Posted by Craig on May 27, 2000 at 14:13:49:
Thanks Dave. The Associates offers something like that with home equity loans, except they automatically reduce the rate after 36 months of on time payments or something. It sounds like a great idea if Countrywide is actually willing to lower the rate when people request it.
Tidbit about Countrywide loan - Posted by Laure
Posted by Laure on May 27, 2000 at 06:49:25:
I just sold a house Thursday, and the buyer used Countrywide. I was shocked, as well as the Attorney, when at the closing, enclosed in the package was a document stating the buyer has the right to request reduction in interest as often as every month !!! I would imagine this is an attempt to keep the mortgage when/if rates drop again, instead of this man going out and shopping a re-finance.
Laure 
Does it sound too good to be true? Well, … - Posted by Drew
Posted by Drew on May 28, 2000 at 20:03:43:
it looked great to me too, at first. In the first paragraph of my “Rate Reduction Option Rider” from Countrywide it say that yes, I can refinance monthly to lower my rate! Sweet deal!
Oh, wait, the second paragraph says that “I must pay the Note Holder 2.5 points.” Hmmm, not as tempting as I first thought. How come they didn’t mention this on the phone? 
-Drew
Isn’t this immoral? - Posted by Glenn-OH
Posted by Glenn-OH on May 27, 2000 at 13:44:31:
Didn’t John T. Reed say that anything we did in creative real estate to keep an existuing loan on a property was immoral. That the loan companies expect us to refinance or sell within seven years and they would be hurt if we didn’t? LOL
Glenn
Re: Tidbit about Countrywide loan - Posted by bwhite-tn
Posted by bwhite-tn on May 27, 2000 at 13:09:49:
Laure
This is standard for all Countrywide mortgages.
Started about a year ago.
I have a Countrywide mortgage and get a flyer in every monthly statement.
Method is called Loyalty Marketing.
We’ve Got’em- Let’s Keep’em
Bobby
Re: Tidbit about Countrywide loan - Posted by Craig
Posted by Craig on May 27, 2000 at 11:42:06:
It may be. From what you’ve said it could also just be some make the buyer feel good document. If it basically just said “the buyer has the right to request reduction in interest as often as every month”, I would say that is true with or without that document. The buyer has the right to request anything they want. The issue is whether what’s requested will be given. Does the document state under what circumstances Countrywide will actually reduce the rate?
It’s called eEasy Rate Reduction Plan - Posted by Dave T
Posted by Dave T on May 27, 2000 at 13:55:14:
From my flyer, the eEasy Rate Reduction Plan(SM) features/benefits state that a borrower can use this program to take advantage of future drops in rates without refinancing. The borrower can use this program to obtain a lower interest rate as often as once a month without the paperwork and re-qualification required to refinance the loan. This option is available on 30 and 15 year fixed rate programs for owner-occupied primary residence, second home, investment property, and 1-4 unit properties. Loan amounts up to $252,700, and rate reduction points may apply.
Hope this answers the question.
Re: It’s called eEasy Rate Reduction Plan - Posted by dew
Posted by dew on May 28, 2000 at 22:13:17:
So of course they’re your friend but not that much of one because they aren’t doing it for FREE if you have to pay points. Do the math and see if you are really saving anything. You may not be in the loan long enough to recoupe the cost in points. Typical lender b.s. more than likely, unless you’re in the loan for the long, long haul. Just my .02.