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Different Loans offered by the Washington Mutual Mortgage Company
from: Mortage & Debt FactsThe Washington Mutual Mortgage Company is another arm of Washington Mutual, which is known to be the friendly bank. Washington Mutual, or WaMu for short, has always pioneered changes in the banking industry. They have introduced several innovations that they have incorporated to the otherwise boring world of banking.
Even in the types of loans offered by the Washington Mutual Mortgage Company, this innovative attribute is observed as they offer a variety of loans that fit the different needs of their customers.
WaMu Mortgage Plus
This loan allows you to reset your interest rates twice a year. This in itself is a phenomenon since you rarely see a bank that would protect its customers from the fluctuating interest rates within the year. Though this appears to be a traditional mortgage, the Washington Mutual Mortgage Company also incorporates a home equity line of credit to this type of loan. You can avail of this type of loan when you have a good credit standing and you prefer flexibility with your interest rates.
Option ARM (Adjustable Rate Mortgage)
Another of WaMu’s amazing loan product gives you up to four options of making your monthly payment. The options include paying the minimum, interest-only, full principal and interest, and accelerated principal and interest. This loan gives you a different type of flexibility that would lessen your payment worries especially if you do not have the same income each month.
Traditional ARM
This type of loan starts by having a fixed rate interest for a specified period of time and then it is adjusted according to the index followed by the Washington Mutual Mortgage Company. This is the perfect loan for you if you crave stability and low interest rates.
Interest Only
This loan offers good cash flow for you since you pay interest only for a specified period of time, after which, you will be required to pay the full amortization amount.
Fixed Rate
As the name implies, this loan has fixed interest rates per month. It is very appropriate for you if you want predictability in your amortizations.
Fixed Rate Interest Only
The only difference from fixed rate loans is that you pay interest only for a specified period of time then the regular amortization comes into the picture.
Other Loans
The Washington Mutual Mortgage Company also offers other loans such as loans for vacation homes and commercial properties.
These are the types of loans that the Washington Mutual Mortgage Company is offering. Before applying for any of these loans make sure you are aware of your credit rating as WaMu usually base the approval of loans on your credit history.
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