REFINANCING YOUR MORTGAGE

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Homeowners refinance not just to take advantage of low rates, but to reduce their mortgage costs, pay off their mortgage earlier, or help pay off debts. Wachovia can help make refinancing quick and easy by simplifying the process and providing assistance at each stage.

If the rate you pay on your existing mortgage is higher than current interest rates, you may save money by refinancing. You may most benefit from refinancing if:

• You plan on living in your home for a number of years
• You've built up considerable equity in your home

Refinancing makes sense for many reasons:

Lower your monthly payments.
If interest rates are lower than when you bought your house, refinancing may lower your monthly payment and the finance charges you pay over the life of the loan.

Stabilize your monthly payments.
Converting from an adjustable to a fixed rate mortgage may keep your monthly payments from changing over time.

Consolidate debt.
If you've built equity in your home, you may use refinancing to consolidate your personal debt into one easier payment.¹ Credit card balances, auto loans, and second mortgages often carry an interest rate higher than that of a refinanced mortgage. Refinancing may reduce your monthly payments by decreasing your monthly interest charges. In addition, unlike with personal debt, the interest on a refinanced mortgage is generally tax-deductible (consult your tax advisor), giving you attractive tax advantages for refinancing.

Convert equity/cash out.
If you've built up considerable equity in your home, you may be eligible to refinance your existing mortgage to a larger loan amount. This would provide you additional cash that could be used for debt consolidation, home improvement, or for personal use. The interest paid on your "cash out" refinance, unlike personal loans, could be tax deductible (consult your tax advisor).

Reduce the length of your mortgage.
Reducing the number of years on your existing mortgage often provides a significant reduction in interest costs over the life of the loan. Although this strategy may mean higher monthly payments, you will own your home faster and become free of mortgage debt quicker.

Closing Fees
Because refinancing involves taking out a new mortgage, you will usually have to pay many of the same fees you incurred with your existing mortgage, such as points, title insurance, and loan origination fees. To minimize the refinancing costs, consider a loan with a slightly higher interest rate and fewer discount points, or finance your closing costs as part of your total new loan amount.²

Convenient Closing
Closing a mortgage loan can include lots of time spent on paperwork and travel, that's why Wachovia now offers the option to close from any location with a high speed internet connection. Our new web-based closing feature improves communication, offers faster funding and allows you to access your loan information anytime. Close from your home or office. 

Secure Your Rate
Consider your interest rate options before securing a mortgage loan. Learn more about rate locks on our Secure Your Rate page.

If you would like to view and compare all of our available mortgage programs we have a Mortgage Comparison Chart.

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



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