Ditech.com Launches $49 Flat Fee for Home Equity Loans
01 Februar 2005 - 6:05PM
PR Newswire (US)
Ditech.com Launches $49 Flat Fee for Home Equity Loans - First of
its Kind - COSTA MESA, Calif., Feb. 1 /PRNewswire/ -- Ditech.com, a
direct mortgage lender, today announced the $49 Flat Fee home
equity loan. Ditech.com, a leader of flat fee closing cost packages
for home purchases and refinancing, is the first mortgage lender to
extend the concept to home equity loans with the $49 Flat Fee. The
$49 Flat Fee home equity loan allows consumers to quickly and
easily borrow up to 100% of the equity they have built in their
homes. "The tremendous success of our $395 Flat Fee mortgage
product for refinancing and home purchase has proved that there is
a strong appetite for guaranteed closing cost products. That's why
we've extended the Flat Fee concept to home equity loans with our
$49 Flat Fee, allowing the consumer to have greater certainty at
the closing table while leveraging the equity in their homes that
they have worked so hard to build," said Mike McCarthy, general
manager, ditech.com. "As consumers are increasingly looking to
access the equity in their homes, ditech.com has made the process
simple and affordable, allowing homeowner's to access capital for
any needs they may have." The $49 Flat Fee product allows borrowers
to come to the closing table prepared, knowing the closing cost on
their loan in advance. The average closing costs for other
ditech.com home equity loans is approximately $444.81. According to
Bankrate.com, home equity loan originations climbed 35% in 2004 to
$431.3 billion. Ditech.com's product is designed to meet this
growing demand amongst homeowners for a simpler way to leverage
their home equity. Common uses of home equity include consolidating
debt, funding education, and making home improvements, all at a
lower interest rate than is available with credit cards or other
unsecured debt. The $49 Flat Fee home equity product applies to
home equity loans and owner-occupied single family residential
properties. The $49 charge is assessed to cover the cost of the
title search. The borrower is responsible for mortgage tax,
appraisal fees that exceed $300, new loan interest costs,
outstanding property liens, property taxes, property insurance,
association fees, seller fees if any, optional owner's title
insurance, and certifications. Homeowners interested in taking
advantage of the $49 Flat Fee home equity product can visit
http://www.ditech.com/ or call 1-800-873-7891. About Ditech.com
Founded in 1995, ditech.com is a direct mortgage lender and a
business unit of GMAC Mortgage. The company has grown into a full
service corporation that provides home loans with competitive rates
and the highest level of customer care to consumers nationwide.
Headquartered in Costa Mesa, California, ditech.com is part of the
General Motors family, offering the strength and stability that
comes from one of the world's largest corporations. DATASOURCE:
GMAC Mortgage CONTACT: Greg Jawski of Financial Dynamics,
+1-212-850-5653, Web site: http://media.gm.com/ http://www.gm.com/
http://www.ditech.com/
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