It will be a loan fixed at 30 years. 6.125 I fill out an inquire last Monday and they allready aproved my loan. Nex thursday I am to sign . The Notary will come over muy place. Where is the risk. I think all this is too fast. (I have excelent credit, 780 score) Since I had a bad experience two years ago, I am very suspicious now
2007-10-27 05:33:35 · 10 answers · asked by Pedro M 1 in Business & Finance ➔ Renting & Real Estate
Countrywide is a good company, there is no unreasonable risk. They would not loan to you if your qualifications were not good.
2007-10-27 05:37:28 · answer #1 · answered by Elsa D 6 · 0⤊ 0⤋
Countrywide is a good company trying to survive the recent shakedown in the mortgage industry.
You have an excellent credit score, and 6.125 is close to the best rate these days without buying the rate down upfront.
It is not uncommon to have a notary close a refinance. The notary is just witnessing your signing of documents the lender prepared...when you refinance, the title work was already done at the time of purchase, so you don't need a title agent/attorney.
Just read through the mortgage documents carefully to make sure there are no hidden costs. If you can avoid a prepayment penalty, that would be good too!
2007-10-27 13:58:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Countrywide is a reputable and very large lender in the United States. Even though they are now in some financial difficulty due to the foreclosure fiasco, you need not worry about any repercussions from this. Should Countrywide face bankruptcy (doubtful), your loan would remain unchanged, other than perhaps having to make your payment to whomever takes over the firm in the event of a bankruptcy.
As long as you are comfortable with the amount of closing/loan fees, feel free to continue. The rate offered to you is attractive. I do not think you will do better.
2007-10-27 12:40:12 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Make sure your read the note and understand all the terms BEFORE signing. Countrywide is a reputable company who wants you to understand the terms, so just make sure you know clearly and exactly what you are agreeing to. Ask to receive the loan terms document in advance. Don't see the documents for the first time at the same time you are being asked to sign them. Get them in advance and read them carefully.
If you are unclear on anything, ask. Don't get rushed by an arbitrary time schedule.
2007-10-28 15:13:06 · answer #4 · answered by mrdivots 2 · 0⤊ 0⤋
I don't see what the problem is. I have a mortgage thru Countrywide, I got a good fixed rate mortgage and haven't had any problems with them. Be happy they are moving quickly that means your new lower rate will take affect a lot quicker. Maybe because of all the problems with the foreclosures around the US they want to make sure you won't forclose by rushing ahead with the refi.
2007-10-27 13:11:50 · answer #5 · answered by Weimaraner Mom 7 · 0⤊ 0⤋
They approved you under a streamlined program...it's fast and easy b/c it is.
It's a great program and I highly recommend it, and it's only done with their most-credit worthy borrowers.
The only thing that I would recommend is that you DO NOT only use a notary that you schedule an appointment with an attorney...a notary is not legally permitted to explain any of the documents to you, he/she only witnesses the signature and gets the docs back to the lender.
2007-10-27 13:41:21 · answer #6 · answered by Expert8675309 7 · 0⤊ 0⤋
Just read the fine print. They're probably desperate to approve a good loan because they can't take any chances on bad ones any longer. Countrywide laid of what....12,000 people?
2007-10-27 12:38:11 · answer #7 · answered by One Bad Mama Jama 4 · 1⤊ 0⤋
You should be just fine, I don't see the risk. It's a refi so if it falls through then no harm just start over. If you are worried about them servicing your loan then I would just remember that they'll probably sell the paper anyway, just like most lenders
2007-10-27 22:58:48 · answer #8 · answered by coolmommy 4 · 0⤊ 0⤋
Countrywide is a well known mortgage company. I prepare tax returns and I see a lot of people going with them. I don't see anything wrong.
2007-10-27 12:38:36 · answer #9 · answered by Kristin 2 · 0⤊ 0⤋
Read all papers, dont worry if they are in a hurry or not, who cares, it have to say same as your loan disclosure paper, because they say one and do another. check no prepayment penalty, no impounds, actually i have a loan with them, they charged me for escrow i paid like 7,000.00 and they do not wnt to return me the money, and i dont have impounds, i pay my insurance and txes. they are banks, trying to get you
2007-10-27 13:45:31 · answer #10 · answered by Anonymous · 0⤊ 0⤋