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Countrywide Home Loans Offers Options for Debt Consolidation: Reduce Monthly Debt Payments with a New Home Equity Loan or

With the holidays behind us and the new year in full swing, now may be the right time to consider reducing monthly personal debt payments by refinancing an existing mortgage to a more favorable interest rate or loan term. Whether the goal is to reduce monthly housing payments or access a home's available equity to pay off higher-interest rate credit cards, homeowners can contact Countrywide at www.countrywide.com to determine if their mortgage still fits their current financial objectives.

"If you're committed to reducing the interest paid on your personal debt this year, you might benefit from considering a cash-out refinance or a new home equity loan," said Dan Hanson, managing director, Countrywide Home Loans. "Many credit card companies and department stores charge an annual percentage rate (APR) well over 18 percent -- the national average for standard variable rate credit cards is over 14%(3). With mortgage rates still low by comparison, you could consolidate your higher-interest rate debt into a new home loan, perhaps at a much lower rate."(2)

Now may be the right time for homeowners to consider which financing option is most appropriate for debt consolidation, refinancing or a home equity line of credit. For some, a cash-out refinance loan, or a Countrywide(R) Combo Loan, can simplify finances by consolidating higher interest rate credit card debt, unsecured loans, higher interest rate second mortgages, or unpaid medical bills into one lower overall monthly payment. For homeowners with lower interest rate first mortgages, a home equity line of credit may be the better choice, providing access to available equity without changing the favorable terms of the homeowner's first mortgage.

Homeowners who refinance may be able to use monthly cash flow savings to pay down their principal balance, which may save them hundreds and possibly even thousands of dollars over the life of their loan. For customers who want to evaluate their own scenario, Countrywide has created an easy two-step process. First, a homeowner can utilize Countrywide's "How Much Can I Borrow From My Equity" online calculator, located at www.countrywide.com/calculators/calculator.aspx?CalcType=Equity. Or, go to 'mortgage calculators' under the Quick Links section on Countrywide's home page to obtain an estimate of their potential monthly savings.

Homeowners next click on the "Early Payoff" calculator to see how they can apply those potential savings towards paying down the principal balance on their mortgage, or they may call 800-641-8261 and speak with a home loan consultant who will help them to run the calculations.

"To meet a variety of customer needs, Countrywide offers a full range of mortgage products including fixed-rate and adjustable, conventional, government and jumbo loans," said Hanson. "Consumers can include the closing costs in the principal balance or roll the costs into the interest rate, reducing out-of-pocket expenses."

Homeowners can take immediate action on their available home equity today by reviewing their available cash out opportunities with a loan consultant. For a no-obligation, free home loan consultation, consumers may call 800-641-8261 or visit www.countrywide.com.

About Countrywide Home Loans, Inc.

(1) Countrywide Home Loans, Inc., a member of the Countrywide(R) 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.

(2) Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when compared to your current situation. Loan consolidation may result in an LTV for which mortgage insurance would be required. Mortgage insurance costs vary by the loan program selected and other factors - ask about the various mortgage insurance options available.

(3) Source: Bankrate.com as posted on January 10, 2007.

Equal Housing Lender. (C) 2007 Countrywide Home Loans, Inc., 4500 Park Granada, Calabasas, CA 91302. Trade/servicemarks are the property of Countrywide Financial Corporation and/or its subsidiaries. Arizona Mortgage Banker License Number BK8805; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Georgia Reg. #5929; Illinois Residential Mortgage Licensee (# 0139) by the Office of Banks and Real Estate, Mortgage Banking Division, 310 South Michigan Avenue, Suite 2130, Chicago, IL 60604, (312) 793-1409; Massachusetts Mortgage Lender License No. ML 1623; this is not an offer to enter into an interest rate lock-in agreement under Minnesota law; in MN, Countrywide Home Loans of Minnesota, Inc. makes all HELOCS of $100,000 or less; Licensed by the New Hampshire Banking Department; New Jersey (818) 313-6526, Licensed Mortgage Banker, NJ Department of Banking and Insurance; Licensed Mortgage Banker, NYS Banking Department; Registered with the Pennsylvania Banking Department; Rhode Island Lender's License. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved.

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