Countrywide Home Loans
Home Equity LOC $50. To set-up NEVER ACTIVATED -$350. To deactivate RIP-OFF

When I closed on my Phoenix AZ home in I indicated that I did NOT want an "equity LOC" as I did not intend to borrow more. I was told that it is "standard" to go ahead and set up the LOC "just in case".

At closing, I was charged $50. As a "set up" fee! (and yes, I DID sign, and it was not mentioned or reviewed at closing).

I completed a Refi today, and learned that there is a $350. Charge to "deactivate" the LOC, even though I never accessed or activated it. I was told that if I "deactivate" in less than 5 years that the fee is charged (in FINE PRINT, of course).

As a side note, I was grossly OVERCHARGED at the closing for Countrywide, and the overcharges were factored into the loan amount. Then they REFUNDED me nearly $5,000. AFTER closing and AFTER I called to question it.

I was overcharged hundreds of dollars for "insurance and taxes" by Countrywide. They made interest on the "escrow", and only refunded each time that I called it to their attention.

What a RIP-OFF!!!

I will never use them again, and I will NOT recommend them to anyone.

Company: Countrywide Home Loans
Country: USA
State: California
City: Simi Valley
Phone: 8006696607

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