Countrywide Home Loans

I have had several home loans with several different mortgage companies throughout the years and I have developed some pointers for the person who is looking to refinance their mortgage.

The first tip is to do your homework before you contact a broker or lender, you need to know the ins and outs of the mortgage industry before you get on the phone somebody. Today with the power of the Internet and the power of Google you can get solid home mortgage refinance information in minutes.

Personally, I have had very good experiences with Countrywide Home Loans. Their customer service is great, it has really improved over the years and their loan officers are very low pressure. They get paid off a flat fee and so they are interested in getting you the best rate and giving you the best experienced so you will come back again and refer your friends. Even the front-line customer service representatives are very helpful and very well trained.

I recently contacted a loan officer at Countrywide Home Loans and he was very helpful throughout the process. He didn't seem like he was pulling any punches, he actually seemed like he was more interested in treating me good because he told me that he builds his business from referrals. I have dealt with brokers before, and the thing is you can never tell how much money they are tacking on with origination fees and rates spreads.

The benefit of dealing direct with a lender as big as Countrywide Home Loans is that you don't have to deal with a "car sales like close" when you're trying to refinance your home. A disadvantage with dealing with a lender the size of Countrywide Home Loans is that they don't have as many creative options as a broker might have. But if you have good credit and solid income your best bet is to go direct to the lender and get the cheapest loan possible.

Like I mentioned above, do your homework before you talk to anybody, know what your FICO score is, look at sites like www.bankrate.com so you're up-to-date on current home mortgage loan rates and industry trends. Determine ahead of time which loan is for you whether it's an interest only loan, a fixed-rate loan, or a cash out refinance.

Also, don't let people run your credit unless you're sure you want to go with them. However, credit inquiries from mortgage companies don't affect your score as much as inquiries from revolving debt companies -- but in any event you don't want a lot of people running your credit. Sometimes it is good to call a larger lender like Countrywide Home Loans because they can start you off in the right direction, even if you don't use them -- if you get valuable information like knowing about the hidden fees mortgage brokers try to charge, you will have a little more experience under your belt when you talk to a broker.

Don't get me wrong though, I don't want to paint mortgage brokers as bad people, but the bottom line is they make their money differently then loan officers from large banks.