Mortgage, refinance, Countrywide loan, VA: Need simple answers ...

Question by harrygams: Mortgage, refinance, Countrywide loan, VA: Need simple answers?
Where is a site that is simplified in answers regarding mortgages, loan companies, interest & everything else.
Every time Hubby gets a letter offering to refinance us
& lower our monthly payments,
& skip a mortgage payment, plus return our escrow
I smell a fish & Hubby sees a great! opportunity to save a few bucks so,?
Where is a site, with simple explanations, that can answer any questions about mortgages.

(For example: Just how well is Countrywide doing? Do we want to get away from them? Are they about to sell our note to a Mexican bank & we?ll start having to pay in Pesos?)

So do you know of a site that can answer mortgage questions in an easy to understand way?
Thank you,
Harry Gams

Best answer:

Answer by AB
Usually those letters that you receive about refinancing only qualify for people with certain qualifications. They are sent out in mass to everyone who has a loan so it doesn?t mean that everyone will be able to qualify for them. If you have a fixed rate mortgage, I wouldn?t worry about refinancing now.

I would not worry about Countrywide going out of business (I have a mortgage with them too). Most likely your loan has already been sold to someone else and you are just paying countrywide who pays the other party. If your mortgage is taken over by someone else, they will need to notify you.

What do you think? Answer below!

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Source: http://best-refinancing.info/2011/05/mortgage-refinance-countrywide-loan-va-need-simple-answers/

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