With encouragement from the Obama Administration, financial institutions like WaMu have become easier to deal with.  There are still some requirements to qualify, but it is a lot easier than before. One of the requirements is that the house needing a modification to the loan must be the home owner’s principal residence. This excludes all property that was purchased as investments. The loan amount can also not exceed $729.750. The loan must also be a first mortgage that has never been modified or changed.

The best part of a loan modification is that a credit check or reference to the borrower’s credit score does not come into play with this modification. What is required are the documents that show your income, expenses, taxes, and any other financial responsibility that you want them to take into consideration, including your savings account.

Most WaMu loan modifications aim to make your payment about 31% of your monthly income. This should leave enough for you and your family to live on. Some people can contact WaMu directly and negotiate their modification. This is a very complicated procedure. Most credit counselors advise hiring a middle man that is experienced in this type of matter to handle the negotiations for you. This is best since the bank will do what they can to keep your payment as high as possible. They are professionals that are only in business to get money from you. Remember this is how they make a living.

Being involved in the WaMu Loan Modification Program is a very complicated deal. Get help from an expert unless you are a financial expert.

In many areas, Washington Mutual (WaMu) is now Chase Bank. Rates for mortgages vary by area as well, so what you see here might not be the same as what’s available locally. These are a guideline. For these rates, we’re assuming a $150,000 loan with excellent credit (700 FICO or better) and up to 15% down plus the cash on hand to pay any fees associated. Rates will be expressed by mortgage type, annual percentage rate (APR), and any closing costs will be expressed in points (percentage of loan).

For a 30-year fixed mortgage, WaMu mortgage rates are 6.00% or 5.811% with 1.25 or 2.0 points given. More points means higher fees, of course, but a lower APR.

For a 15-year fixed, Washington Mutual mortgage rates are 5.33% APR and 5.212% APR with 1.25 or 2.125 points given, respectively.

For adjustable rate mortgages (ARM) loans, WaMu mortgage rates are available in a 5/1 ARM at 4.366% with 1.25 points or 4.304% APR with 2.25 points. A shorter 1 year ARM is also available at 4.218% APR with only 1 point.

These accounts are not FHA loans, but may qualify in some areas. Your situation will vary and talk to your financial advisor before making a decision on your new home purchase. WaMu mortgage rates will change periodically, so if you are interested in today’s rate, pre-qualify and lock in your rate. WaMu does this for up to 60 days in most areas.

Washington Mutual mortgage offers come in 30 and 15 year fixed rates as well as 7/1, 5/1, and 1/1 adjustable rate mortgages (ARM).  Assuming you have 20% down and good credit, we looked at what is available right now for single family homes as primary residences.

For a 30-year fixed, you will have two choices depending on the number of points you wish to accept and the annual percentage rate (APR) you’d prefer.  For 1.125 points, you can get a 5.912% APR and for 2.250 points, you can get a 5.381% APR.

For a 15-year fixed, you also have two similar choices.  These Washington Mutual mortgage offers have 1.0 points for 6.089% APR or 2.125 points for 5.380% APR.  Good offers from Washington Mutual Online banking mortgage office.

Adjustable rates for a 7/1 are at 1 or 2 points with a 5.205% or 4.841% APR respectively.  A 5/1 ARM from Washington Mutual Online comes in a 1.0 or a 2.125 point offering with 4.628% APR and 4.442% APR respectively.  The 1 year ARM is at 4.239% APR.

These are some strong Washington Mutual mortgage offers worth considering if you’re in the market for a home loan.

For this comparison, we’ll assume an average credit history, 10% down payment, and will look at both fixed and adjustable rate mortgages (ARM).  Of course, your actual Washington Mutual mortgage rates will vary from these, depending on credit history and circumstances, but these will give you a good idea of what’s realistically avaialble in WaMu mortgage rates.

For a 15-year fixed rate, these circumstances would give an annual percentage rate (APR) of 4.857%.  A slightly higher rate on a 20-year fixed of 5.207% APR is also available.  The more traditional 30-year fixed Washington Mutual Mortgage rates would be at 4.601% APR for this loan type.

For ARM loans, a 5/1 would be at a 4.64% APR for the fixed term while a 3/1 would be at 4.575% APR for the fixed term.  While adjustable mortgages have gotten a bad name with the current economic problems, they can be the right choice for some people.  So don’t count them out.

Overall, the Chase / Washington Mutual Online banking offers for WaMu mortgage rates are definitely competitive.  Rates will change, of course, with the market and the Fed’s interest, and what you qualify for will depend on your individual circumstances.

A negative amortining mortgage is a mortgage where a borrowers minimum payment does not even pay the entire interest on the mortgage.  Since the interest is not even being paid off, the amount of the mortgage actually goes up over time.

Washington Mutual Mortgage Co. has created many varieties of home loans and other washington mutual mortgages with various washington mutual mortgage rates, but in its creativity it has found itself in trouble as the housing market has declined.  I think that this is a good decision by Washington Mutual.  These Washington Mutual mortgages make it too easy for borrowers to take out bigger loans than they can afford.

The Multipay mortgage is an adjustable rate mortgage that gives you an initial fixed interest rate with the added bonus of being able to make flexible payments.  The initial fixed interest rate for these WaMu mortgages lasts for five years.  After this initial five year period the mortgage has an adjustable rate based on the LIBOR index.

The really unique part about these Washington Mutual mortgages is that for the first ten years there are four different payment options that you can choose.  The first option actually allows you to pay even less than the accumulated interest.  The second option is to make it an interest only mortgage.  The third payment option on the Multipay home loan is to pay both the interest and full principal.  The fourth payment option is to make the loan a 15 year loan.

The WaMu Multipay mortgage is designed to help new home owners with the first few years of home ownership.  The first years of being a home owner are often the hardest.  Home buyers know that their salaries will increase as they get their annual raises which will make their mortgage payment easier to pay a few years down the road.  However, for the time being their cash flow might be low.  These Washington Mutal mortgages can help these first time home buyers.

The WaMu Multipay home loan is a little risky due to the fact that you can choose not to pay down the principal and after five years the interest rates can go up.  While this can be good for a new home owner, you really need to make sure that you will be able to afford the home loan when these Washington Mutual mortgages become adjustable rate mortgages.  If you use Washington Mutual online banking for all of your banking needs, you might want to consider this mortgage too, but be careful.

Types of Washington Mutual Mortages:

Fixed Rate Washington Mutual mortgages – The first type of mortgage that WaMu offers is their standard fixed rate mortgage.  Fixed rate mortgages are very good choices for any home owners because the mortgage payment stays the same for the life of the loan.  For someone who is concerned about rising interest rates, a fixed rate mortgage is great because you never have to worry about your mortgage payments going up.  Washington Mutual offers 15 year and 30 year fixed rate mortgages.  Washington Mutual mortgage rates change daily so head on over to the WaMu.com website to find out today’s rates.

Washington Mutual Fixed Rate Interest Only Mortgage – Washington Mutual Mortgage Co offers a very unique fixed rate interest only mortgage.  With this Wamu mortgage, home owners can choose to pay only the interest on their home loan for the first ten years of this mortgage.  At the same time, home owners can enjoy stable interest rates and mortgage payments with this fixed rate interest only mortgage.  Washington Mutual Mortgage Co offers this mortgage with a 30 year term or a 40 year term.

Washington Mutual Traditional Adjustable Rate Mortgage – Washington Mutual Mortgages also offers a traditional ARM.  Adjustable rate mortgages allow home buyers to get lower interest rates when they first purchase their home in exchange for possible higher interest rates after the initial fixed mortgage rate period.  WaMu mortgages allows home buyers to lock in low interest rates for the first 10 years of their mortgage.  After the initial 10 year fixed interest rate period passes, the interest rate can fluctuate based upon the market rates existing at that time.  For someone who does not plan to live in their house for more than ten years, this can be a great option for locking in lower Washington Mutual mortgage rates.

These of just a few of the offered Washington Mutual mortgages.  Savings Accounts 411 will cover other WaMu mortgages in future articles.  We hope that this gave you a good overview of WaMu’s mortgage products.  Again, you should check out the Washington Mutual website to find the current Washington Mutual mortgage rates being offered.