Wachovia Lot Loans

Lot Loans

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Speak with a Mortgage Specialist now:
(800) 922-6267

You've just found the perfect lot on which you'd like to build your dream home. If you can't build immediately, many banks can't provide appropriate financing. But Wachovia Mortgage specializes in the unique needs of people seeking land-only financing as the first step toward building that dream home.

Benefits

When you are ready to build, Wachovia's Construction Mortgages are designed to simplify financing during the home building process.

* The Wachovia Mortgage, FSB, Lot Loan provides initial payments calculated using either a 15-, 20- or 25-year amortization. For example, a $100,000 Lot Loan with a fixed interest rate of 7.375% (7.547% APR) and a 25-year payment amortization would require 60 monthly principal and interest payments of $730.88. If the loan has not been paid off or refinanced before the end of the repayment period, the remaining balance would become due in a balloon payment. In this example, a balloon payment of $91,592.67 would be paid at the end of the 60-month (5-year) balloon term.

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. Program, rates, terms and conditions are subject to change without notice. Certain restrictions apply.

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