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Countrywide Home Loans is one of America's largest mortgage lenders. They
are a Fortune 200 company, and report funding over $10 billion in loans
every month.
But, the best-kept secret about Countrywide is, if you want the very best
rate and terms for a Countrywide loan, you cannot get it from Countrywide
Home Loans!
That's right; you read correctly. Countrywide's best rate and terms can't
be had from a branch of Countrywide Home Loans. Instead, you should call
your local mortgage broker.
Countrywide's Wholesale Lending Division (WLD) offers all the same loan
programs to loan brokers that are available from their retail outlets, at
substantially lower rates.
Countrywide isn't alone; the same is true for Wells Fargo, Chase, and
virtually every other major lender in America.
The reason for this is something called, "The Cost of Origination", the
time, energy, and resources necessary to find borrowers and write loans.
Since the wholesale division relies on brokers to bear that cost, they pass
the saving through. The broker, in turn, will share a portion of that
savings with the borrower.
If you do not believe me, you can prove it to yourself. Next time you're in
the market to purchase or refinance a home, call your local Countrywide Home
Loans branch. Ask the loan officer about a specific loan program that suits
your needs. Then call your local mortgage broker and ask him/her if they
are approved to originate Countrywide loans. When you find one who is, ask
them to quote a rate on the same program.
Even with broker origination fees, I guaranty the terms will be better.
Try it.
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Best Kept Secret About Countrywide
