For most people wanting to own their own home in the U.S., getting a home mortgage loan is a must. About the only other way to not have a mortgage is to find a fix-er-upper and do all of the work on the house as there is money to do it. It could take five years or even more to finish the house, and all the while be paying rent somewhere else. Most people don’t like to think about doing this so getting a mortgage is the first step in owning a home.

One company that offers loans is Countrywide home mortgage. For most people that live in rural areas, Countrywide home mortgage should be looked at closely in order to get all that Countrywide has promised. Many people in rural America have been promised certain terms over the phone and then the mortgage company may say they never promised what they said. This affects people because they go into a closing thinking one thing and then get some last minute switches that cost the homeowner. One of the biggest excuses that Countrywide will make is that they serve millions of customers every year and have never had problems. The truth is that they usually don’t spend as much time with those in rural areas and this is not how they make their money.

West Virginia Attorney General Darrell McGraw filed suit against Countrywide Financial Corporation alleging Countrywide made loans to West Virginia consumers on terms that were unaffordable and unconscionable. These loans exposed consumers to foreclosure and loss of their homes. Countrywide also used unfair and deceptive acts or practices to make loans and service loans.

For example, Countrywide induced consumers to take out adjustable rate mortgages that offered a teaser rate for the first 2-5 years, but then reset at a much higher, unaffordable rate. In other cases, Countrywide made loans that required no down payment, but, after 15 years of payments, the consumer owed a balloon payment of almost the original amount borrowed. In one case, the consumers could not refinance because the initial appraisal was inflated.

A week earlier in Hartford, CT, Attorney General Richard Blumenthal announced his office has sued Countrywide Financial Corp. and related companies for allegedly pushing consumers into deceptive, unaffordable loans and workouts, and charging homeowners in default unjustified and excessive legal fees.

More About A Countrywide Home Mortgage

Something to consider about Countrywide home mortgage is that you might not get an experienced loan manager, and if this happens it will usually allow for many mistakes to happen. You should make sure that, while the negotiating is going on, Countrywide provides written documentation of all the terms being discussed and promised. If you do not have this documentation they might be unpleasantly surprised at the final outcome. There are even some people who have gone to closing ready to get a Countrywide home mortgage without realizing that there have been hidden fees that cost several thousand dollars.

When looking for financing for a new home or refinance, check out all of the options with many different mortgage companies. If Countrywide home mortgage has the lowest rates, make sure that EVERYTHING is in writing. Enjoy the new home by using a lender that fits ones needs from beginning to end.

Countrywide, Home Mortgage, mortgage company, Mortgages