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Countrywide Home Loans Says Now May Be the Time to Buy a Home for Those Who are 'On the Fence'

Calabasas, CA (Vocus) February 26, 2007 -- Countrywide Home Loans encourages Americans who have been waiting to buy a home to get off the fence. The National Association of Realtors® reported last week that home prices are very likely to rise as spring approaches. According to Countrywide, now may be a good time for many prospective homebuyers to take advantage of home financing rates near historical lows, as well as the attractive home prices in many areas of the country.

"Many people have been waiting for the market to change before they think seriously about looking for a new home," said Dan Hanson, managing director of Countrywide Home Loans. "The time to get off the fence is now. With interest rates near historic lows, we encourage consumers to get in the game -- particularly first-time homebuyers who might have thought they missed their opportunity. And, local real estate professionals are eager to help people find the right home."

Recently, the National Association of Realtors® reported an expected improvement in both the number of homes that will be sold and housing price appreciation during the last half of 2007, further supporting the idea that now may be a good time to buy a home.

"Historically, the spring and summer are the busiest seasons for home buying. The inventory of new homes is usually at its peak, and many families want to be in a new home before school starts in the fall," Countrywide's Hanson says. "As families contemplate the upcoming home-buying season, we know there is no magical formula to sweep away all concerns about the home-buying process, but some apprehensions about home loans and financing can easily be removed by learning more about mortgages."

Countrywide offers some tips to buyers considering a home purchase:

1. Seek to be Savvy. It is critical that homebuyers understand the details of this significant transaction and are ready to take on the responsibility. Homebuyers should learn about financing options relative to their unique situation and honestly assess their ability to manage finances. The first place to start is meeting with a reputable mortgage consultant to get pre-qualified for a home loan.

2. Evaluate Earnings. Beyond determining current income, it's important for homebuyers to realistically evaluate future earning potential. If an anticipated increase in pay can accommodate possible higher monthly mortgage payments, then adjustable rate mortgages (ARMs) or fixed-period ARMs with lower initial interest rates may make sense.

3. Factor in Fluctuations. Income fluctuations from commission-based jobs or self-employment should be taken into account, as well as supplemental income (e.g., alimony, quarterly dividends, etc.). Home buyers who choose adjustable rate mortgages should educate themselves thoroughly about the desired loan program and plan carefully their ability to make monthly payments if interest rates were to rise or they choose to make interest-only or negative amortizing payments.

4. Estimate Equity. Homebuyers can factor in how quickly they hope to build equity in their new home. Typically, loan balances decrease fastest with 15-year fixed-rate mortgages. In addition, conditions such as the rate of appreciation or depreciation in home values in homebuyers' local market should be factored in the analysis.

For additional information, contact Countrywide Home Loans at 800-570-9888 or go to http://www.countrywide.com. Home financing experts are available to help answer questions about the home-buying process.

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 and its family of companies has a workforce of more than 50,000 in over 900 offices across the country.

Media Contact:   
Cari Kerns
800-796-8448

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