We were repeatedly informed by the Countrywide loan officer who initiated our home equity loan that early termination fees ANYTIME within the first 5 years would result in a $350 fee. Untrue! Not if you refinance within 6 months it turns out. Beware of this company!
We ended up refinancing after 5 months and were penalized with additional costs. When we arrived at the closing for our refinance we were given a 'Important Terms of our Home Equity Line of Credit' document which again stated our obligation of $350. It actually contained terms that would exclude us from any special fees since we were refinancing both our primary and secondary mortgage with them. Countrywide claims that somewhere among the one inch stack of forms we initialized that there was an addendum that changes the costs to what ended up being nearly double the $350.
Both the loan agency and closing attorney's office said this was 'highly unusual'. They are very difficult to reach on the phone generally and I recommend avoiding this company. I was basically told by customer service 'Go ahead and complain to the Commissioner of Banks in Massachusetts... We have the form you initialed... So tough - '
Michael
holden, Massachusetts
0 comments