When I closed on my Phoenix AZ home in 2002, I indicated that I did NOT want an 'equity LOC' as I did not intend to borrow more. I was told that it is 'standard' to go ahead and set up the LOC 'just in case'.

At closing, I was charged $50. as a 'set up' fee!!(and yes, I DID sign, and it was not mentioned or reviewed at closing).

I completed a Refi today, and learned that there is a $350. charge to 'deactivate' the LOC, even though I never accessed or activated it. I was told that if I 'deactivate' in less than 5 years that the fee is charged (in FINE PRINT, of course).

As a side note, I was grossly OVERCHARGED at the closing for Countrywide, and the overcharges were factored into the loan amount. Then they REFUNDED me nearly $5,000. AFTER closing and AFTER I called to question it.

I was overcharged hundreds of dollars for 'insurance and taxes' by Countrywide. They made interest on the 'escrow', and only refunded each time that I called it to their attention.

What a RIP-OFF!!!

I will never use them again, and I will NOT recommend them to anyone.

Rachael
Phoenix, Arizona
U.S.A.

Click here to read other Rip Off Reports on Countrywide Mortgage