2007-04-10 11:07:23 · 4 answers · asked by mindrape 2 in Business & Finance ➔ Renting & Real Estate
I've had no trouble with any of my countrywide loans. Pretty easy to work with. Of course, I pay the mortgage on time and otherwise honor the terms of my note.
The question I would be asking is "Are the terms of the loan to be assumed BETTER than getting a new loan?"
If the answer is yes, then I would pursue the assumption. Be prepared to be thoroughly checked out and ask about any fees they would charge to assume the loan. Otherwise, you might be better off with a new loan.
Good luck!
2007-04-10 11:31:36 · answer #1 · answered by KConsults 3 · 0⤊ 0⤋
I have had no problems with taking a countrywide loan subject to. I made the monthly payments in a timely manner and had no problems at all.
I ahve never assumed a country wide loan or many loans from other companies either as far as that is concerned.
2007-04-10 11:42:57 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
Country Wide is no different than any other servicing lender. All their conventional loans are unassumable, and only FHA loans are assumable, and only if you get the original borrower released from liability, by substituting your own credit and becoming liable. If you do not, then the original borrower will remain liable for five years. Most borrowers do not want to remain liable for any length of time, so assuming any loan that can be assumed is not any easier than taking out a new loan all together. If you can do it, it will be less expensive as the closing cost will be significantly less. Conventional loans have a due on sale clause which makes them non assumable. FHA loans only require substitution of liability, or that the original borrower remains liable.
2007-04-10 11:50:10 · answer #3 · answered by hazel a 3 · 0⤊ 0⤋
Yes, they're as good as any moco.
An assumption has the benefit of if you have the cash to do it, you don't need to otherwise qualify. Just make sure you are making the best use of your cash.
Even with not so good credit, you can still get a decent rate these days. A general rule: spend as little of your own cash as possible and use as much OPM (other people's money) as possible.
Use your cash for the niceties.
2007-04-10 15:00:31 · answer #4 · answered by Lorenzo Steed 7 · 0⤊ 0⤋