Facts about Countrywide Home Loans
Countrywide home equity loans are a good option for house owners who are in need of extra finance. Extra finance could be for various reasons such as house renovation, education, medical, and travel and auto loan. Processing the loan is easy and the money is given within a short duration.
This loan is especially useful when a large amount of money is required for personal needs and it is the best and quickest option in times of emergency. The advantage of this loan is that the interest rates are much lower than the other loan options.
There are two types of countrywide home equity loans. In both the loans the borrower can borrow a sum of money for a stipulated time period as per the terms and conditions. They are eligible only if they use their home for the loan. Super Stream line home equity is for borrowers who already have an existing home loan. These borrowers are entitled only for a certain percentage and not total value of the home.
Certain obligations have to be fulfilled in order to avail this loan such as satisfying the eligibility, filling the application form and getting full consent to go ahead with the loan. The lenders with cross check all the data given and verify the complete background of the borrower. Submission of the application can be done online or at any branches of the institution. Once the approval is obtained the borrower will be given complete instructions about usage of the loan. Apart from this a set of papers and agreements mentioning all the rules conditions and terms has to be accepted and signed by the borrower.
The specialty of countrywide home equity loans is that it has some convenient features to offer. The borrower can withdraw his loan amount at any point within the period allowed and the money will be sent to his personal bank account. The borrower is also allowed to avail of the credit line as many times he wants as long as he keeps paying is loan. The borrower also has the option to pay up only the interest amount during the drawing term given to him. Another advantage of this is that there is no set rate as the interest rate is calculated on the balance outstanding. Finally an added advantage to the borrower is that the loan interest is nontaxable. But the main disadvantage of not paying back the loan could lead to losing the ownership of the house and losing your reputation.
Learn more about Countrywide Home Loans, please visit Roper Comptois’s site: home equity loan calculator
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