TEXAS PRIME EQUITY LINE OF CREDIT

A Prime Equity Line of Credit lets you establish a flexible line based on the equity in your home, and is available on both homestead and non-homestead properties. A homestead property is generally considered your primary residence in Texas. A non-homestead property is typically a second/vacation home, or a rental/investment property.

You can draw on the line by simply writing an access check for $4,000 or greater, and you can use the cash whenever you need it, for almost any purpose. This might be appropriate when your borrowing needs vary over time, or if you want to be able to quickly access funds for emergency purposes. The interest expense is typically tax-deductible. (Consult your tax advisor concerning interest deductibility.)

Wachovia's Prime Equity Line offers the following features:

15-year draw period¹
15-year post draw period with an amortized fixed rate¹
$11,000 minimum line balance
Up to $750,000 for loan requests to access equity
Up to $250,000 for loan requests to purchase property²
You may be able to borrow against the available equity in your home, up to 50% of the value of your homestead property³
Convenient access checks
Minimum draw amount of $4,000
Great variable rates with the option to fix your rate and payment on carried balances
Get predictable payments by fixing your rate, term and payment on converted balances⁴

The interest rate for a Prime Equity Line of Credit adjusts monthly, during the draw period, with the prime rate, as published in The Wall Street Journal, Eastern Edition.

The links below can also help you make a more informed decision and show you how the application process works.

Texas Home Equity Comparison Chart
How To Use The Equity In Your Home
Understanding The Application Process

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¹ In Texas, the draw period is 15 years. The outstanding balance at the end of the draw period will be assessed a separate fixed rate margin over prime and will amortize over the 15-year repayment period. The variable Annual Percentage Rate (APR) contained in your Prime Equity Line of Credit Agreement will be based on the Prime Rate as of the date of loan origination, as published in The Wall Street Journal, Eastern Edition, currently 5.25%, as of April 1, 2008, plus or minus a margin. The margin is determined by credit score, line options, line amount, property state location and available equity. The APR will not exceed the lesser of 18% or the maximum permitted by law. Borrower may have to pay closing costs. Average closing costs typically vary by state and range from $150 to $1,123. Adequate homeowner's insurance is required and flood hazard insurance may be required.

² Purchase money Prime Equity Line of Credit only available as a second lien if it is opened with a first lien purchase.

³ Line amounts are based upon collateral value, creditworthiness and state maximum loan to value limitations. In accordance with state law, the maximum loan to value may not exceed 50% of the fair market value of your homestead property and the combined loan to value may not exceed 80% of the fair market value of your homestead property.

⁴ Fixed Rate Option only available in AK, AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, KS, MD, MS, NH, NC, NJ, NV, NY, OK, PA, SC, TN, TX, VT, VA, WI

All loans and lines of credit are subject to credit approval, verification, and collateral evaluation and are originated by Wachovia Mortgage, FSB, Wachovia Bank, National Association, Wachovia Financial Services, Inc., or where applicable Wachovia Bank of Delaware, National Association. Products are not available in all states and are subject to change without notice.

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