Washington Mutual is the United Statess largest savings and loan. Despite its name, it is not a credit union, and ceased being a mutual company in 1983. Washington Mutual Offers wholesale mortgage rates to participating mortgage brokers around the country.
Wahington Mutual Home Loans can be obtained through a Mortgage Broker approved to do business with them. They offer a variety of products to meet the needs of many borrowers.
As markets for mortgages have become more competitive, Washington Mutual has increased their wholesale distribution through via the role of mortgage brokers.
Washington Mutual is often referred to by the Acronym "WaMu"
Washington Mutual offers many different mortgage programs. Aside from the standard fixed rate mortgage they also offer the Pay Option ARM, Interest only and ARM mortgages.
Obtaining a mortgage through a company such as Washington Mutual is very similar to obtaining a mortgage through any large mortgage lender. For a customer to go directly through a large lender, they will most likely receive the lender's retail rates, which are usually a bit higher than the lender's wholesale rates. By utilizing the services of a mortgage broker you will usually be able to obtain the big lender's wholesale rates and receive a very good deal. You have to keep in mind that along with big business comes big advertising costs and marketing dollars which equals higher fees and rates. However, when the big name lenders such as Washington Mutual use the services of mortgage brokers, their marketing efforts can be kept to a minimal and they can pass these savings onto the clients that the mortgage brokers originate the mortgage loans for, thus creating wholesale rates.