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Mortgage Plus - All In One Mortgage
Washington Mutual´s unveiling of its brand new, all inclusive mortgage has created a bit of a buzz within the mortgage community. The Seattle based company was looking to create and provide mortgage loan options that would give added flexibility to their customers. The early returns on this new type of mortgage are positive and it is thought that many other lenders around the United States will look to follow with their own version. That brings us to the question: what is it?
The name of this new mortgage product is Mortgage Plus. Its basic premise is to provide more options for customers in a market that has long been dominated by rigid guidelines. For many years, lenders have been the ones making the decisions, setting the mortgage rates, and forcing home buyers to adhere by certain rules. Now, there is a new age of home buying and borrowing being ushered in by Washington Mutual. They are looking to provide more options for repayment and seek to eliminate the hassle that was once associated with refinancing mortgage loans.
Mortgage Plus Advantages
One of the most interesting aspects of this new loan is that it gives a first mortgage loan as well as a home equity credit line in one single loan. This makes things much easier on the home buyer as they go through the difficult and confusing process. With this new combo mortgage loan, there is only one set of documents to learn and keep up with. You only have to go through the time consuming application process once. That´s only the start of the options, though. Borrowers have the ability to change their payment arrangements once they have the loan and they can also make a decision between fixed and adjustable rates.
Along with those added options comes a measure of added responsibility. Washington Mutual is the first to provide these choices, but many other lenders are sure to follow. They will be looking to copy a plan that allows consumers to adjust the term of their loan twice within one calendar year. If you find that you´d rather work at a lower rate, then you can readjust your mortgage one time for free. The second reset will come at a low, flat rate of $250. All of these decisions can be made without having to go through the hassle of refinancing.
Find Freedom With The All In One Mortgage Plus
In all, these new combo loans are allowing much more freedom for home buyers. No longer are you confined to the standards of borrowing. With the equity line of credit, you can use that build up equity to invest, pay for college, or tackle any other huge expenses. Simply put, it helps to keep you out of a pickle. This is an important step in the mortgage loans industry as they are now looking to pander more to the consumer than ever before. If you enjoy the convenience of being able to have everything in one place and work with one lender, then perhaps a combo, all-in-one mortgage loan is the right option for you.