In addition to the special products below which were offered before Wachovia merged with First Union Bank and which may not still be available, Wachovia currently (Oct. 2002) is offering the following loan rates:
Please note that rates are subject to change on a daily basis. Typical closing cost for refinancings are about $3,000.00 if the borrower pays the 1% origination fee. As shown above the origination fee can be waived for about .25 - .50 difference in rate. All rates are for conforming loan amounts (non jumbo-$300,700 or less). Quoted rates are good for 60 days. Most refinances are taking about 40-45 days from application to closing.30 year fixed: 5.875 with a 1% origination fee
6.125 with a -0- origination fee20 year fixed: 5.625 with a 1%origination fee
5.875 with a -0- origination fee15 year fixed: 5.250 with a 1%origination fee
5.500 with a -0- origination fee7 year ARM: 4.875 with a 1% origination fee (rate would be fixed for 7 years)
5.250 with a -0- origination fee5 year ARM: 4.375 with a 1% origination fee (rate would be fixed for 5 years)
4.875 with a -0- origination fee
| Loan Type | CAR1 | CA31 | CA51 | CA71 |
|---|---|---|---|---|
| Description | One year ARM | Three to one year ARM | Five to one year ARM | Seven to one year ARM |
| Maximum Loan to Value | 95% | 95% | 95% | 95% |
| First Adjustment | 12 months | 36 months | 60 months | 72 months |
| Subsequent Adjustments | Annual | Annual | Annual | Annual |
| Caps at First Adjustment | 2% | 2% | 2% | 6% up, 2% down |
| Caps at Subsequent Adjustments | 2% | 2% | 2% | 2% |
| Lifetime Cap | 6% over note rate | 6% over note rate | 6% over note rate | 6% over note rate |
| Index | 1 year Constant Maturing Treasury (CMT) | 1 year Constant Maturing Treasury (CMT) | 1 year Constant Maturing Treasury (CMT) | 1 year Constant Maturing Treasury (CMT) |
| Rate Adjustment | TBD | TBD | TBD | TBD |
| Mortgage Insurance | Not Required up to 90% LTV, provided applicant meets minimum credit score criteria. All loans over 90% will require Mortgage Insurance. | Not Required up to 90% LTV, provided applicant meets minimum credit score criteria. All loans over 90% will require Mortgage Insurance. | Not Required up to 90% LTV, provided applicant meets minimum credit score criteria. All loans over 90% will require Mortgage Insurance. | Not Required up to 90% LTV, provided applicant meets minimum credit score criteria. All loans over 90% will require Mortgage Insurance. |
| Underwriting Standards | Fannie Mae Guidelines | Fannie Mae Guidelines | Fannie Mae Guidelines | Fannie Mae Guidelines |
| Qualifying Rate | Note Rate, except with LTV greater than 70% and term grater than 15yr, then qualify at Note Rate + 2%. | Note Rate | Note Rate | Note Rate |
All Products:
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| * Features and guidelines are subject to change at any time without notice. | ||||
| ** Please refer to www.wachovia.com for additional information. | ||||
| Loan Type | Standard 15 Year Fixed | Special 30yr Fixed A | Special 30yr Fixed B | |
|---|---|---|---|---|
| Description | 90% LTV Fixed Rate 15 year loan product | Special high loan to value 30 year fixed rate loan product | Special higher loan to value 30 year fixed rate loan product | |
| Maximum Loan to Value | 90% | 97% | 100% | |
| Mortgage Insurance | Not Required up to 90% LTV, provided applicant meets minimum credit score criteria. Applicants below minimum credit score requirement may obtain MI or reduce loan to value below 80%. | Not Required | Not Required | |
| Minimum Down Payment | 10% down payment plus closing costs/prepaids and reserves. | 3% down payment plus closing costs/prepaids and reserves. | Minimum borrower contribution of $500 toward closing costs/prepaids and reserves. | |
| Maximum Loan Amount | None | Limited to $125,000 | Limited to $125,000 | |
| Rate Adjustment | TBD | TBD | Rate is set at ½ % higher than standard pricing for other fixed rate products | |
| Underwriting Standards | Fannie Mae Guidelines | Fannie Mae guidelines, plus special program parameters apply. | Fannie Mae guidelines, plus special program parameters apply. All applicants must meet minimum credit score criteria to qualify for this program. | |
| Income Limit (maximum) | None | $47,594 annually | $47,594 annually | |
| * Features and guidelines are subject to change at any time without notice. | ||||
| ** Please refer to www.wachovia.com for additional information. | ||||
For more information about the Wachovia loan program, please contact Josey Miketa, Assistant VP and Mortgage Loan Officer, telephone 919-419-3566. Her email address is Josey.Miketa@Wachovia.com.