Question by HAPPY_DAYZZZ: First time Home Buyer, Countrywide or WAMU mortgage loan? I am in the process of buying my first home in NYC, >I wanted to know which lender is better? (rates, customer service, company reputation? etc?) > I have 20 % to put down. >any personal experience / advice you can share with me? Thanks! Best answer for First time Home Buyer, Countrywide or WAMU mortgage loan?:
Answer by alterfemego
Either one is fine. What you want to consider are their programs, rates and terms. Select the one that best suits your financial situation.
Answer by kat
DO NOT USE COUNTRYWIDE!!!!! I do not know about WAMU but countrywide allowed an employee to steal my information and then I had to deal with identity theft. Get this the employee stole my information when I sent in the final payment to pay off my house. They said they fired the employee but I sure wouldn't trust them again.
Answer by angela
I called Countrywide and asked about a loan. I was interested in using them because I had seen advertisements for the no cost closing. For some reason, I was going to have to pay around $ 5000 - 7000 in closing costs. I don't know what happened to the no cost closing. I didn't apply for the loan with them because of that but they called me and called me and absolutely drove me crazy. So, if you go with them find out up front about the closing costs. My sister has a Countrywide mortgage and she said she didn't have any problems nor did she have high closing costs. She is happy with them. I have a WAMU Visa but I don't know anything about their mortgages, sorry. As far as the Visa goes, I'm happy with them.
Answer by Tammy M
I currently have 10 mortgages with Countrywide. They are quick and easy to get the loan, guest service is horrible. I have 2 mortgages through a local bank and the service is great, and rates are comparable. I would recommend a place with personal service.
Answer by Ellis Wyatt
Countrywide is notorious for horrible customer service. That being said, if I were you, I'd apply with both and see who gives you the better deal. Get a Fixed Rate loan if at all possible. Adjustable Rate loans only make financial sense when rates are high; rates are low right now. Get an offer from each company on a 30 or 40 year FIXED and compare the two. Look at a document called "TRUTH-IN-LENDING" ... it shows the loan amount, payments, and APR. Go with the best one or let them fight it out to give you the best deal. They are desperate to make loans so you are in a strong position as a customer.
Answer by Jeromy W
You'll hear horror stories for all banks. To me, take in all the information you can, especially how your treated when you speak with a proposed lender, and make your most informed decision. You may also want to check with the Better Business Bureau to see what complaints have been filed. If you need any help, let me know, I know many banking individuals in NYC
Answer by GodBlessAmerica
Countrywide has very limited programs as well as Wamu which has closed their wholesale line! You have much more options with a broker. Best of Luck!
Mortgage Industry Executive Scott Hess, sat down with Loan Modification Buzz for an interesting perspective regarding the foreclosure crisis. Hess noted that "There were nearly 1 million loan modifications reported from the mortgage lenders in 2008 and 2 to 3 million mortgage modifications projected for 2009." He believes there is reason for growing concerns with the vast number of mortgages scheduled to reset with higher adjustable rates and tricky payment options loans that feature negative amortizations offering new loss mitigation challenges for lenders like Countrywide, WAMU, Chase and Wachovia.
http://leafgardenpress.com/ Loan Modification Buzz Interviews Mortgage Executive
Let's not forget the acquisition of Home Savings, subprime lender Long Beach Mortgage. In 2003, powered by the Bank's "Higher Risk Loan Strategy" and the WaMu ad campaign, "The Power of Yes," the volume of mortgage loans tripled, reaching an ... Security vs. Rate Sheet Prices; Big Bank Earnings and Layoffs;...
Obama and the government have created loan modification programs for all homeowners who are struggling due to hardships and not able to pay their mortgage payments to lenders. Washington Mutual (Wamu) understands this dilemma that homeowners are facing and have decided to help their existing homeowners by applying the features of the program started by Obama. Wamu is now able to provide loan modifications to prevent homes from going into foreclosure.
At one time loan modifications were difficult to get through Wamu, but now they are more accessible with Obama's new program. It used to be almost impossible to get this type of loan, even with an attorney. But, today both Wamu and borrowers are trying to stay away from foreclosures, so new options are becoming available all the time.
One should know that any type of Wamu mortgage loan can receive modification.
This does include fixed rate and adjustable mortgages. It is also now possible to get a modification right before or as soon as an adjustable rate is getting ready to adjust. Receiving a Wamu loan modification while a home is currently undergoing the foreclosure process is even now possible. No matter what kind of situation a homeowner is facing, there is a loan modification program at Wamu for them.4 steps to the Washing Mutual loan modification:
1. Homeowner contacts Washington Mutual.
2. A home evaluation is conducted over the phone between bank agent and homeowner.
3. The net cost if calculated minus the repairs.
4. The cost-set is restructured while the homeowner's payment goal is kept in mind.
Benefits of Washington Mutual loan modification:
1. The lowering of the principal.
2.
3. An extended time period to make mortgage payments.
The loan modification process will begin with a discussion over the phone between the home owner and the bank agent. The bank agent will begin by determine the value of the home. When contacting the agent, it is important to have all the needed documents ready and available, including income, tax returns, hardship letter and financial statements.
Related Obama's Wamu Loan Modification Plan - Homeowners Benefits of Obama's Stimulus Package Articles
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