Industry News

Ditech launches $49 flat-fee home equity loan

Borrowers know closing costs up front

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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 h...