Countrywide is the big name in mortgages. If you are considering a mortgage refinance Countrywide is a good choice. They arrange refinance loans using either what is called conventional financing or government backed loans with FHA or, if you are a veteran, the VA. There are criteria that each type of financing requires. A mortgage refinance Countrywide professional can assist you through the process to determine which is right for you. They use their resources to figure out the things that you need to get your best avenue to a helpful refinance.
Fair lending practices required by law apply when pursuing a mortgage refinance Countrywide takes care of. You will have to have a sufficient credit score though a high number with little history may not be enough to get a mortgage refinance Countrywide will do. Often these obstacles can be overcome in a refinance as long as the appraisal shows enough equity available. The danger to this is the fluctuations in value that houses are going through in today’s economic climate. This might be a problem if values vary greatly during the qualification time period.
When you first approach a mortgage refinance Countrywide to apply for a refinance loan, it helps if you are prepared to present your proposal. It helps to get your property inside and outside ready for an appraisal. Even though the mortgage refinance Countrywide will probably have one of their own appraisers evaluate your property, it’s probably a good idea to pay for one of your own. This makes it possible to compare notes and determine the best direction to go forward. A refinance can lower your payments due to the low interest rates now. It can also unlock equity for other things.
It is wise to check out a mortgage refinance Countrywide proposes against one or two other companies before proceeding with a refinance. There are many lenders who make attractive claims that aren’t legitimate so be careful. Local mortgage lenders that have been around for years usually are good to do this with. Be careful about what you find on the internet because even if they are legitimate they are harder to check out. The process of a refinance can be daunting at times but can be well worth it if done properly.