Predatory Lenders! COUNTRYWIDE AND CENTRAL VALLEY HOME LOANS: Be very careful of these predatory lenders, who will state that the best interest rate is above what you can actually get! If you didn't already know, mortgage brokers get a back end kick back from the true lending company, and more if they charge higher fees and interest rates. Also, they like to add on the 5 year prepay penalty, when it isn't necessary.
Here is the deal. We were given a credit comeback "buy-down" rate supposedly because of credit scores, which were actually very good. Guess what? Countrywide, the actual lending company, called us in November. They stated our credit scores were good enough when we got the loan in January, and did not require the credit comeback higher interest rate program. The Countrywide mortgage person actually told us that this was Predatory Lending and to file a complaint! Now, Countrywide is at fault too for not reviewing the loan properly.
Don't get ripped off like we did!!!
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