Question by Andre K: Is Countrywide Mortgage safe to refinance or get a new mortgage with?
I need to refinance my mortgage or get a new one if I decide to buy a new home. Which mortgage co. is safe and reliable?
Best answer:
Answer by Swanky
countrywide is fine, there’s a bunch out there. you may want to talk to a mortgage broker, they will figure out what is the best ‘program’/interest rate for you.
Give your answer to this question below!
They have been hurt real bad by the sub-prime problems. I can’t believe they will go under (fed won’t let them) but who knows what their lending standards are likely to be down the road. So, they probably are fine, but it is a bit risky – hard to say for sure.
There are a number of good companies. There is nothing wrong with Countrywide. You just need to be careful to read the disclosures and decide which company and mortgage is right for you.
Remember, you owe THEM money. They don’t owe you. If your mortgage company or bank gets in financial trouble and gets taken over, it doesn’t hurt someone who has a mortgage–only someone who has deposits in excess of the FDIC limit.
Countrywide is about as safe as any other lender out there. They have as many and some of the same mortgage programs as any other lender.
I would suggest that you get a referral from a friend, someone you know in the real estate profession or look in your telephone book and find a local mortgage broker.
They will help you find a mortgage that you are qualified for and do just as good a job if not better. These brokers have many underwriters for their mortgages and can repackage your loan request to either one without any additional cost, even if you are not approved by the first underwriter.
The main thing you ar looking for in someone to refinance your current mortgage or get you pre-approved to purchase a house.
If you want to see how a company has performed in the past or if there are complaints against them your should check with the Better Business bureau (BBB) or a trade organization that the business would belong to. In this case a lender might belong to the National Association of Mortgage Brokers (NAMB), even your large lenders and banks might belong to this organization.
I hope this has been of some use to you, good luck.
“FIGHT ON”
If anybody has picked up a newspaper lately, you can figure out that Bank of America is buying Countrywide. Bank of America is one of the largest and most successful financial institutions in the world. They have been successful in their recent acquisitions and have been increasingly growing with each new one. Countrywide was one of the leading mortgage companies, but it has been eating itself up from the inside. You can read up on issues with the controversal CEO and their company sales tactics. But soon to be B of A, it should become a strong company again.
Countywide is safe company to refinance, be aware thought with Bank of America hoping to complete the buyout by this summer that if you proceed with countrywide, bank of america either will service your loan (should the buyout be completed as scheduled) or they will sell it to a third party for servicing (I don’t know boa’s procedures on this, some lenders will service their loans, some won’t). One nice option with countrywide/boa is their no closing cost option, where they pay all closing costs, appraisal, recording fee, title, etc so that may be an option for you as well. If you don’t want to do the shopping yourself, contact your network, associates, friends, family to see if they know of a mortgage broker that can do the shopping for you and that will find a mortgage company that will fit the criteria your looking for, best of luck