I have received this press release twice in the past week and for those readers who are in the market to buy, this may be an opportunity to save a few bucks. Newsday reports on this interesting new mortgage product:
Washington Mutual Inc. has begun offering a new mortgage and home equity line of credit bundled into a single loan that allows customers to reset interest rates or switch between fixed and adjustable rates up to twice a year without having to refinance.
Albeit "interesting," please carefully review any mortgage that you are considering and consult an attorney if you don’t understand the product. Now here’s the press release and WaMu event/offer:
50 New Yorkers in the Home-Buying, Re-Financing or Home Equity Loan Mood will Receive $2,500 for Their First Mortgage Payment
Friday, April 27, 11:00am, 235 West 56th Street – WaMu’s “Hell’s Kitchen” store
Washington Mutual, better known as “WaMu” is giving away $2,500 – essentially a first month’s mortgage payment – to the first 50 customers of new mortgage product who visit the WaMu store at 235 West 56th Street in New York on Friday, April 27.
Using “faux fire” theatrics, the bank will “set fire” to the recipients’ first month mortgage statement and provide them with their first monthly payment (valued at $2,500). The event is free and open to the public.
Mike Zarro, Senior Vice President, Home Loans
New mortgage customers
Friday, April 27th
11:00 a.m. – arrival
11:30 a.m – mortgage “burning”/mortgage payment giveaway
Washington Mutual – 11 a.m. – 2 p.m.
235 West 56th Street (corner of 56th St. and 8th Ave)
New York City
WaMu is “lighting a fire” under the mortgage industry by bringing an exciting new, flexible mortgage product to market. Details of what and how this new product works will be available on Thursday, April 26.
NOTES: “Mortgage burning” parties were celebrated over the years as a homeowner made their last payment…experts recommend you NEVER burn your paperwork even after payoff – if you feel the need for a dramatic moment, burn a COPY!
By the way, Washington Mutual will lend to anyone with a pulse!