Countrywide Home Mortgages

About Countrywide Home Mortgages

Countrywide began in 1969, when Angelo Mozilo and David Loeb started their own mortgage lending company in New York. Initially, Countrywide only offered FHA and VA loans. This did little to set them apart from other mortgage lenders, but the company took a unique approach to reach customers by establishing small branch offices modeled after local banks. The first Countrywide branch office opened in California in 1974. The quick success soon led to five more branches across the state.

During the late 1970s, Countrywide began offering different types of mortgages and expanded into eight states. The following decades continued to see rapid growth for the company, which was always on the cutting edge of technology and used it as a driving force for reaching more customers. As the first company to process applications via computers, Countrywide home mortgages were approved in just a few minutes, helping to increase the company’s customer satisfaction and reputation.

Countrywide has continued to grow its business by branching out into banking and insurance services. This Fortune 500 company is one of the largest providers of home mortgages and related services, and it has 80,000 employees working throughout the world.

Countrywide Home Mortgage Offerings

Like most lenders, Countrywide has a large variety of home mortgages, including home equity mortgage loans, adjustable rate mortgages, and low down-payment options. The company is best known for offering unique loan choices that meet the individual needs of homebuyers. Some of these popular options include:

PayOption ARM

This adjustable rate mortgage lets homebuyers chose their monthly payment option. After the introductory period, which carries a low interest rate, you can chose to make a minimum payment, an interest only payment, or an amortized payment toward a 15 or 30 year mortgage. Your choice will affect the overall balance of the mortgage, but you will have flexibility to spread out payments based on your budget.

Fast and Easy

If you have excellent credit, this program eliminates most of the usual paperwork and approves your new home mortgage quicker. Several mortgage options are available with this program.

Flexsaver

This program utilizes a home equity credit line for refinancing or to purchase a new house. If you qualify, you can make your monthly payments using principal or you can access the equity for large purchases or higher-education costs.

Optimum Loan

This Countrywide home mortgage plan is perfect for people low on cash or who need help establishing credit. Unlike other home mortgage companies, Countrywide encourages its customers in this program to use finances from outside sources like family members or non-traditional employment.

Full Spectrum Lending

This branch of Countrywide works specifically with potential homebuyers who have credit problems. By educating their customers about credit and the home buying process, Countrywide ensures loyal clients who will be better prepared for future investments.

The Countrywide home mortgage website gives more details about these and many other mortgage and loan offerings. Through the site, you can also request more information, set up a phone call with a mortgage representative, or apply for your loan.

Other Countrywide products

Home mortgage success allowed Countrywide to expand into an organization offering full financial services. The company has banking centers in fourteen states which provide customers with everything from savings and checking accounts to money markets and CDs.

Countrywide also assists customers through a wide range of insurance plans with policies for homeowners, accidental death, automobile, and life. Most of these plans can be applied through the Countrywide Insurance website where you can also use calculators and tools for determining how much insurance you need.