Washington Mutual Enhances Home Equity Line of Credit Product to Provide Greater Payment Flexibility; Allows Consumers to Make Interest Only Payments on a Fixed-Rate Loan Option.
SEATTLE Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. -- In a move to provide greater payment flexibility to consumers, 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. (NYSE NYSE
See: New York Stock Exchange :WM) is introducing a new enhancement to its WaMu Equity Plus(TM) account. The new feature gives customers with a home equity line of credit the option to pay interest only on the fixed rate portion, rather than the usual minimum payment of principal and interest.
"This new feature gives consumers greater control in managing their monthly payments and cash flow, allowing them to adapt to various life and financial needs," said Jennifer Jennifer became a common first name for females in English-speaking countries during the 20th century. The name Jennifer is a Cornish variant of Guinevere, deriving ultimately from Proto-Celtic *windo-seibaro- "white ghost", via Brythonic *wino-hibirā (cf. Myhre, Washington Mutual senior vice president of consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. . "The WaMu Equity Plus(TM) account and this new enhancement combine the flexibility of a line of credit with the stability of a fixed-rate loan Fixed-rate loan
A loan whose rate is fixed for the life of the loan. . To our knowledge it is the most flexible product like it available on the market, and we are making it available to both new customers and existing customers who already have a WaMu Equity Plus(TM) account with us."
The new feature allows customers to choose a three-, five-, seven- or 10-year fixed term with a fixed interest rate and make interest only monthly payments. At maturity of the fixed period, the balance automatically converts to the variable line with a minimum payment of interest only. Customers can then leave the balance on the variable line or convert to another fixed-rate loan option at current rates.
New enhancement makes a great product even better
"Ultimately, our WaMu Equity Plus(TM) account along with this new feature gives customers more payment options than ever before, which is especially useful in today's changing interest rate environment," added Myhre. Furthermore, borrowers can finance up to 89.9 percent of the value of their home with a maximum loan amount of $750,000.
Borrowers may exercise up to two fixed-rate loan options on their WaMu Equity Plus(TM) account within the calendar year, with up to five outstanding -- although customers can only have one interest only option at any given time. A combined monthly statement summarizes the credit line and any fixed-rate loan options. Furthermore, the process is streamlined and borrowers do not need to reapply Re`ap`ply´
v. t. & i. 1. To apply again.
reapply vi → volver a presentarse, hacer or presentar una nueva solicitud
in order to tap into their home equity. Likewise, the fee to set up a fixed-rate option is only $50, although the first one is free and there is no fee if a borrower is moving a fixed rate loan amount back to the variable line of credit.
About Washington Mutual
Washington Mutual is one of the nation's leading consumer and small business banks. At March 31, 2006, Washington Mutual and its subsidiaries had assets of $348.67 billion. The company was established in 1889 and currently operates more than 2,600 consumer and small business banking stores throughout the nation. Washington Washington, town, England
Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. Mutual's press releases are available at www.wamunewsroom.com.