Complaint Review: CountryWide Home Mortgage

Countrywide did not disclose verbally all information related to a lock-in rate. Moreover, on a construction loan why allow anyone to lock-in a rate that doesn't run the full length of the construction?

I asked more than once regarding expiration on the lock-in and was told it would run the full length of the construction loan. I was also told that the rate could be re-locked. However, when the lock-in expired no one told me. I was told later that even if I had called, I would not have been able to re-lock the rate.

Obtaining financing on the construction of a house is complicated enough, but dealing with a mortgage company at a distance who will not disclose all the proper information is wholly disheartening.

My advice is: Do business with a local bank and NOT Countrywide! They are not ethical in their business practices. They say one thing and sneak paperwork by you that neither you nor your lawyer will see.

Here is the number of the person, who later gave me a ridiculous lock-in rate, 972-781-5232. His name is Steven Heintz, VP (not sure on the spelling).

Customer Beware!

Eric
Parsippany, New Jersey
U.S.A.