PERSONAL FINANCE FAQS
General Information
How much will my closing costs be?
What is mortgage insurance (sometimes referred to as PMI or MI)?
Why do I have to have an appraisal rather than using the tax value of my home?
Can I find listings of REO or foreclosed properties on Wachovia.com?
How much will my closing costs be?
Depending on your location, closing costs generally average 3 to 4 percent of your loan amount.
What is mortgage insurance (sometimes referred to as PMI or MI)?
Mortgage Insurance (MI) or Private Mortgage Insurance (PMI) is collected when your loan amount is above 60 to 80 percent of the value of your home (loan-to-value) or based on the type of loan you have. It is insurance to protect the lender if you fail to pay your mortgage payment. It should not be confused with life insurance that pays off your mortgage in case of death.
Why do I have to have an appraisal rather than using the tax value of my home?
Appraisals determine the current fair market value of your home. Tax values obtained from your taxing authority can sometimes be lower and may not reflect the appraised value of the home. An appraisal justifies the loan amount being requested.
Can I find listings of REO or foreclosed properties on Wachovia.com?
No. Wachovia.com does not offer listings of REO or foreclosed property.
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