Based on borrowers’ individual priorities and goals, our mortgage experts can help homeowners develop a customized plan for managing their mortgage more effectively, and that may include refinancing to reduce their loan term by 10 or 20 years.
Calabasas, CA (PRWEB) August 8, 2007
Countrywide Home Loans, Inc. is leveraging its parent company’s status as America’s #1 home loan lender* to spread awareness among homeowners about maximizing their mortgage investment. As part of this effort, Countrywide is offering a range of tools and resources to help borrowers identify the potential gains from refinancing 30-year mortgages and opting for loans with 10-, 15- or 20-year terms.
“Homeowners can give their home equity accumulation a powerful boost by securing a shorter-term loan—which also can mean substantial interest savings down the road,” said Greg Lumsden, senior managing director and president of Countrywide Home Loans’ Full Spectrum Lending Division. “Based on borrowers’ individual priorities and goals, our mortgage experts can help homeowners develop a customized plan for managing their mortgage more effectively, and that may include refinancing to reduce their loan term by 10 or 20 years.”
To help homeowners identify whether it may make sense for them to refinance to a different loan term, Countrywide offers an easy-to-use online calculator that compares several loan term options, such as changing from a 30-year to a 15-year loan.
In obtaining a shorter loan term, homeowners may be able to take advantage of the following benefits:
- Lower interest rate. Many mortgages with a 10- to 20-year repayment term offer lower interest rates than their 30-year counterparts.
- Faster principal reduction. While shorter-term loans generally involve higher monthly payments, they also mean that the principal balance is paid down more quickly for faster equity growth. Some homeowners decide to make extra payments on their 30-year loan to achieve similar results, yet by refinancing to a 15-year loan instead, they typically reap the added benefit of the shorter-term loan’s lower interest rate.
- Savings in interest payments. This is often the most compelling reason to switch to a 10-, 15- or 20-year mortgage: borrowers typically can save thousands of dollars in interest payments over the life of the loan.
- Freed up future income. By paying off their mortgage sooner, homeowners can use future funds that would have otherwise been tied up in a loan payment and apply them toward meeting other goals—such as paying for college tuition.
For more insights into whether or not to refinance to a shorter loan term, homeowners can speak with a Countrywide home loan expert at 1-800-291-1446 or visit Countrywide online.
About Countrywide Home Loans, Inc.:
Countrywide Home Loans, Inc., a member of the Countrywide® family - America's #1 home loan lender – (as ranked for 2006 by Inside Mortgage Finance, Feb. 2, 2007, Copyright 2007), originates, purchases, securitizes, sells and services home loans and is the primary subsidiary of Countrywide Financial Corporation (NYSE: CFC). Countrywide Financial Corporation, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Founded in 1969 and a member of the S&P 500 and Fortune 500, Countrywide Financial Corporation is headquartered in Calabasas, California and its family of companies has a workforce of more than 55,000 in over 900 offices across the country. http://www.countrywide.com
ountrywide Bank, FSB and Countrywide Home Loans, Inc. are Equal Housing Lenders. © 2007 Countrywide Financial Corp. Trade/servicemarks are the property of Countrywide Financial Corporation and/or its subsidiaries. All rights reserved.
Full Spectrum® Lending is a division of Countrywide Home Loans, Inc. Countrywide Home Loans, Inc., 4500 Park Granada, Calabasas, CA 91302: Arizona Mortgage Banker License Number BK8805; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Georgia Reg. #5929; Illinois Residential Mortgage Licensee (# 0139) by the Office of Banks and Real Estate, Mortgage Banking Division, 310 South Michigan Avenue, Suite 2130, Chicago, IL 60604, (312) 793-1409; Massachusetts Mortgage Lender License No. ML 1623; Licensed by the New Hampshire Banking Department; New Jersey (818) 313-6526, Licensed Mortgage Banker, NJ Department of Banking and Insurance; Licensed Mortgage Banker, NYS Banking Department; Registered with the Pennsylvania Banking Department; Rhode Island Lender's License.
Countrywide Bank, FSB, 1199 N. Fairfax St., Suite 500, Alexandria, VA 22314: Minnesota loans will be made by Countrywide Bank, FSB through its home loan financial centers. This is not an offer to enter into an interest rate lock-in agreement under Minnesota law.
Some products may not be available in all states. This is not a commitment to lend. Restrictions apply.