 years so they are familiar with the current market trends.
    Also, Countrywide uses unlicensed people to do your loan!?!?!?

  4. Reply
    lendingwhiz2008
    May 15, 2011 at 3:13 am

    Countrywide, along with many other mortgage lenders are in distress.

    They are still lending and are in no immediate trouble, such that they will be closing their doors. They have cut a lot of staff compared to several years back, but they are still a major player.

    They are not like a traditional bank in the sense that I think you mean; tellers, checking accounts, that type of thing.

    Their focus is originating and servicing mortgages.

    Banks do not necessarily have lower rates. Understand that national bank chains have tremendous overhead with brick and morter locations and many internet based lenders can beat their pricing.

    Do your research, and get pricing from a few lenders (Must be the same day and comparing the same terms).

    Do NOT focus soley on rate, but consider closing costs, rate, and terms.

    The only challenge is that some lenders will be less than up front with fees and when you get to the closing table things change on you.

    Ask the lender to guarantee the fees and rate upfront. NO changes at the closing table.

    Have them put it in writing.

  5. Reply
    Msteedawn1
    May 15, 2011 at 4:12 am

    Countrywide is a being bought out by Bank of America as we speak they are supposed to close the 3rd quarter of this year and will be keeping their name. They are a mortgage broker and as with almost all lenders have made some bad loans in the past but they are still above water and have tighten up to make things right. No lender is above any scrutiny and none is much better than the other. Watch terms, closing costs, everything.

  6. Reply
    evafos
    May 15, 2011 at 5:07 am

    Hi
    I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($ 60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address lexi.financial@yahoo.co.uk Please tell her that Deborah Kirk he gave out a loan to me . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.

    Thanks
    .Deborah Kirk

  7. Reply
    Nathalie
    May 15, 2011 at 5:18 am

    All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

    Leave a reply

    Register New Account
    Reset Password