Seattle-based Washington Mutual, Inc.) has launched a new loan product designed to give borrowers more flexibility when choosing or refinancing their home loans.
The company’s latest WaMu Mortgage Plus™ product gives buyers the luxury of no closing fees, instant access to equity, and the ability to re-set the interest rate on their mortgages twice a year. Customers who want to revamp their loans as market conditions change also can do so without having to re-apply. In addition, WaMu Mortgage Plus™ gives clients the opportunity to choose between fixed and variable rate mortgages, as well as interest-only or fully-amortized payments.

In a press release about the new product, WaMu added, “Borrowers do not need to refinance in order to tap into their home equity to finance home improvements or other costs such as college tuition or to pay off high-interest rate debt. As principal payments are made, the available credit on the equity line is increased for re-use, making WaMu Mortgage Plus one of the most innovative, lowest cost and most flexible mortgage products available.”
Steve Rotella, president and chief operating officer of WaMu, said the loan was created with today’s current mortgage market in mind. “People’s mortgage needs change over time, but what makes the most sense for you now may be different in the future,” said Rotella. “WaMu Mortgage Plus gives you the flexibility and control to make it happen. Change your interest rate. Change your fixed period. Change how much you pay each month. Don’t change your loan.”