Countrywide Mortgage

Countrywide Mortgage - Offering a Variety of Loan Programs

Countrywide Mortgage is one of the more commonly recognized names in the mortgage industry. While an effective advertising campaign is a good way to attract potential customers, the wide array of program options from Countrywide Mortgage is probably how they maintain their customer base.

Credit history is always an important part of applying for loans, and those from Countrywide Mortgage are no exception. But Countrywide Mortgage also offers several loan programs especially designed to help those with credit problems. Two specific programs from Countrywide Mortgage that address this situation are Credit Repair Loans and Credit Comeback loans. Countrywide Mortgage advertises the ability of both to help those with negative marks on their credit history. Most people who have credit problems know that one of the fist things they gave up when their credit rating went down was the ability to get great interest rates. Typically, a person with less than perfect credit pays higher interest rates than those with excellent credit ratings. Countrywide Mortgage gives those borrowers a chance to improve their interest rate over the course of the loan with the Credit Comeback Loan. If the borrower makes payments on time during the initial loan period, interest rates are reduced for the remainder of the loan.

The Optimum loan is another option aimed at helping those who may have some problems qualifying for a traditional loan in the traditional way. This option allows the borrower to produce some alternative sources of credit proof - rent receipts or similar documentation. Countrywide Mortgage will also consider gifts from family and other non-traditional sources of income for the loan application.

Interest only loans are another program offered by Countrywide Mortgage. These loans allow the borrower to pay only the interest due each month without paying anything toward the principal. This is fairly new idea and seems to be popular with those who plan to spend only a short amount of time in the house before selling it. No down payment loans are another program offered by Countrywide Mortgage. These loans combine a first and Second Mortgage to cover the cost of the home, meaning the borrower doesn't have to come up with a down payment.