Are you interested in taking out a Countrywide HELOC loan? This article will walk you through the HELOC products Countrywide has available and keep you informed of important updates.

Countrywide HELOC Basics

Lender Type : major bank

Website : www.countrywide.com/equity

Phone Number: 1-800-763-1054

Countrywide HELOC Loan Programs

There are several options available to Countrywide HELOC customers.

The basic Countrywide home equity line of credit offers a 5-10 year draw period, with an option to renew. During the draw period, the borrower is able to make minimum monthly payments of interest only. The repayment period is fifteen years. Customers can generally borrow up to 90% of their homes’ value.

The Countrywide Super Streamline Home Equity Line of Credit is an express HELOC designed for recent Countrywide mortgage customers. Borrowers who have recently taken out a home loan with Countrywide can get a HELOC based on the paperwork they previously submitted. This option is only available to people whose jobs and financial status have not dramatically changed since the original loan documents were filed. Aside from the paperwork issue, the terms are generally the same as Countrywide’s basic HELOC.

In addition to these two HELOC programs, Countrywide offers a lump-sum home equity loan. A borrower can take out as much as $500,000 based on the equity in his home. Countrywide home equity loans have fixed interest rates, although some interest-only repayment options are available.

Countrywide HELOC Loan Requirements

As with most HELOC lenders, Countrywide loan standards have tightened in 2007/2008. See: How to Qualify for a HELOC.

Information about the Countrywide HELOC Freeze

In early 2008, Countrywide led the national HELOC freeze by sending out over 100,000 freeze notices to borrowers. Due to a decline in home equity, these borrowers were told that they no longer have the option to draw on their existing HELOCs.

HELOC letter recipients were reportedly chosen by an algorithm examining home values. The letters were not the result of borrowers’ late payments or other situations.

Although it significantly more difficult to take out a HELOC with Countrywide now, it is still possible. Countrywide is still advertising their HELOCs and giving out lines to people who have not maxed out their equity or living in sharply declining markets.

See Also:

How to Get the Best HELOC Rates and Terms

HELOC Lending Standards Tighten

Tags | Countrywide, Heloc, heloc freeze, home equity loan, lenders, loans