Good time to ask WaMu for a mortgage conversion or adjustment?
I have a 5/1 arm interest only mortgage taken out near Washington Mutual in 2005. The rate is 5 % set to adjust summer of 2010. Considering the rating downgrade and potential turmoil that WaMu is going to be in, do you believe that they'd be motivated to convert my arm to a 30 year fixed? I have stellar credit and verifiable income.
Answers:
The best time to do that would have be early 2005. WaMu branches were competing against themselves for refi's after and it only cost me $170 in closing costs to refi at a lower fixed rate for 20 years, knock 7 years off my 2002 30 yr. mortgage for an extra $30/month.
While interest rates are back down, so are property values, and money is harder to acquire unless you have enough equity. It may be strong to find a fixed rate to match 5%, but if you have no prepayment cost, the more you can pay down your principal, the less you will own to refi.
In normal times, your request would be acted upon quickly by WaMu. They want to hold good customers. Right now WaMu have 2 employees handling 1,100 loans that are in the process of "short sales" or "workouts". You will combine that line of people. WaMu doesn't want to hire a bunch of tentative employees because they will have to fire them contained by 12 months when the financial crisis passes.
Get an application filled out and bring started now..
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Answers:
The best time to do that would have be early 2005. WaMu branches were competing against themselves for refi's after and it only cost me $170 in closing costs to refi at a lower fixed rate for 20 years, knock 7 years off my 2002 30 yr. mortgage for an extra $30/month.
While interest rates are back down, so are property values, and money is harder to acquire unless you have enough equity. It may be strong to find a fixed rate to match 5%, but if you have no prepayment cost, the more you can pay down your principal, the less you will own to refi.
In normal times, your request would be acted upon quickly by WaMu. They want to hold good customers. Right now WaMu have 2 employees handling 1,100 loans that are in the process of "short sales" or "workouts". You will combine that line of people. WaMu doesn't want to hire a bunch of tentative employees because they will have to fire them contained by 12 months when the financial crisis passes.
Get an application filled out and bring started now..
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