Washington mutual home loan
Washington Mutual Financial Services is basically a full servicing brokerage company in United States that helps a person in meeting their financial goals by providing various types of products and services, which includes life insurance products, investment products, home and home equity loans etc. Main focus of this company is on middle market consumers, apart from commercial and business customers. It is regarded as a bank for everyday people. Washington Mutual is also known by its short name WA MU. All the retail banking products are provided in an award winning approach. It is located at 1301 Second Avenue, Seattle WA 98101. It can be called over phone for home loans at 888-800-9268.
Let us discuss about home loans provide by Washington Mutual.
Home loans provided by wa mu
Washington Mutual is one of leading home mortgage lenders in United States. An idea about the magnitude of the home loans can be easily had from the fact that in the year 2006 alone, it funded home loans for families and individuals located across the nation worth more than $150 billion. Home loans provided by it are among the most competitively priced. Terms and conditions as well as loan amount and interest pertaining to home loans differ from one state to another. There are many types of programs available under home loans and these are provided by way of multiple lending channels of Washington Mutual. One of home loan products that are quite famous is Wa Mu Mortgage Plus. In this type of loan, a person gets the mortgage home loan that provided excellent value, flexibility and simplicity. This loan product has been designed by combining home equity lines of credit and first mortgage loan. For complementing the various home loan programs, insurance products are also provided by Washington Mutual like homeowners insurance, casualty insurance etc.
Washington Mutual was founded in the year 1889 and has been helping various communities in the nation in terms of housing since then. In the past many years, by way of its affordable home lending programs, it has helped many people in having homes of their own.
Various aspects of home loans
Since there are many types of home loan programs available, a person can easily fulfill his exact home loan needs at Washington Mutual. If anyone wishes to get benefit of low interest rates throughout the loan tenure and intends to remain in the same house for long period, he can go for the fixed rate mortgage loans. Similarly, if a person wishes to get benefit of fixed and variable interest rates, he can go for the adjustable rate mortgage loans. There are some attractive features associated with the home loan provided by Wa Mu. There is no mortgage insurance attached with some of home loans and it helps a person in saving some amount. If home loan is being taken for buying new home, down payments are quite low so these can easily be afforded by the borrower. Even in some cases, a person can get 100% financing. All home loan programs are provided with low documentation, so that no problem is faced by the borrower while completing the formalities. Maximum term allowed for the home loans is 40 years.
So far the interest rates are concerned, these are quite competitive. These differ from one state to another. 30-year fixed rate home loan is provided at an APR of 6.005% and 15-year home loan is provided at an APR of 5.463%. Interest only loans are also available. For a 10/1 interest only home loan, APR is 6.416% whereas 7/1 interest only loan is provided at an APR of 6.302%. 5/1 Interest only loan is provided at an APR of 6.402%. As far as the adjustable rate mortgage loans are concerned, 5/1ARM and 7/1 ARM loans are provided at the rate of 6.895% and 6.234% respectively. APR attached with 10/1 ARM loan is 6.252%. All the interest rates mentioned above are regarding state of California for a home loan of $300000 taken for a period of 30-years.
In case of Wa Mu Mortgage Plus in California borrower can decide about the type of interest rate, i.e. fixed or variable interest rate. The maximum loan term is 30 years and there are 2 monthly payment options available. Prepayment fee is charged if the loan amount is repaid in the first 3 years and maximum amount of loan is restricted to $2 million. Similarly, if a person goes for Interest only mortgage loans, fixed and then variable interest rate is charged. Maximum loan term is 30 years and maximum loan amount is $3 million. Private mortgage insurance may be required in some cases. In case of Wa Mu Multi Pay home loan taken in state of California, fixed and then variable interest rate is applied. Maximum loan amount is $3 million and maximum loan term is 40 years. All the above loans are provided with low documentation option. If a person wishes to go for Fixed Rate Mortgage home loan, loan term allowed is 15, 20, 25 and 30 years. There is no prepayment fee applied and maximum loan amount is $3 million. One monthly payment options is available and private mortgage insurance is required in some cases. In case of Traditional ARM loans, fixed and then variable interest rate is applied. Maximum loan term is 30 year and prepayment fee is applied if a person repays the loan before its schedule. Maximum loan amount provided is $3 million. Option ARM is another home loan type available at Wa Mu. Loan term allowed is 15, 30, and 40 years. There is a prepayment fee and maximum loan amount is $7 million. It is important to note here that with the help of Option ARM loan, a person can choose from up to 4 repayment options every month. Similarly, in case of Interest Only Mortgage Loans, a person can make lower repayments in the initial loan term.
Other Articles
