|Countrywide home loan rates have been inspired by the Bank of America home loan rates. This is because, Bank of America has bought Countrywide financial in 2009 and both the banks provide housing loans to its customers. In fact, after the merger, all the Countrywide home loan customers have been shifted to Bank of America and they operate under the BofA's banner. Countrywide financial corporation used to provide housing loans to its customers since 40 years and after the merger, they have introduced competitive interest rates, so that more and more people are drawn towards this bank.
After the acquisition of Countrywide corporation by Bank of America, the US created the largest lending banks in the private sector. Countrywide home loan rates are provided in fixed as well as adjustable rate of interests. The fixed rate of interest remains the same during the entire loan tenure whereas, the adjustable interest rate can be adjusted according to the financial conditions of the borrower. This can be done after every six months of the loan period. Both these rates are applicable only for single families or two to three units for purchase of a house pricing around $6 million.
Interest Rates of Countrywide Home Loans
The fixed rate of interest is charged at 5% per annum. However, this rate depends on the loan tenure also. The loan tenure ranges from 10 to 40 years. Housing loans are not given for those who choose a repayment of more than 40 years. Also, the borrower must not have a bad credit history. Adjustable rates can be further classified as secured and unsecured loans. Secured loans requires you to keep an asset such as a house or a car in lieu of the home loan availed, whereas unsecured loans does not ask you to keep anything as security. Unsecured home loans are charged at a higher rate. You can call them on their number 1-800-989-3166 for details on Countrywide home loan rates.
In order to find out today's rates, you can log on to their website and enter the following information:
1. Purpose of the loan – Refinancing, Purchasing, Home Equity
2. ZIP code of the property
3. Desired loan amount
4. Click on show rates option
Once you submit the above asked information the interest rate applicable on your home finance will flash on the screen. You can also log on to the link given below to find out Countrywide home loan rates now: http://www.countrywide.com/rates/rates.asp