Equity Home Loans - I want to refi but Countrywide has a 3 year prepayment penalty on my home loan. What should I do ?

I want to refi but Countrywide has a 3 year prepayment penalty on my home loan. What should I do ?

Even if I refinance with them,I still have to pay the penalty. I dont wantto pay that. Any way I can get out of this quagmire ? I want to refinance because I am at 8 % adjustable and my Priniple and interest payment is 1156.00 Thanks

Public Comments

There is nothing you can do. More than likely Countrywide sold your loan shortley after you closed on it. So you can't even call them for help because they don't own it, even if they are servicing it. You either have to wait your three years or pay the prepayment fee. I used to be a mortgage broker, trust me if there was a way out of it I would been able to close alot more deals.
You may refi through anyone email me ill guide you right through it walk inb the park thanks
You can still refi and add the pre pay pent. into your loan..it might be worth it to refi at such a high int. rate.
then dont refi ..it's going to cost you more than save you money..
There is really no way that you can get out of a pre-payment penalty. The lender that you decide to refi with will more than likely pay that off for you by rolling into your new refi amount.
You are stuck. You will have to include the prepayment amount in your new loan balance. I don't think Countrywide will waive the penalty even if you go back to them. Sounds like you have a "pay-option" mortgage that adjusts monthly and gives you an option of making low, minimum/neg. amortization (growing principal balance) payments. These loans have been pushed heavily in the last couple of years because the low, minimum monthly payment sounds great to customers AND lenders/brokers can make a killing selling them. As with most loans, they are good for a certain group of people, but they really aren't right for alot of people. Whoever gave you the loan probably made more money by giving you a 3 year pre-payment penalty instead of either a 1 yr or no prepayment penalty. I am a mortgage broker. If you would like to discuss this further, please contact me at phl_concord@yahoo.com
The problem with Countrywide and Ditech is precisely that prepayment penalty. So how much longer do you have before the prepayment penalty period is over? It might make sense to wait it out. Or if you go here http://www.savingslife.com/loans/step1.php You can get some refinance quotes from local lenders in your area that can advise you more.
I can help you! I am a mortgage broker and works with over 100 lenders nationwide and offer the best rates and programs available! I would love to go over everything with you and explain the pre-payment penalty and what your options are with you! Please feel free to contact me Jcorreahq@yahoo.com or directly @ (813) 655-9826 Joseph Correa