Homeowners considering a home equity loan now will have the option of a $49 flat-fee loan being offered by Ditech.com, a direct mortgage lender.


Ditech is known for its flat-fee closing cost packages for home purchases. The flat-fee home equity loan allows consumers to borrow up to 100 percent 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,” said Mike McCarthy, general manager, Ditech.com


With the flat-fee product, borrowers can arrive at the closing table knowing the closing cost on their loan in advance. The average closing costs for other Ditech home equity loans is about $444, the company said.


According to Bankrate.com, home equity loan originations climbed 35 percent in 2004 to $431.3 billion. 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.


Founded in 1995, Ditech.com is a direct mortgage lender and a business unit of GMAC Mortgage.


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