I am in an option ARM with Countrywide and couldn%26#039;t refi til 12/21/07 when the prepayment penalty came off. But since then, it has been so difficult to get a loan. We%26#039;re stated as we own our own corps. Anyway, after 2 brokers and long wait times and an appraisal that was ripped apart by Union Bank, and denied a loan (we qualified on all other parts, credit score, $ in bank, business licenses) I finally relented and answered one of the flyers that Countrywide sent to me. They quoted me a 7 yr I/O for 5.875% with a 1.25points and a fixed 30 yr second @ 7.25%. I gave my credit card to pay the $349 processing and lock the rate. This was Mar 4. I should get my GFE in 3 days. Anyone else a CW customer? Are they really fast tracking existing customers out of the ARMS and into fixed rate loans? I need some hope as trying to refinance has been so stressful.
Existing Countrywide Customer Refinance?auto loan
As an insider I can tell you that they are pushing to get this type of situation resolved prior to the BOA and CFC buyout, but there are things you should know.
1. Stated income is almost all gone now. They will look over that application with a fine toothed comb. If they even think that your income is unreasonable they will ask questions. If at all possible get a fixed rate as you may not be able to use a stated income program in the future. Even if your at a higher interest rate its better than an adjustment later if you cant prove your income down the road.
2. I can tell you that the rate and points quoted are low even by the best estimates. your looking at them delivering news that the loan requires a higher rate or more costs.
3. Your at the mercy of your appraiser. the value he assigns is critical in getting you approved.
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