HAPPY_DAYZZZ asked:
I am in the process of buying my first home in NYC,
I am in the process of buying my first home in NYC,
>I wanted to know which lender is better? (rates, customer service, company reputation? etc?)
> I have 20 % to put down.
>any personal experience / advice you can share with me?
Thanks!
Arlene
Tags: Company Reputation, Countrywide Loan, First Time Home Buyer
Regina
Either one is fine. What you want to consider are their programs, rates and terms. Select the one that best suits your financial situation.
Anita
DO NOT USE COUNTRYWIDE!!!!! I do not know about WAMU but countrywide allowed an employee to steal my information and then I had to deal with identity theft. Get this the employee stole my information when I sent in the final payment to pay off my house. They said they fired the employee but I sure wouldn’t trust them again.
Erica
I called Countrywide and asked about a loan. I was interested in using them because I had seen advertisements for the no cost closing. For some reason, I was going to have to pay around $5000 - 7000 in closing costs. I don’t know what happened to the no cost closing. I didn’t apply for the loan with them because of that but they called me and called me and absolutely drove me crazy. So, if you go with them find out up front about the closing costs. My sister has a Countrywide mortgage and she said she didn’t have any problems nor did she have high closing costs. She is happy with them. I have a WAMU Visa but I don’t know anything about their mortgages, sorry. As far as the Visa goes, I’m happy with them.
Jerry
I currently have 10 mortgages with Countrywide. They are quick and easy to get the loan, guest service is horrible. I have 2 mortgages through a local bank and the service is great, and rates are comparable. I would recommend a place with personal service.
Paul
Countrywide is notorious for horrible customer service.
That being said, if I were you, I’d apply with both and see who gives you the better deal. Get a Fixed Rate loan if at all possible. Adjustable Rate loans only make financial sense when rates are high; rates are low right now.
Get an offer from each company on a 30 or 40 year FIXED and compare the two. Look at a document called “TRUTH-IN-LENDING” … it shows the loan amount, payments, and APR.
Go with the best one or let them fight it out to give you the best deal. They are desperate to make loans so you are in a strong position as a customer.
Thomas
You’ll hear horror stories for all banks. To me, take in all the information you can, especially how your treated when you speak with a proposed lender, and make your most informed decision. You may also want to check with the Better Business Bureau to see what complaints have been filed. If you need any help, let me know, I know many banking individuals in NYC
Robert
Countrywide has very limited programs as well as Wamu which has closed their wholesale line!
You have much more options with a broker.
Best of Luck!