Home Purchase Loan
from Countrywide Financial

I purchased my primary residence with Countrywide. The initial experience was a nightmare. We had serious issues with the appraiser that we were forced to use. Our area wasn't affected by the bubble, so we weren't expecting an extremely high number, but this guy was an idiot. Our mortgage person did not handle the situation well. After all of that drama, Countrywide has been fine. The fir…st year our monthly statements were in spanish, but that was kind of fun trying to translate it. Their website is pretty good, it provides good information and it's easy to use.
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When our mortgage broker first arranged our loan with Countrywide, we were told we would not have to pay mortgage insurance. Countrywide changed the terms of the loan at the last minute and we wound up having to pay $114 a month more than we had been told. We had no choice because we would have lost our deposit if we backed out at the last minute, and we basically had to make a 400,000 dollar… decision on a moment's notice. Furthermore, their website is REALLY difficult to navigate - it's hard to tell how much you've paid into your various accounts for the month, because your escrow account changes, but they keep taking out the same amount. Then you have a balance, but you can't tell what it is. There are so many different rows and columns, and things come out of accounts on different dates. I find it terribly confusing and labor intensive. Their customer service is unhelpful. I hope that Bank of America makes some big changes to make it more user friendly.
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Countrywide is horrible. I refinanced to get away from them and then somehow got sold back to them. They send your statement when they feel like it. They will send it for a few months and then not for a few months. I had to sign up for online reminders in order to pay my mortgage. They also don't notify you when your escrow has been changed. You will pay the old amount for months and they… will never think to inform you. If the amount is too much you'll get a late fee. So frustrating!
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Their customer service is TERRIBLE. They closed on our house 2 weeks after our original closing date agreement, and would never give us a set date on when they would close. We always asked and they would say "Maybe tomorrow" and it went on like that for 2 weeks. If we could get out and go with a different lender now we definately would. DO NOT BORROW FROM COUNTRYWIDE!!!!!! THEY DO NOT TAKE CARE… OF THEIR CUSTOMERS OR LIVE UP TO THEIR WORD.
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