Today's Lowest Mortgage Interest Rates – HSBC, USAA and Countrywide Offer Low ... Subprime Blogger (blog)
This is why this imperative to get an interest rate quote from several different lenders. Unfortunately, some Americans go into this process blind and do not realize that they could save a significant amount more by simply contacting several local, regional or national lenders in the United States .It may also be a very smart decision to pay down any high interest-rate debts that may be outstanding. By reducing the debt to income ratio many individuals will find that there is great negotiating power available. Unfortunately, some Americans have made poor financial decisions over the past several years and this can make it quite difficult to negotiate lower interest rates in August of 2011.
With many free resources available online there is no reason to pass up an opportunity to better understand how the refinance process works. By accessing the HUD website individuals will find many free articles that will help better explain what steps will allow negotiating when it comes to lower costs and fees. This could end up saving hundreds and possibly even thousands for some homeowners .
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Countrywide Freezing Home Loans
Interview with Faith Bautista with Mabuhay Alliance on Countrywide Home loans. Freezing home loans and not notifying the cosumer that their ...
How good of a company is Countrywide for refinancing and home equity loan?
I AM LOOKING TO REFINACE MY HOUSE AND TRYING TO TAKE SOME CASH OUT BUT DONT KNOW WHICH COMPANY TO GO WITH.
I refi'd with them several years ago and I financed with them many years ago. No problems either time. Good website and online resources.
I love it when clients bring me quotes from Countrywide. I beat the living daylights out of them every time. Their retail outlet (you went to a Countrywide store, yes?) is very expensive. They have to pay for those ads some how, right?
The irony of it is that they are one of my lenders that I send loans to (a wholesaler). As a wholesale company, their rates are excellent. So I can often beat the retail quote and still provide the client with a Countrywide loan if that is their wish.
Having said all that, there are many other lenders out there that are even cheaper. Do yourself a favor, go shop your loan. Get several "apples-to-apples" comparisons and then make your choice.
Best of luck
I think it just depends on your comfort level but I think Countrywide is as good as any.
Best of luck.
Joe...
However, on the back end (foreclosure, short sale and loan servicing), many of my clients have severe problems getting Countrywide to be responsive.
If I want to increase my home mortgage payment, do I need to refinance?
Let's say my Countrywide home loan term is 20yrs, $1000 a month with fixed interest rate 6.5%. What's the bad/good if I decide to double my monthly payment?
If you're with Countrywide, you're in a good position with 6.5%. On the wholesale broker side, I can tell you that Countrywide does not have a pre-payment penalty. Also, it would be worth refinancing and incurring more closing cost's on your mortgage. 6.5% isn't the best, but its pretty decent these days. I'm assuming you went through a "retail" branch of Countrywide instead of using a Mortgage Broker.
copy and paste this website to your browser, and it will show you how much faster you'll pay off a 20 yr mortgage if you double you're payment:
http://www.eloan.com/s/amortcalc?context=purch&sid=G1-MCgZPwV0VamaXA8YdEaYRl1U&user=&mcode=
From your information you listed, I'm assuming you took your loan out for 134,125. If you double your payments and add $1,000 to the balance every month, you'll go from a 20yr loan and have it paid off in 7 years!!!
Also, Countrywide has a great program to help pay off your loan quicker. If you make a large payment toward the principle balance, they'll reamortize your payments with the amount of years left and the new balance. Thus reducing your monthly payment. The is a small 400-500 fee to do this, but I believe they just add it onto the back of your loan.
There's no need to refinance. Just be sure there isn't a prepayment penalty.
It's always a good idea to get ahead on a loan. you'll save a ton of interest.
Need to refinance my home loan, but don't know what to do or what company to go with (see details).?
Ok, a lot of factors and the refinance is a bit over my head:
- Was in a 3 year arm with Countrywide
- Just moved to another state for work, so now my condo is classified as a rental property
- Don't plan to keep the condo, just hoping to ride out the housing bubble
- Tried to go through Quicken Loan, but due to some new Fanny Mae restrictions was denied. The new restrictions are statements that must appear in the condo by-laws that give Quicken Loan too much power over the condo if there's a default.
Questions:
Should I just stick with refinancing through Countrywide? I'm probably going to do a 5 year arm (cross fingers that bubbles ends soon).
PS. link spammers that just try and get people to your blog will be deleted, so don't post.
If you refinance, you will pay a higher interest rate for a rental than if you lived in the property. It's often best to try to hang on to an original mortgage if you can. If you plan to sell within a few years, anyway, that's probably your best bet. Also, why pay closing costs for a refinance? If you need to refinance because you have a very high interest rate and you think you can do better, try to go with the original lender and refinance the loan with no or low added costs.
FYI-I've have a rental for many years that still has the original adjustable mortgage. I've never refinanced, and it's worked out fine for me.
Good luck!
Am I the only one who HATES the Countrywide spokesperson?
You know the gray-haired skinny guy who talks in that way-too-happy-and-calm voice about Countrywide home loans and refinances and stuff?
I don't know what it is about him.
But every time a Countrywide commercial comes on, with him standing there next to those cheap PowerPoint-looking captions... it makes me want to throw something against the wall really hard.
AM I THE ONLY ONE WHO IS IRKED BY THAT GUY?!
Ha, this reminds me of one of Dane Cook's skits. 15 cents!!!!!
Anyways I agree. Totally hate that guy. He is wayyyyyyyy to happy for his own good.
Why won't Countrywide pay my other home equity loan?
So I am refinancing my home and taking out what will be my second home equity loan. I took out the first one about a year ago. I am taking another one because I would like to pay off my car loan and credit card debt and try to put a deck on my house. The problem is I want to have Countrywide pay off the second lender (Wayne Bank) and take that loan and wrap it up in this one and still get up to 95% of my homes equity which would be about $20,000. However Countrywide wants me to take the $20,000 and payoff Wayne bank which is $9600 and then use what ever is left over for whatever I want. My car loan right now is $14,500, credit cards are $2500 and the balance I want to go building a deck. So my question is why won't Counrtywide just take the loan so I can pay everything else off. It's financially better for us to keep both home equity loans and pay everything else off. I would be pretty much breaking even if I pay Wayne bank back?? Help me with this mess please!!
Home values are plummeting across the country, if you borrow 95% of the homes value, by next week it could be 110. That's not a position that the bank is interested in, should you go into foreclosure, they would take a loss when the house is sold. Sit tight, things will get better, do your refi when the market starts an upswing.
2nd) You will have to pay off your current 2nd mtg, they will not do a 3rd position home eq loan.
3rd) Why do people think its a good idea to pay off their car with their mortgage? You are stretching the financing out 15-30 years. You are using all your equity for a car that you will probably trade in 2 years anyways. Not a good idea.
That said, it sounds like your debt right now among the things you want to pay off is $9600 + $14,500 + $2500 = $26,600. If your equity in your home only allows you to borrow $20,000 , you can see why Countrywide would not want to lend you more. That's how institutions got into subprime trouble in the first place, extending too much credit.
It sounds like you're on the road to possible debt problems, though you're not there, yet. It would be worth talking to a credit counselor, just to get an understanding of how these things work, not that you need any particular plan right now. If it were me, I would never build a deck with so little equity in my home, and [I'm guessing here] very little savings. I would take the $20,000 loan, pay off the other loans with highest interest (probably the credit card and car, or credit card and first home equity), then put whatever was left over toward paying off some of the remaining debt.
You have a first and youwant a second, to pay off your car and credit cards. The idea of getting a loan (first or second loan) is too pay off as much as you can inclding your first.
As well as you high interest credit cards/other loans.
Do you know you credit score? are you married? Do you know your credit to income ratio? Some baks will not work with you if it's less then 40 to 45%.
We some times make loans but like a bank we need to know some of these same questions.
If your able to pay more on your first loan you should do it, This will help to bring donw your princiable faster and also giving you more equity faster on your home.
With other cards /car loan or other small loans pay off the small ones first and stay fouces to get out of debt.
you can e-mail us if you need more help meagleye2000@yahoo.com
I want to refi but Countrywide has a 3 year prepayment penalty on my home loan. What should I do ?
Even if I refinance with them,I still have to pay the penalty. I dont wantto pay that. Any way I can get out of this quagmire ?
I want to refinance because I am at 8 % adjustable and my Priniple and interest payment is 1156.00
Thanks
You can still refi and add the pre pay pent. into your loan..it might be worth it to refi at such a high int. rate.
So how much longer do you have before the prepayment penalty period is over? It might make sense to wait it out.
Or if you go here
http://www.savingslife.com/loans/step1.php
You can get some refinance quotes from local lenders in your area that can advise you more.
How do I refinance on 30yr mortgage with PMI,without touching the equity and me paying from my pocket?
And is't a good advice to refinance with my mortgage company (CountryWide Home And Loans) or shop around other Loan companies
You will want to contact a mortgage banker/broker from your local telephone book or a referral from a friend or family member. Tell that person that you want a rate and term refinance with all cost rolled into the new mortgage loan.
With a mortgage loan such as this you will not get any cash in your hand and the minimum equity would be used for this transaction. You could also possibly lose the PMI requirement that is required by your current mortgage.
You might also check and see if your current mortgage company will do this rate and term refinance with you, only they will call it a stream line refinance. If your current mortgage company is able to do the stream line it will be a lot less paperwork because they have most of the information needed.
I hope this has been of some use to you, good luck.
"FIGHT ON"
I am a mortgage banker in TN & KY
This is how banks make money...they charge a fee for refinancing.
How do you think the loan officer gets paid a commission? They are not on salary. Same for underwriters, processors, they are all on salary plus bonus, along with sales managers, post closing auditors, receptionist, etc.
So you either have to pay for the closing costs out of your own pocket or you have to finance them back in with the loan.
No bank is going to do it for free. Why would they?
I need the name of a reputable mtg co. to refinance current Countrywide neg-armt vary loan??
I help my 81yr old mother with her Triplex she owns and am very new to borrowing $ for mortgage since I have never owned a home myself and am 50. 2yrs ago I refinanced her bank loan she had since the begining with Countrywide and desperately need to change this loan NOW. We now owe CWide an additional $5000 from the original $ borrowed AND monthly pmts have gone up AND we still can only make the bare minumum pmts each month especially now!!!! Countrywide has backed us into a corner and wont call me back at all to help us!!!!!!! We also have a few credit card debts and would love 2 pay off to eliminate them due to high interest rates (29.9% on Chase!!!!)
I just don't know who to turn to, trust, or rely on for this mess...Chase is getting ready to put a lien on Triplex for non payment (90 days past now)
MOM DESERVES THE RIGHT NOT TO DIE BANKRUPT!!!!!
It is HER turn to live the rest of her life worry-free!! After all she's done everything right ALL her life-I Love Mom!HELP!!
First of all, Chase can't put a lien on the triplex. At least not like that. They would have to go to court and get a judgment first before they could legally do anything.
I am wondering what the reasoning was behind refinancing that tri-plex in the first place. If you already had a loan on it in good standing, what was the reason? And Country Wide is usually sub-prime mortgages so why didn't you refinance with the original lender?
Can she qualify for a loan back with the original lender? Or some other lender?
If monthly payments have gone up, it's because YOU got an adjustable rate 2 years ago thinking interest rates were never going to go up. Adjustable rate means just that. If the rates go up, so does your payment.
What is the $5000 Cwide has added? You didn't explain what that was. They can't just add $5000 on, unless you've been making late payments and you've gotten a bunch of fees added on.
Stop using the credit cards. If you've got a credit card with a 29% interest rate, why on earth would you charge something on it and then not pay the whole bill off when it comes. If you pay the entire bill every month, there is ZERO interest. If you charge a bunch of stuff up on it, then you get to pay interest.
Call Chase. Tell them you are in financial difficulty and work out a payment plan with them. Letting it go 90 days in arrears isn't going to work.
You're Mom DOES deserve to die not bankrupt and I'm wondering why her daughter (you) decided to go refinance her house and get her into this mess.
By the way, an additional point of information, when Mom dies, all of her assets, including the tri-plex will be sold and all of her debt will be paid, including the Chase card, BEFORE anything gets paid to heirs so you may need to get some financial counseling and figure this out. You may want to consider selling the tri-plex now and just renting the unit you're living in from the new owner.
A Home Refinancing Question?
Ok ... I literally don't have a great Knowledge in this Subject but I do want to find out regarding this Letter I receieved from one of the Agents .... incase its a light in the darkness for me.
I have received a letter which mentions these things ...WHAT DOES THIS MEAN ????
you may refinance and possibly lock in a interest rate and get a good amount of cash from your home's estimated available equity through exclusive fast track loan program, available to you as a select, qualified COUNTRYWIDE home loans customer ? On top of this you may also qualify for 1/2 point reduction in in the DISCOUNT POINTs on your NEXT HOME REFINANCE or Purchase Mortgage ..
MY PARENTs own this condo for last 4 years and they received this letter ........ is this for REAL ???
DO I HAVE ANY benifits out of this ????
Country Wide is being bought by Bank of America ... so I don't even know if all these is for real ....
Any experts can let me know ..... ???? what does that Sentence mean ??
OK well there are a bunch of parts to that so I will do my best to provide some light to you on your journey.
To refinance your mortgage you are essentiall paying off the first mortgage with a new one. this can be done many ways either keeping the same loan terms or extending or shortening the term; all of these will raise or lower your payment.
Locking in a new rate can mean one of two things: the first being that the current mortgage is an ARM or adjustable rate mortgage where the loan is about to ratchet up to a new interest rate. or you are just in a position to be able to benefit from a lower interest rate due to the rate reductions of late. Basically it is trying to get the loan holder to get a new loan at a different and hopefully better rate.
Now the cashing out equity part is generally a bad idea as house values are going down and it will increase your debt which would be bad if all of a sudden you need to sell so in today's market a home equity cash out is pretty much a bad thing, however having a home equity line of credit isnt so bad in case of emergency where you need to tap into some cash, have the line of credit but dont use it unless it is a real emergency.
Of course Countrywide is being bought by BoA but that doesn't affect you or your parents. it just means somebody else owns countrywide.
The letter is probably for real but if you dont own the condo then you probably will not directly benefit from it. Your parents may be in a position to lower their payments or protect their loan but it is up to them to investigate based on their current loan terms.
hope that helps
Refinance my home, is it worth it?
I've been living in my home for 3 years now, we took out a 2nd mortgage. Hour home loan was financed at 6.25, our 2nd mortgage at 7 3/8. I don't want any money taken out i just want to refinance, put my 2 loans into one and get a better rate with the 2nd. Is it worth it or not? I seen that countrywide is doing a no cost refi and am thinking about it.
It could be worth it, but you have to do the math though. You just don't want to end up upside down on it though.
Get an appriasal
Get a Good Faith Estimate from Countrywide to check for points or other hidden costs.
If the new loan is less than your appraised value, and your payments will be less then yeah it may be worth it.
Get set up on an accelerated pay plan where you make a 1/2 payment twice a month. Also send in a seperate check for the next month's pricipal payment. That will help you make up lost ground on you refi's, and help you to pay off the mortgage sooner.