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Countrywide Provides 5 Home Buying Tips for First Time Buyers

Calabasas, CA (Vocus) October 23, 2007 -- Home buying can be perceived as one of the most complicated transactions a person can make. That is why Countrywide Home Loans offers five home buying secrets that most first-time buyers may not know. These helpful home buying tips may help reduce confusion about mortgage payments and the cost of buying a house.

Countrywide Home Loans understands that home buying can be a difficult and confusing process, from deciding whether homeownership is right for you to finally making the move into your new home. As a result, many people are hesitant to ever start the process, despite their desire to own a home. So, the company also offers personalized, no obligation, home loan consultation. First time buyers can call 1-800-845-0058 or apply online. (http://my.countrywide.com/)

?Consumers are becoming more educated and prepared when making major purchases,? said Dan Hanson, managing director, Countrywide Home Loans. ?However, buying a home is still an area that is confusing and intimidating to most people. Prospective buyers should visit their local Countrywide branch to discuss personalized financing options. Often, the local branch?s home loan consultants are aware of specific programs and real estate professionals who can help first-time home buyers find the best solution for their needs."

Here are five home buying tips and facts that can help you decide whether to buy a house, negotiate your home purchase and determine which mortgage is best for your personal situation:

1. Mortgage payments might be the same or less than rent payments ? The monthly payment on a $250,000, 30-year, fixed rate mortgage at an annual interest rate of six percent (6.273% APR) is $1,499# -- less than what some people pay for rent.

2. Buyers don?t have to put 20 percent down to buy a home ? Some lower down payment loans are available for qualified buyers. For instance, three and five percent down payments are still available, and some lenders offer low down payment options to help qualified buyers purchase a home. This all adds up to less money out-of-pocket to buy a home.

3. Buyers may ask sellers to pay for closing costs ? As part of the negotiating process when buying a home, the buyer may ask the seller to pay for a percentage of the non-recurring closing costs, sometimes saving thousands of dollars for the buyer.

4. Buyers can receive gifts or grants from relatives or nonprofit organizations ? Certain loan programs will allow a portion of the down payment to come from a relative. Buyers can also investigate down payment assistance programs and grants available through various nonprofit organizations and employers, as well as from many federal, state, and local governments. Many of these programs are designed for qualified low-, moderate- and middle-income borrowers.

5. Buyers should always get preapproved before they begin house hunting ? Buyers should get a written preapproval (http://www.countrywide.com/purchase/hb_prequal.asp?) from a reputable mortgage lender before they start shopping for a home. Preapproved buyers will not only know in advance how much home they can afford, but their preapproved status gives them clout with sellers and real estate agents when the time comes to negotiate a sale price. Lastly, preapproval speeds up the loan process after a purchase contract is signed and avoids any last minute heartbreaks after a home is found.

For more home buying information, visit our website at Countrywide.com (http://my.countrywide.com/) or call 1-800-845-0058.

# This example is based on a 30-year fixed rate, $250,000 loan in California with 2 points at 6.273% APR (and a 720 FICO score at 80% LTV for a purchase transaction).

About Countrywide Home Loans, Inc.

Countrywide Home Loans, Inc., a member of the Countrywide® family - America's #1 home loan lender ? (as ranked for 2006 by Inside Mortgage Finance, Feb. 2, 2007, Copyright 2007), originates, purchases, securitizes, sells and services home loans and is the primary subsidiary of Countrywide Financial Corporation (NYSE: CFC). Countrywide Financial Corporation, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Founded in 1969 and a member of the S&P 500 and Fortune 500, Countrywide Financial Corporation is headquartered in Calabasas, California. http://www.countrywide.com

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