Ditech.com home loans launches $49 flat fee for home equity loans

ditech.com, a direct mortgage lender, on Feb 1, 2005 announced a $49 Flat Fee home equity loan. ditech.com, a provider of flat fee closing cost packages for home purchases and refinancing, claims to be the first mortgage lender to extend the concept to home equity loans with the $49 Flat Fee.

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.

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 www.ditech.com or call 1-800-873-7891. 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.