Many of us would have had a mortgage availed from Washington Mutual Mortgage which was headquartered at Seattle, WA. Due to the recent recession, we have realized that even banking giants like Washington Mutual can collapse. When Washington Mutual went bankrupt, I am sure many of you, just like my friend Susan, would have gone into a tizzy wondering as to what would happen to your mortgage. What would happen to your financial association with the company? Susan was surelyleft wondering if her mortgage with Washington Mutual would be collected immediately by JP Morgan Chase Bank that had acquired Washington Mutual. It however seems that my fears were unfounded. Even though the complete operations have been taken over by JP Morgan Chase Bank, it was an immense relief for my friend, Susan to realize that her mortgage payments would remain the same as she had done with Washington Mutual Mortgage. She still made out checks in favor of Washington Mutual Bank and there was absolutely no change made regarding her mortgage plan and she was also given the same, if not better, customer service.

When she first approached Washington Mutual Mortgage for a mortgage, she was given the various options of mortgage namely the fixed rate mortgage and adjustable rate mortgage. Unlike most banks, she had a wide range of fixed rate and adjustable rate mortgages to choose from. Among the fixed rate mortgages (FRM), the products offered were traditional fixed rate mortgage, fixed rate interest only mortgage, low down payment mortgage, low documentation mortgage and forty year amortization mortgage. The ARMs that one could choose between were traditional adjustable rate mortgages and interest only adjustable rate mortgage.

The Washington Mutual refinancing option was also available which enable home owners to refinance their homes easily to cater to their home improvement and other needs. The refinancing options available were mortgage refinance – where borrowers could refinance their homes such as FRMs or ARMs into a first mortgage with Washington Mutual. The other two refinance options were home equity loan and WaMu equity plus line of credit. The home equity loan was a fixed rate loan where payments were adjusted towards both the interest and the principal and the tenure for the loan would have been five to thirty years. The WaMu equity plus line of credit was a revolving equity line of credit and was either a FRM or ARM depending on the choice made and an annual fee was charged. The advantage with the equity loan or line of credit was that there were no closing costs but the same was charged with mortgage refinance.

The Washington Mutual mortgage rates were affordable to people and the numerable fixed rate mortgages offered a wide choice based on one’s preferences and finances. The fixed rate interest only mortgage would be a 30 year tenure loan where the payments for the first ten years might be adjusted only towards the interest and no payment would be adjusted towards the principal. The low down payment mortgage might have been beneficial to those who had steady incomes but couldn’t make 20 percent down payments. The low documentation mortgage might be useful if one may not have had sufficient documents for employment and income verifications and the rate of interest would be higher. Lastly, the forty year amortization mortgage would have tenure of repayment of forty years and the monthly payments might be lesser than they might be with a fifteen or a thirty year loan.

Susan was glad that she was able to consider options before making any decision and she was guided by reliable providers who helped her consider solutions available considering her situation and circumstances.

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