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WaMu Drops Fee for HELOC.
Washington Mutual has dropped the annual fee for its Personal Equity Manager product and has lengthened the fixed-rate option up to a 30-year term, making it one of the most flexible home-equity and mortgage products currently available.
The Personal Equity Manager product allows borrowers to manage this asset with the interest rate and payment options that best work for them, said Kenneth Kido, president of retail bank products and operations at Washington Mutual.
The product is a two-in-one loan that can stand alone as a flexible line of credit or also allow customers to purchase or refinance a home with the ability to tap into their home equity at a later date
"Overall, the product gives customers more control in managing their monthly payments and cash flow, particularly since borrowers can choose between fixed and variable rates as their financial needs or interest rates change," said Mr. Kido.
Additionally, borrowers using the Personal Equity Manager product as a first-lien mortgage when purchasing a new home or refinancing an existing one can now choose a fixed-rate loan option up to a 30-year term rather than the former 20-year term limit. The longer term makes the Personal Equity Manager product an alternative to a traditional mortgage loan.
Customers also have more flexibility in setting the terms of their fixed-rate loans and can choose terms in one-year increments. For example, a borrower may choose to finance a new home with a 30-year term at either a variable or ...
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Source: HighBeam Research, WaMu Drops Fee for HELOC.