Country Wide home loans offer there customers the best possible service, through communication over the telephone, email and face to face contact. They have become so credible over the years due to there great financial reputation and good way in which they treat there customers. Also offering loans which are not often significantly influenced by the interest rate.
Loans on offer include a combination of both fixed and variable loans. With borrowers demanding high rates of fixed loans, often creditors can not approve of this. Although countrywide home loans often do approve of this and rather quickly. This is what sets them apart from the rest of the creditors out there.
There financial advice is also great, some thing I have not seen from creditors before. They offer honest opinions which are very helpful and often lead to borrowers having success in being able to make monthly repayments to there loans.
Make sure to do some research on countrywide loans and any other creditor your thinking about doing business with. Its a lot safer to be happy at the end of the day after being treated well and being financially stable than having to worry about having a bad creditor treating you poorly. Something Country wide does not do for all of its customers.
As for home equity loans, look for open end. Which allow you to take as much equity out against the home as you need, as often as you want. Which is very helpful for all borrowers.
By: Steven Francesco Simpson
Posts Tagged ‘Creditors’
Benefits Of Country Wide Home Loans
April 17th, 2010VA Home Loans and Guidelines For Bankruptcy and Foreclosures
March 16th, 2010
I receive a lot of VA loan questions in regards to bankruptcies (BK) and foreclosures. Most of the time the questions are determining how long a borrower has to wait after their bankruptcy before they become eligible for a VA loan? Or is there anything they can do while they wait to help their chances of getting approved for a VA loan once the waiting period is up. So let’s dig in because as of right now the VA underwriting guidelines are much more flexible than conventional or FHA loan guidelines.
Chapter 7 Bankruptcy
First, a chapter 7 bankruptcy involves a complete discharge of debtors. Once the petition is file and accepted by the court and the BK is finalized the borrower is released from liability from the creditors. Generally, with a chapter 7 bankruptcy the VA underwriting guidelines require a 2 years waiting period from the discharge date of the bankruptcy before financing becomes available. There are, however, certain uncontrollable circumstances such as medical conditions or job loss that allow for financing 1 year after the discharge date but these are very rare. To contrast this with conventional guidelines at the time of the article Fannie Mae is now requiring a 4 year waiting period after a chapter 7 BK.
Chapter 13 Bankruptcy
A chapter 13 on the other hand is called a wage earners plan. A trustee is appointed from the court and a repayment plan is negotiated. A veteran may actually be eligible for a VA mortgage while in the chapter 13 bankruptcy; but will need to have at least made 12 on time payments and have approval for the loan by the court trustee. Also, after the chapter 13 is finished the veteran borrower is eligible immediately. Fannie Mae requires a 2 year waiting period after the discharge.
Foreclosure
The VA guidelines state the foreclosure period follow the same rules as the Chapter 7 Bankruptcy. Basically, the veteran borrower needs to wait 2 years. Fannie Mae requires a 5 year waiting period now after the completion of the foreclosure, ouch.
Tips for after a Bankruptcy
As a top VA lender that has dealt with their fair share of bankruptcies we’ve put together a few tips that borrower can put to go use.
I strongly recommend after the bankruptcy has been discharged that you mail in a full copy of your discharge paperwork with all of the appropriate schedules the three credit bureaus Equifax, Experian and TransUnion. Often time some of the accounts included in the bankruptcy won’t reflect that accurately. I also suggest you start by pulling your credit at least once a year from each of the nationwide consumer credit reporting companies. Keep track of what’s gone on and make sure there are no inaccuracies by the time you are ready to apply for a VA loan. In addition, if you don’t have any remaining creditors after your bankruptcy we strongly recommend reestablishing your credit if you have not already done so. Sometimes a borrower with a lack of credit is just as hard as approving borrowers with poor credit. And of course always, always, make your payments on time!
Of course the VA loan bankruptcy guidelines could change or be amended in the future but so far most of the VA guidelines have stayed the same.
By: Josh Klenda
Refinance Home Loan – Simply a Great Financial Option
February 7th, 2010When people refinance home loan, it involves many getting a secured loan and use it to settle a loan that was already previously secured using the home or other property. In you have gotten a loan with a high rate, then it make sense that later on you will decide on refinancing it in order to get a much lower rate.
One of the most popular mortgage refinance is the second home mortgage loan. To determine the appropriateness of such loan, you have to make sure about getting more savings in terms of interests than what you need to pay in refinance fees. Definitely, refinance home loans is a great option as you are allowed to utilize the equity of your home to your full advantage.
What makes refinancing mortgage attractive? It permits you to change the length of your term to your liking. With refinancing plan, you may opt to change the duration of the loan from 30 to a much shorter 15 year term. This way, you will be able to save a good amount of money in interest. And if you stay paying the same installment amount every month at a much lower rate, you in effect pay more on your loan principal. This enhances the equity of your property.
When you refinance home loan, you can use your property to get debt consolidation, enabling you to merge your loans with high interests and get a new loan with low rates and a much manageable installment every month. Your home becomes a security of sort for your loan. The lending company has a lien on the property until such time when you are able to settle your home equity loan. This loan can act as protection from other creditors and help you not declare any bankruptcy.
However, it has to be noted that when refinancing your home mortgage loan, there might be tax on the interest. To avoid encountering any unwanted surprises in the future, it is advisable to contact your accountant and have him check the interests and possible tax to be deducted.
