If you’re thinking about applying for a second mortgage, there’s probably no better lender than Washington Mutual. They offer various refinance mortgage options as well as excellent customer service and support to make your financial obligations less burdensome.
Types of Washington Mutual Refinance Mortgage
There are basically two types of refinance mortgage offered by Washington Mutual: fixed and adjustable rate mortgages. Other preferences you may have can easily be negotiated for either type.
Fixed Rate Mortgage
This type of refinance mortgage is best if you wish for a simple payment structure; you won’t have to compute for next month’s loan payment because the value will remain the same up to the final payment deadline for your loan. Fixed rate mortgages usually last from fifteen to thirty years, but Washington Mutual also offers a forty-year amortization period for those interested.
Adjustable Rate Mortgages
These are generally short-term in nature, lasting only from one to five years. Their interest rates fluctuate according to various factors but rest assured that Washington Mutual is always ready to consult with you for any adjustment or conversion you wish to make. Different types of adjustable rate mortgages are available and some may even allow you to make interest-only payments for a specified time period, consequently leaving you free to settle more pressing obligations you have.
If you’re interested in a long-term ARM, Washington has that, too. A 10/1 ARM, for instance, will only have the interest rate adjust after the first ten years of the loan.