We bought our house this past March with a 5.75% interest rate.  We were contacted by our mortgage broker two weeks ago that we could get a 4.625% interest rate with .825 points with Countrywide.  I expressed concern to our broker about Countrywide and he advised that the problems they were having were due to the subprime market and that a lot of those issues were resolved.  We locked in at that rate.  Our appraisal and credit scores, etc. are all excellent, no credit problems, 40% equity in to home.  However, I just started reading nothing but bad reviews about Countrywide on the Internet BBB, Ripoff Report, and they are all current.  The complaints are mostly with the customer support just basically giving customers the runaround, outright lying, not complying with FHA regs. etc.  I am starting to feel panicky about using Countrywide, so much so that I'm thinking about nixing the whole deal.  I find it ironic that at the time the 4.3 - 4.8 interest rates were offered, no one else was coming close and am wondering if they are going to pull a fast one at settlement.  Our broker is an upfront broker and we have full trust in him.   I will speak to  my broker tomorrow to get some more feedback.  Any advice on your personal dealings currently with Countrywide?

Lynda,

I would agree with your broker.  The stories you see on the Ripoff Report would probably have more to do with people who are trying to get a loan modification done (because they are behind on their mortgage and are trying to work out a repayment plan).  You also have to realize that Countrywide is a huge company and every company will have a certain percentage of customers who are not happy for whatever reasons.  Our office has not had any problems with Countrywide.

Also, Countrywide was acquired by Bank of America and will be changing to their name in the next few months. 

Lynda,

Your broker is on track and you shouldn't worry. Bank of America buying Countrywide has given the company a solid base. Your Broker wouldn't use them if there was any history of not being able to delivered locked interest rates.  You program sounds like a fantastic deal and you'll be happy. 4.625% is once in a lifetime rates. We also originate loans that go to Countrywide and haven't had any issues.

Also I agree with the previous post. The online complaints are mostly dealing with loan modifications and servicing. Countrywide services over One Trillion in home loans so the exposure to upset some people is pretty big. Don't lose any sleep over it and if something does change, don't sign the closing paperwork.

Happy New Year!

Thank you both so much for your replies.  I feel much more confident now.  We are just fortunate that our broker called us about this rate, although we missed a 4.3% by two hours!!

LyndaS Smith:

Thank you both so much for your replies.  I feel much more confident now.  We are just fortunate that our broker called us about this rate, although we missed a 4.3% by two hours!!

Anything in the 4's is absolutely incredible tho!!!