WaMu Delivers Unprecedented Mortgage Product to Market.The All-in-One WaMu Mortgage Plus(TM) Provides Consumers Unmatched Flexibility, No Closing Fees and No Need to Refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. ! SEATTLE -- A defining moment in the evolution of the home mortgage has occurred, providing consumers unmatched flexibility, value and simplicity. Today, WaMu (NYSE NYSE See: New York Stock Exchange :WM) introduces WaMu Mortgage Plus(TM), a home loan product that combines a first mortgage AND home equity line of credit into a single loan. With an unprecedented bundle of features, including no closing fees, instant access to equity and the ability to reset the interest rate on the mortgage twice a year, the WaMu Mortgage Plus home loan is likely to be the only loan a borrower will ever need. Customers can choose between fixed and variable rates, interest-only or fully amortized payments as their financial needs or market conditions change without ever reapplying. Furthermore, 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 The examples and perspective in this article may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. 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 reuse reuse - Using code developed for one application program in another application. Traditionally achieved using program libraries. Object-oriented programming offers reusability of code via its techniques of inheritance and genericity. , making WaMu Mortgage Plus one of the most innovative, lowest cost and most flexible mortgage products available. (For more information about account features, see chart below.) WaMu expects its innovative product to set a new standard for home loans. "WaMu Mortgage Plus allows you to take advantage of opportunities as they arise with built-in flexibility that you won't outgrow outgrow verb To change the relationship with a condition or structure by dint of ↑ age or size; while children outgrow clothing, and certain behaviors, they rarely outgrow diseases–eg, asthma ," said Steve Rotella, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of WaMu. "We developed WaMu Mortgage Plus with the consumer in mind and expect it to raise the bar for the industry -- just like we did with our WaMu Free Checking(TM)." David Schneider, president of WaMu's Home Loans group, noted that WaMu Mortgage Plus puts the customer in control of their mortgage. Consumers who choose WaMu Mortgage Plus when purchasing a new home or refinancing Refinancing An extension and/or increase in amount of existing debt. an existing one are able to adjust their loan terms after origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real twice within the calendar year as market conditions change. Consumers can move from one fixed rate to another in about 15 minutes over the phone or in person at a Home Loan Center or Retail Banking Store. The first reset is free, additional resets are a flat fee of $250 (up to two per year), and consumers can always move from a fixed rate option back to a variable rate at no cost. And, one combined product means only one set of loan documents and one application process. "WaMu Mortgage Plus demonstrates our longstanding commitment to provide customers convenient products that simplify their lives," added Schneider. "'Simple' isn't a word people associate with the home lending experience, but we're not like other home lenders." To further enhance the customer experience, WaMu will offer WaMu Mortgage Plus online at wamu.com. Rotella affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. that consumers not only are demanding value, but greater flexibility and adaptability in their home loans. "People's mortgage needs change over time, but what makes the most sense for you now may be different in the future. WaMu Mortgage Plus gives you the flexibility and control to make it happen," said Rotella. "Change your interest rate. Change your fixed rate period. Change how much you pay each month. Don't change your loan." History of Innovation WaMu pioneered the first installment mortgage loan in 1890. Since then, the company has been great at coming up with new ideas "New Ideas" is the debut single by Scottish New Wave/Indie Rock act The Dykeenies. It was first released as a Double A-side with "Will It Happen Tonight?" on July 17, 2006. The band also recorded a video for the track. and even better at introducing them in ways to shake up the market and set WaMu apart. Rotella points out that "we created the first shared ATM network in the 1970s; we were the first bank in the country to offer full-service security brokerage and mutual funds through our banking stores in the early 1980s; we were among the first large banks to offer free checking in the 1990s; we developed our breakthrough retail-style branch design in 2000, and with it, the first branch design to be issued a U.S. patent; and recently we were the first U.S.-based bank to do a covered bond Covered bonds are debt securities backed by cashflows from mortgages or public sector loans. They are similar in many ways to asset-backed securities created in securitization but covered bond assets remain on the issuer’s balance sheet. issuance in Europe." About WaMu WaMu, through its subsidiaries, is one of the nation's leading consumer and small business banks. At Mar. 31, 2007, WaMu and its subsidiaries had assets of $319.99 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate more than 2,700 consumer and small business banking stores throughout the nation. WaMu's press releases are available at http://newsroom.wamu.com. WaMu Mortgage Plus Account Features: * No origination fees A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. * No closing fees for credit lines secured by a primary residence. We pay or waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such typical costs and fees relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc opening the account, except for taxes, interest, fees not directly related to the credit transaction, or fees for additional products and services the customer voluntarily elects to obtain. * No annual fee * No cost to move balances from fixed to variable rates * First reset from variable to a fixed rate, or from a fixed to another fixed rate is free; subsequent resets are $250 with limit of two resets per year * No Private Mortgage Insurance (PMI See Private Mortgage Insurance. ) required, ever! * No prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. fee -- Pay down the account to zero at any time without penalty (cancellation fee only if account is closed within the first 36 months; fee credited back to borrowers who purchase and finance a new primary residence using another WaMu Mortgage Plus home loan within 90 days) * Flexible payment options -- Multiple payment options offered, including interest only payments, interest and principal payments, and fully amortizing principal and interest payments over the term selected by the customer * Built-in access to home equity -- Equity becomes available for reuse as principal payments are made, and borrowers have the option to increase the line amount as their home value appreciates without having to apply separately for an equity product * Convenient access to equity -- Borrowers can access their home equity via checks, WaMu Mortgage Plus credit card (except CT and TX) and cash advances at any WaMu store or online at wamu.com * Financing -- Ability to finance up to a maximum of 89.99 percent LTV LTV See: Loan-to-value ratio , with loan amounts as high as $2 million * Rates -- Competitive interest rates offered on variable and fixed rate loan options, making the WaMu Mortgage Plus home loan a viable alternative to traditional home financing Additional Important Information About Our WaMu Mortgage Plus Loan Product This first-lien line of credit product allows you to obtain both variable rate advances and fixed rate loans. The Annual Percentage Rate (APR APR See: Annual Percentage Rate ) for variable rate advances on lines greater than or equal to $250,000 is as low as Prime Rate -0.51%, which is 7.74% as of 04/01/2007. The APR as of the same date for fixed rate loans of at least $250,000 is 6.55% for a five-year interest only fixed rate loan option. APRs quoted are available for our most creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor borrowers who have
combined loan-to-values (CLTVs) of up to 80%, and have loan payments
automatically deducted de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. from a WaMu deposit account. APR may be higher for other loan amounts, CLTVs and credit qualifications. Maximum APR is 18%. Transaction fee of 4% applies to non-credit-card advances of less than $100. A fee of 2% applies to each credit card cash advance, or $2.00, whichever is greater. Card access not available in CT. There is a $250 fee to obtain each fixed rate loan, however a fixed rate loan taken at origination has no fee and the first fixed rate reset is free. For credit lines secured by your primary residence, we pay or waive typical costs and fees relating to opening your account, except for taxes, interest, fees not directly related to the credit transaction, or fees for additional products and services you voluntarily elect to obtain. You will be required to maintain property insurance on your residence at your own expense. A cancellation fee of the greater of $1,000 or 1% of the original credit limit will apply if the account is closed within the first 36 months. This account allows you to make minimum interest-only payments, which will not be sufficient to repay principal outstanding on your line. You will be required to pay the entire outstanding balance in a single payment upon the earlier of account closure or maturity. Other limitations apply. Rates and terms are subject to change without notice. Offer not available in Texas. Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. Bank has loan offices and accepts loan applications in many states. Washington Mutual Bank fsb has loan offices and accepts loan applications in ID, MT and UT. |
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