Fixed Rate Pick-a-Payment® Mortgage-Option ARM With A Fixed Rate

Here's a unique mortgage solution that lets you enjoy the stability of a fixed interest rate but also offers you the flexibility of choosing among different payment options each month to fit your needs.

Control your budget and your rate.
The Fixed Rate Pick-a-Payment® Mortgage gives you up to four different payment options each month¹—Minimum Payment², Interest Only, Full Principal and Interest³, or 15-Year Payment Option.

Interested in learning more about picking your payment?
Call (866) 489-7491 to speak with a mortgage specialist and find out if Fixed Rate Pick-a-Payment Mortgage is available in your state.

Like an adjustable rate?
To take advantage of this product but with an adjustable rate, follow the link below to learn more.

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

¹ You have up to four payment options during the first 10 years of your loan. At various times during the life of your loan, some payment options will not provide for the full payment of principal, interest, or both, which could result in an increase in your loan balance (negative amortization). This can occur if the payment amount you select is less than the full amount of interest due. If your loan balance exceeds a maximum amount established at loan origination, your payment options will increase to reduce your loan balance. Also, at the end of 10 years, your payment will be recalculated using the loan balance at that time, your fixed interest rate and the remaining 20-year term. There is no maximum amount that your payment can increase, if required. Please contact us for more information.

² When you choose the minimum payment option, deferred interest (negative amortization) will occur and your loan balance could increase up to 125% of the original loan amount, reducing the equity you have in your home. The initial minimum payment is fixed for one year and will increase a maximum of 7.5% each year. When your loan reaches its tenth year, or if the balance reaches 125% of its original amount at any time during the loan term, your minimum payment will increase significantly to the amount needed to pay off your loan within the remaining term. Please contact us for more information.

³ Fully-amortized payment based on a 30-year term.

⁴ Choosing the minimum payment will increase your mortgage balance and the aggregate amount you are required to pay over the mortgage term. You should compare the advantage of using your home's equity for other purposes against the disadvantage of the increase to your mortgage balance.

⁵ For example, on a 3/1 Adjustable Rate Pick-a-Payment Mortgage the payment is fixed for the first three years of the loan, then may adjust annually. The interest rate may adjust every month, subject to the terms of your Loan Program Disclosure and Adjustable Rate Mortgage Agreement. For example, on a $250,000 loan for a 30-year term with an initial rate of 7.15% (7.278% APR), repayment will consist of 12 initial monthly principal and interest payments of $1688.52. Other payments options are available and may result in deferred interest, decreasing the equity you have in your home. The maximum interest rate/payment cap will be established at origination. This example is provided for illustrative purposes only. Please contact us for details.

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

FIXED RATE PICK-A-PAYMENT® MORTGAGE