PERSONAL FINANCE FAQS

You can apply for fixed-rate, adjustable rate, and specialty mortgages online.

We analyze the information you provided and, in most cases, grant an online pre-approval of your loan.  Full approval depends on: verification of income and assets, an appraisal of the subject property, and additional factors.

The application fee allows you to submit your application up to three times within 24 hours.  Once your application is approved, your home will need an appraisal, which has varying levels of complexity and costs.  Appraisals commonly cost around $300 to $400, but could be more or less depending on your situation.  We collect the appraisal fee prior to ordering the report.  Additional costs associated with closing your loan will be detailed in your Good Faith Estimate, which is sent to you within three days of applying.

Your Wachovia Mortgage representative will mail state and federal regulatory disclosures for your review, contact you to discuss interest rate “lock-in” options, order an appraisal from a licensed appraiser, and request any additional information necessary to process your application.  If you have any questions while your mortgage is being processed, please contact your processing team or your Wachovia Mortgage specialist.

No.  Full approval depends upon verification of your income and assets, an appraisal of the subject property, and additional factors.  Once we receive documentation to support your income, assets, and appraised value, you will receive a full approval.  We’ll also send a follow-up letter.

When you submit an application for underwriting, analysis is done on your loan request.  In the traditional loan process, your application goes through many hands:  the loan officer who helps you find the loan; the processor who orders credit reports, pay stubs, and bank statements; the appraiser; and the underwriter.  The information that you supply via the Wachovia web site circumvents that traditional process so that your loan can receive pre-approval in minutes.

You may change your application figures and submit the application three times within 24 hours for the same application fee.