Washington Mutual Mortgage

Washington Mutual Mortgage offers a wide variety of mortgage products, including fixed rate and adjustable rate loans with varying terms. This popular lender also offers first and second mortgages.

Washington Mutual Mortgage Loan Products

This mortgage lender offers a full spectrum of mortgage products. Applicants should thoroughly research and understand each product before making a final decision as to which mortgage loan to apply for.

Fixed Rate Mortgages

Washington Mutual Mortgage has an impressive list of available fixed rate mortgage loans. While some lenders only offer one or two options for this type of loan, this lender has several versions of the fixed rate mortgage to choose from:

• Traditional Fixed Rate Mortgage: This loan has an interest rate that does not change and is amortized over a period of fifteen or thirty years.
• Fixed Rate Interest Only Mortgage: The fixed rate remains constant throughout the thirty year term, but the first ten years of the loan only require interest payments instead of interest and principal.
• Low Down Payment: This fixed rate mortgage is designed for applicants who have a steady and sufficient income but do not have the traditional twenty percent down payment available.
• Low Documentation Mortgage: Although this fixed rate mortgage does not require all the same income and employment verifications as a traditional mortgage loan, the interest rates and fees for this type of loan are usually much higher.
• Forty Year Amortization: This fixed rate mortgage loan is amortized over a forty year period, making the monthly payments less than with a fifteen or thirty year term.

A fixed rate mortgage appeals to borrowers who do not want their interest rates to change throughout the life of the loan.

Adjustable Rate Mortgages

All Washington Mutual adjustable rate mortgages are based on the Libor Index. Washington Mutual Mortgage has a few different options for customers who want an adjustable rate mortgage (ARM):

• Traditional ARM: Amortized over a thirty year period, this mortgage loan has a variable interest rate that changes throughout the life of the loan. ARMs through Washington Mutual are available as:
  • 5/1 Terms, meaning the interest rate is subject to change after the first five years.
  • 7/1 Terms, meaning the interest rate is subject to change after the first seven years.
  • 10/1 Terms , meaning the interest rate is subject to change after the first ten years.
• Interest Only ARM: For a set period of time, the borrower is only responsible for the interest payments on the mortgage loan. After the interest only time period expires, interest and principal payments must be made with an adjustable interest rate.

Loans for Refinancing

Washington Mutual offers loan products for homeowners who want to refinance their mortgage loans or who want to tap into the equity in their homes to access some cash.

• Mortgage Refinance: Borrowers can refinance their homes into a Washington Mutual first mortgage product, such as the fixed rate or adjustable rate mortgage.
• Home Equity Loan: This is a fixed rate loan, amortized over a period of five to thirty years. Payments are applied to both principal and interest.
• WaMu Equity Plus Line of Credit: This loan product is available in fixed rate or adjustable rate options. It is a revolving line of credit based on the equity in the home. There is an annual fee associated with this loan.

Refinancing involves closing costs, but neither the equity loan or equity line of credit from this lender features closing costs.

Apply for a WaMu Mortgage Loan

Washington Mutual Mortgage branches are not located in every state. To find out about locations of nearby branches, check the Washington Mutual website.

Mortgage applications can also be completed online using the secure application system. Potential applicants can contact a mortgage representative by calling (888) 926-8937 for first mortgage products and (888) 800-8738 for questions regarding home equity loans and the WaMu Equity Plus Line of Credit.

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