Calling on mortgage experts!! Gotta question...

[Charade]

I have an adjustable rate mortage that I want to convert over to a fixed. When they (countrywide) sold me the mortgage they told me that I could convert it to a fixed rate at any time with no fee. Well... I called them a few weeks ago and was told that I need to go through the whole refinance BS again. Of course that means all the BS fees, possible points etc.

On my statement it says that my mortage type is a 30 Yr. Conv. Jumbo PayOption ARM.

Does the "Conv" mean that it's convertable?

I can't believe that someone there just can't make a few mouse clicks and change the loan from adjustable to fixed.

I've not had warm fuzzies with countrywide so far. It too 3 calls for them to finally send me a paper statement!

Thanks,
John

 

[Lisa L from MI]

isn't "conv" for conventional??

I have countrywide as well and haven't had a problem...I did the 7 year ARM thing adjustable....I do assume that I would have to go through the whole re-fi to switch to fixed....I don't think they could just "click it" to a fixed....maybe you will just get a break on the fees??

 

[SillyMe]

Lisa's right...it's conventional. I would call and ask them if they are willing to waive some of the fees if you refinance thru them.

 

[Charade]

Good God I hate teleprompts!! Press "this" (*&(UOJ !!!

Customer service just told me the same thing that I must refinance to get a fixed rate. If that's the case (and I told CW this) then I'm taking my money elsewhere.

Now I have a problem with my escrow not set up properly to pay one of my tax bills.

Geez I hate this company. I'm glad that some of you are happy.

 

[Lisa L from MI]

Good God I hate teleprompts!! Press "this" (*&(UOJ !!!

Customer service just told me the same thing that I must refinance to get a fixed rate. If that's the case (and I told CW this) then I'm taking my money elsewhere.

Now I have a problem with my escrow not set up properly to pay one of my tax bills.

Geez I hate this company. I'm glad that some of you are happy.

Same thing happen to me with Comerica...I took out a home equity "loan" and when I went to close at the bank they questioned why not a "line"...then I got all confused again...they said "don't worry, you can switch it over at anytime"...I figured what you did...just call them up and switch...but nope....I would have had to go through all the stuff again....so I am just sticking with the loan....although I would prefer the line....just to save me some money with payments when I need to.....

 

[thelionqueen]

I have an adjustable rate mortage that I want to convert over to a fixed. When they (countrywide) sold me the mortgage they told me that I could convert it to a fixed rate at any time with no fee. Well... I called them a few weeks ago and was told that I need to go through the whole refinance BS again. Of course that means all the BS fees, possible points etc.

On my statement it says that my mortage type is a 30 Yr. Conv. Jumbo PayOption ARM.

Does the "Conv" mean that it's convertable?

I can't believe that someone there just can't make a few mouse clicks and change the loan from adjustable to fixed.

I've not had warm fuzzies with countrywide so far. It too 3 calls for them to finally send me a paper statement!

Thanks,
John

John, as a mortgage broker with over 10 years experience, I can tell you that you have a mortgage w/Countrywide that it would benefit you greatly to change to a fixed.

A lot of companies will tell you that you can refinance with them later with little or no fees, that is a bunch of BS. The fees are the same if you refinance or purchase (purchases are higher in most cases) and I don't know any agent who will pay those fees for you unless they are really raking you on the rate.

I have worked with Countrywide before with few problems, I would contact a supervisor and ask about reduced fees. If not, there are lots of other banks that will take care of you and your $$

I use Washington Mutual a lot (my personal home loan is with them) and they are great!

PM me if I can help you with anything else. Good luck!

 

[simpilotswife]

I personally do not care for Washington Mutual. My mother refinanced with them about a year before she died. They still have not changed her mortgage to "estate of". That was 2 1/2 yrs ago

 

[buddy&wooz]

I had a home equity line I wanted to increase- the company told me I had to reapply and pay the fees again, so I just took my business elsewhere and closed the line (got a MUCH better deal.) I increased it again with the new bank, they just did a quick run through my credit, changed me $40, and I was set. Plus I can fix (at a slightly higher rate) a portion of it, which I recently did, just a phone call and $100 fee (but worth it with rates going up.)

You really have to shop around but there are still good deals to be had (this was PNC if anyone is curious.)

 

[noodles]

We used to have Countrywide and after them not paying our property taxes two years in a row we will never use them again. When I called the county to figure out the tax problem the person I spoke with said Countrywide is famous for not paying the property taxes.

 

[Planogirl]

Countrywide has paid our taxes without fail so far so I can't complain about that. However, they keep bugging us to refinance and then when we inquire, they tell that we can't do any better. OK, so leave us alone then!

If it were me, I would be shopping around for another lender. Some of them will cut you a good deal to get your business.

 

[Lisa L from MI]

Countrywide has paid our taxes without fail so far so I can't complain about that. However, they keep bugging us to refinance and then when we inquire, they tell that we can't do any better. OK, so leave us alone then!

If it were me, I would be shopping around for another lender. Some of them will cut you a good deal to get your business.

I get calls quite often from them too....and they have already told us they couldn't do better either!!....They haven't called in a couple weeks...so maybe they listened this time