MORTGAGE EQUITY LOAN

Whether you're purchasing a new home or refinancing your existing one, you've found your dream home. Now, how about finding your dream loan?

The Mortgage Equity Loan could be just what you're looking for. It takes less work, less money out-of-pocket at closing and less time than traditional loans.

Less Paperwork and Less Closing Costs
Closing is simpler with the Mortgage Equity Loan, which means you'll spend less time chasing down the right paperwork.

And because we need fewer documents at closing, you’ll need less money out of pocket. On top of that, you can roll your closing costs into the loan if you need to. And, unlike many loans, private mortgage insurance, or PMI, is not required.

Compare the Mortgage Equity Loan to other Loans

Close in as little as 20 days
Less paperwork
Fewer closing costs
Borrow up to $1 million
Up to $500,000 for loan requests to purchase property
Lower rates
Daily simple interest

Features of the Wachovia Mortgage Equity Loan

Fixed rate loan for 15 or 30 years¹
Adjustable rate loan for 30 years with initial fixed rate term of 1, 3, 5 or 7 years²
Option to pay interest-only in the initial 5 years of a fixed rate or adjustable rate loan³
Available only in AK, AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, KS, MD, MS, NH, NC, NJ, NV, NY, OK, PA, SC, TN, TX, VT, VA, WI
Up to 80% loan-to-value ratio⁴
No escrows for taxes or insurance

Learn More
Do you want to find out how the Wachovia Mortgage Equity Loan could save you time? Or to know the current rates, we're here to help.

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¹ For example, repayment of a 30 year home equity loan would consist of 360 monthly payments of $67.45/$1,000 borrowed at 7.10% APR. (The interest rate is as of 05/30/2006 is subject to change without notice and is not guaranteed until locked.)The disclosed APR assumes that the borrower will pay 1% at the time of origination. The maximum loan amount for this offer is $1 million (Up to $500,000 for loan requests to purchase property). If you pay off your loan early, there may be a prepayment penalty. You will be responsible for the cost of any mortgage recording or other taxes where applicable. Other rates and terms available.

² For example, a $100,000 Adjustable Rate loan with a term of 360 months and an initial fixed term of 3 years (other initial fixed terms are available) at an interest rate of 7.01%(7.11% APR) for 36 months would have a monthly payment of $672.66. (The interest rate is as of 05/30/2006 is subject to change without notice and is not guaranteed until locked.) Thereafter, the interest rate applicable to the remaining balance will be based on an index (the London InterBank Offered Rate as published in The Wall Street Journal, Eastern Edition) plus the margin stated in the Note and the monthly payment will change annually according to the terms of the Note. The interest rate cannot increase or decrease more than 2.00% annually at the end of the initial fixed-rate period or more than 6.00% over the life of the loan. (Different interest caps may apply depending on the initial fixed term chosen.) If the interest rate were to increase by 2.00% after the initial fixed term, your payment would increase from $672.66 to $813.43 at the beginning of the fourth year and could adjust every year thereafter. If the interest rate were to increase by the maximum of 6.00%, the monthly payment could rise to a maximum of $1,118.14. Other rates and terms available.

³ For example, a $100,000 fixed-rate loan with a term of 360 months, an interest-only period of 5 years, a first-payment due date 30 days after loan closing and an interest rate of 7.25% (7.35% APR) would have a monthly interest-only payment of approximately $561.72 (based on a 31 day month) for 60 months. (The interest rate is as of 05/30/2006 is subject to change without notice and is not guaranteed until locked.) At the beginning of the sixth year, the loan amortizes to a principal and interest payment of approximately $730.08. Other rates and terms available.

⁴ The loan-to-value ratio (which may not exceed 80%) is the balance on your first mortgage divided by the fair market value of your home as determined by an appraisal. Your maximum loan-to-value may be limited based on your property value. The combined loan-to-value ratio (which may not exceed 100%) is the sum of the balance on your first mortgage and, if any, the loan balances of any other loans that are secured by your property, divided by the fair market value of your home as determined by an appraisal.

All loans and lines of credit are subject to credit approval, verification, and collateral evaluation and are originated by Wachovia Mortgage, FSB, Wachovia Bank, National Association, Wachovia Financial Services, Inc., or, where applicable, Wachovia Bank of Delaware, National Association. Products are not available in all states and are subject to change without notice. Certain restrictions apply.

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