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ok..I'm locked in with KB Countrywide and am closing on Sept. 25th....I'm really starting to worry about Countrywide now...is it too late to move to a dift. mortgage company?
It's never too late to move to another lender, but why did you lock in so early?
Most lenders can close in 20days so you have plenty of time.
PM me if you need any help!
Quote:
Originally Posted by Catamount79
ok..I'm locked in with KB Countrywide and am closing on Sept. 25th....I'm really starting to worry about Countrywide now...is it too late to move to a dift. mortgage company?
I spoke to my CW rep, she has informed me that CW isnt going 'under'.
You might want to stay on top of your file due to the layoffs that are about to happen.
She said to make sure you call CW directly to insure your file is being handled.
Due to the layoffs, your file may fall through the cracks.
Banker, maybe you can answer this because I'm with Countrywide as well but don't anticapate closing until November (new build, KBHomes)
Isn't the concern mainly with Jumbo loans or anything over $417,000?
That is the impression I was getting from all that's going on.
nope. Everyone is concerned that CW will be filing bankruptcy soon.
If they do then it will be a REALLY gloomy day.
They just took out a loan of a few billion dollars just to cover fundings.
All I know is when the CEO, and other Execs are dumping their stock options....then it's time to think of another company.
A lot of are speculating that CW will turn into Enron.
The CEO has dumped more than half of his stock options!
I broker loans to CW, but i pray they dont go under.
They are the largest lender in the US.
This is one of the reasons why i went working from a direct lender to a broker.
I work with over 440 lenders, and if one of them goes out of business then I'll go with another one.
Banker, maybe you can answer this because I'm with Countrywide as well but don't anticapate closing until November (new build, KBHomes)
Isn't the concern mainly with Jumbo loans or anything over $417,000?
That is the impression I was getting from all that's going on.
I went with Bank of America vs Countrywide on my KB Home purchase. It was a MUCH better mortgage package. Just an FYI.
Yeah the only thing CW would really offer me is a 80/20/5 and the apr on the 20 was horrific...I did a 30 year fixed on 95% with BoA @ 6.75. CW could not even touch it..
Oh and you are not "locked" in to do anything until you close. And being Sept 25th is your "tenative close date" with the builder, that's plenty of time to shop around another mortgage vendor. BoA needs about 2-4 weeks (4 tops).
You might forfeit any "incentive" if you chose not to use CW but when you really sit down and run the numbers, those incentives are nothing but scams..they are "ammended" in higher interest rates.
Remember nothing is free.
Last edited by BigCountry; 08-20-2007 at 12:43 PM..
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Oh and you are not "locked" in to do anything until you close. And being Sept 25th is your "tenative close date" with the builder, that's plenty of time to shop around another mortgage. BoA needs about 2-3 weeks tops.
Yep. That's correct. My loan was sold to CW (actually the servicing of it was) and I don't have any issues yet.
When i worked there we were not allowed to mentioned anything less than 30days.
Quote:
Originally Posted by BigCountry
Countrywide's products are absolutely horrible..
I went with Bank of America vs Countrywide on my KB Home purchase. It was a MUCH better mortgage package. Just an FYI.
Yeah the only thing CW would really offer me is a 80/20/5 and the apr on the 20 was horrific...I did a 30 year fixed on 95% with BoA @ 6.75. CW could not even touch it..
Oh and you are not "locked" in to do anything until you close. And being Sept 25th is your "tenative close date" with the builder, that's plenty of time to shop around another mortgage vendor. BoA needs about 2-4 weeks (4 tops).
You might forfeit any "incentive" if you chose not to use CW but when you really sit down and run the numbers, those incentives are nothing but scams..they are "ammended" in higher interest rates.
The servicing of my loan was sold to Countrywide, so far no problems.....
Before that was American Home Mortgage and they went belly up.
If Countrywide go as well, I think it will take years for the industry to recover.
Banker would you agree with that?
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