first lien home equity line of credit

Thread View: misc.consumers.house

4 messages

[T] Back to Threads [V] Tree View [G] Group Articles

4 total messages Started by L Mehl Fri, 11 Apr 2003 18:13

#5798

Author: L Mehl
Date: Fri, 11 Apr 2003 18:13

14 lines
1965 bytes

Hello --

Washington Mutual in northern California offers this product, which is
essentially a first mortgage combined with a home equity line of credit.

Rate is based on Wall Street Journal Prime rate with a margin of -.50 to
+1.10.

Do readers have any comments or experience with this type of loan?

I will appreciate any thoughts.

Larry Mehl
mehl@cyvest.com

Re: first lien home equity line of credit

#5799

Author: Jeff Strickland
Date: Fri, 11 Apr 2003 20:34

27 lines
2037 bytes

I think we call that a Combo Loan or a Piggyback Loan. It consists of an 80%
first trust deed and a concurrent 20% second. The structure of the loan
allows the borrower to avoid PMI.




"L Mehl" <mehl@cyvest.com> wrote in message
news:lBDla.19443$ey1.1664174@newsread1.prod.itd.earthlink.net...
> Hello --
>
> Washington Mutual in northern California offers this product, which is
> essentially a first mortgage combined with a home equity line of credit.
>
> Rate is based on Wall Street Journal Prime rate with a margin of -.50 to
> +1.10.
>
> Do readers have any comments or experience with this type of loan?
>
> I will appreciate any thoughts.
>
> Larry Mehl
> mehl@cyvest.com
>
>
>
>

Re: first lien home equity line of credit

#5800

Author: Saunam Bhattacharjee
Date: Sat, 12 Apr 2003 23:14

37 lines
2646 bytes

Hi Mehl,

I am not sure if Andrew was talking about wholesale or retail origination,
but Wamu really got a bad name when it comes to getting files closed in the
wholesale channels. Brokers usually wait for 10 days after submission of a
file (here in Florida) before the file gets to underwriting.

I would shop with World Savings and see if they offer the same product
(under a different name!). Chances are that they do..and their service is
superb (in my experience).

Hope this helps,

Saunam


"L Mehl" <mehl@cyvest.com> wrote in message
news:lBDla.19443$ey1.1664174@newsread1.prod.itd.earthlink.net...
> Hello --
>
> Washington Mutual in northern California offers this product, which is
> essentially a first mortgage combined with a home equity line of credit.
>
> Rate is based on Wall Street Journal Prime rate with a margin of -.50 to
> +1.10.
>
> Do readers have any comments or experience with this type of loan?
>
> I will appreciate any thoughts.
>
> Larry Mehl
> mehl@cyvest.com
>
>
>
>
>

Re: first lien home equity line of credit

#5801

Author: L Mehl
Date: Mon, 14 Apr 2003 22:34

31 lines
2378 bytes

Thanks to all for the input.

I have had no problems with Wamu on my 1st mtge and 2 different home equity
loans, as a retail customer.

There is a World Savings nearby and I will check them out.

Larry


"L Mehl" <mehl@cyvest.com> wrote in message
news:lBDla.19443$ey1.1664174@newsread1.prod.itd.earthlink.net...
> Hello --
>
> Washington Mutual in northern California offers this product, which is
> essentially a first mortgage combined with a home equity line of credit.
>
> Rate is based on Wall Street Journal Prime rate with a margin of -.50 to
> +1.10.
>
> Do readers have any comments or experience with this type of loan?
>
> I will appreciate any thoughts.
>
> Larry Mehl
> mehl@cyvest.com
>
>
>
>
>

Thread Navigation

This is a paginated view of messages in the thread with full content displayed inline.

Messages are displayed in chronological order, with the original post highlighted in green.

Use pagination controls to navigate through all messages in large threads.

Back to All Threads