MORTGAGE COMPARISON CHART

Chat with a Mortgage Counselor

Features and Benefits Fixed Rate Pick-a-Payment^® Mortgage

Pick-a-Payment^® Adjustable Rate Mortgage

Flex-Fit Mortgage

Fixed Rate Mortgages

Adjustable Rate Mortgages

Jumbo Loans

100% Financing Mortgage

Community Solutions Programs

Government Loans

Community Lending Programs

Construction Mortgages

Lot Loans

Description

Product Benefit Gives you four predicable payment options each month. Allows for flexible payment options with lowest possible monthly payments¹ Low documentation, flexible credit requirements, and larger loan values A stable monthly principal and interest payment if you expect to stay in the home for an extended period. Choose from standard 10, 15, 20, 30, and now 40-year repayment terms. The most home for the lowest possible initial payment if you plan to move in the short term. Choose from standard 1, 3, 5, 7, and now 10-year initial fixed interest periods with 30-year terms. ⁴ For mortgages over $417,000 Offers no down payment if you have excellent credit² Gives those who work in certain community service related professions an affordable way into a home³ Helps first-time home buyers or military personnel Great options for those with modest income and limited savings³ Funding during the home-building process Funding for a home lot that can be used for investment or building

Additional Features

Fixed Rate Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes

Adjustable Rate Yes Yes Yes No Yes Yes No No Yes No Yes No

Use for Purchase Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

Use to Refinance Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

No Down Payment ² No No No No Yes No Yes Yes No Yes No No

Low Down Payment ² No No Yes Yes No No No No Yes Yes No No

Email This Page

Printer Friendly Version

Mortgage loans are originated by Wachovia Mortgage, FSB, and are subject to credit approval, verification and collateral evaluation. Products are not available in all states and are subject to change without notice. A prepayment fee may apply. Certain restrictions apply.

¹Pick-a-Payment is a registered service mark of Wachovia Corporation.

² Down payment requirements vary by product and individual circumstances. Please contact us for details.

³ Homeownership education courses may be required for these programs. Income limitations may apply. Please contact us for details.

⁴ For example, on a 5/1 LIBOR Adjustable Rate Mortgage, the interest rate and payment is fixed for the first five years of the loan. The interest rate and payment may adjust every twelve months thereafter and may not increase or decrease more than 2.0% at each twelve-month adjustment. The interest rate cannot increase more than 5% over the term of the loan. A 5/1 LIBOR ARM for $200,000 with a 30-year term and an initial interest rate of 6.622% APR, repayment will consist of 60 monthly payments of $1183. If the interest rate were to increase by the maximum five percentage points to 11.622% APR, then the monthly payment would increase for $1183 to a maximum of $1999 in the fifth year. Other rates and terms are available. The terms used in this example are for illustrative purposes only and the actual terms you receive may be different depending on your individual circumstances.