There are several Washington Mutual HELOC loans available. Use this article to learn about WaMu HELOC options and terms.

Washington Mutual HELOC Basics

Lender Type : major bank

Website : www.wamu.com/personal/loans/home_equity

Phone Number: 877-551-2740

Washington Mutual HELOC Programs

The general WaMu HELOC offers a draw period of 10, 20, or 30 years. WaMu offers a variety of HELOC withdrawal options including checks, specialized credit cards, and cash advances. The repayment period is dependent upon the draw period selected. One of the best WaMu HELOC features is the option to switch interest payments between fixed and variable rates. Borrowers can also opt for interest-only payments during the draw period. The max WaMu HELOC line is $500,000.

New WaMu mortgage customers can take out a Washington Mutual Mortgage Plus Loan, combining both a primary mortgage and a HELOC account. Borrowers can withdraw from their ever-increasing HELOC line as their equity builds. Additionally, borrowers have the option of resetting their mortgage rate up to twice a year. It’s a relatively easy way to take advantage of lower rates without refinancing. The first rate reset is free as are changes from fixed to variable rates. Other rate changes are $250 a pop.

In addition to its HELOC programs, the lender also offers a WaMu home equity loan. Borrowers can be given a maximum of $500,000 in one lump sum. WaMu home equity loans come with a fixed interest rate and a repayment period between 5 and 30 years.

Washington Mutual HELOC Requirements

Like most lenders, WaMu wants borrowers who have stable employment, a good credit score, a low debt-to-income ratio, and a significant amount of equity in their property. See: How to Qualify for a HELOC.

Washington Mutual HELOC Freeze Information

In early 2008, WaMu notified some borrowers that they can no longer withdraw from their existing HELOC lines. This was in response to declining home values and not a result of borrower delinquency. New borrowers living in areas with declining home values may find it very difficult to take out a WaMu HELOC unless they have established significant equity. WaMu is still advertising for new HELOC customers.

See Also:

How to Negotiate HELOC Terms

Tags | Heloc, home equity loan, lenders, loans, Washington Mutual