Switch Between Fixed and Variable Rate Mortgage with no Closing Costs
WaMu has come up with a new kind of mortgage product called Mortgage Plus, that allows you to Switch Between Fixed and Variable Rate Mortgage with no Closing Costs. Below is the article explaining this new product.
A new product from Washington Mutual lets borrowers shift from fixed to variable and back again on a dime.By Les Christie, CNNMoney.com staff writerNEW YORK (CNNMoney.com) — There’s a new kind of mortgage in town - and it’s very limber.
Usually, when borrowers want to restructure their mortgages - go from a fixed-rate to a variable rate, for example - they have to refinance, an onerous, expensive process. There are new closing costs, legal fees and title search and insurance fees that could add thousands of dollars to the mortgage principals.
But the new product from Washington Mutual (Charts, Fortune 500) (WaMu), called Mortgage Plus, gives customers the ability to switch the type of loan […]
Original post by Everything Finance