PICK-A-PAYMENT®
ADJUSTABLE RATE MORTGAGE
Speak with a Mortgage Specialist now: (407) 245-7240
At Wachovia, we understand the importance of flexibility and choice when it comes to choosing a mortgage. That's why we provide you with a mortgage solution that lets you choose the monthly payment you're most comfortable with.
The Pick-a-PaymentSM Adjustable Rate Mortgage (ARM) offers you payment choices that allow you to take control of your finances. You have up to four different payment options each month1--Minimum Payment2, Interest Only, Full Principal and Interest3, or 15-Year Payment Option.
With the Adjustable Rate Pick-a-Payment, you could:
- - Make a lower monthly payment and temporarily increase your cash flow so you can free up cash for4:
- - Retirement savings
- - Paying down high-interest debt
- - Funding college tuition
- - Make higher payments and pay off your home loan sooner
- - Keep mortgage payments low during the initial years of your loan
- - Control your budget based on your individual financial needs
- - Get short-term stability with a 1-year, 3-year, or 5-year initial fixed rate that switches to an adjustable rate for the remainder of the loan5
Get a house payment that's more on your terms.
Call (407) 245-7240 to speak with a Mortgage Specialist and find out if the Pick-a-Payment Adjustable Rate Mortgage is available in your state.
Give yourself the option of stability.
Want the flexibility of this loan, without the worry of interest rate fluctuations? Follow the link below.
Mortgage loans are originated by Wachovia Mortgage, FSB, and are subject to credit approval, verification and collateral evaluation. Products not available in all states and are subject to change without notice. A prepayment fee may apply. Certain restrictions apply.
1 Up to four payment options are available during the first 10 years of your loan. At various times during the life of your loan, some payment options do not provide for the full payment of principal, interest, or both, which could result in an increase in your loan balance (negative amortization). This can occur if the payment amount that you select is less than the full amount of interest due. This can also result from increases in the interest rate prior to the Payment Change Date or from a monthly payment that did not increase sufficiently to pay the full amount of interest due because of the Payment Cap. Monthly payment amounts for most of the payment options will be calculated monthly. However, the minimum payment can change only every 12 months, beginning with the 13th payment. Each date on which the payment may change is a "Payment Change Date." The monthly payment cannot increase more than 7.50% ("Payment Cap") each year, with some exceptions. Please contact us for details
2 When you choose the minimum payment option, deferred interest (negative amortization) will occur and your loan balance could increase up to 125% of the original loan amount, reducing the equity you have in your home. The initial minimum payment is fixed for one year and will increase a maximum of 7.5% each year. When your loan reaches its tenth year, or if the balance reaches 125% of its original amount at any time during the loan term, your minimum payment will increase significantly to the amount needed to pay off your loan within the remaining term. Please contact us for more information.
3 Fully-amortized payment based on a 30-year term.
4 Choosing the minimum payment will increase your mortgage balance and the aggregate amount you are required to pay over the mortgage term. You should compare the advantage of using your home's equity for other purposes against the disadvantage of the increase to your mortgage balance.
5 For example, on a 3/1 Adjustable Rate Pick-a-Payment Mortgage the payment is fixed for the first three years of the loan, then may adjust annually. The interest rate may adjust every month, subject to the terms of your Loan Program Disclosure and Adjustable Rate Mortgage Agreement. For example, on a $250,000 loan for a 30-year term with an initial rate of 7.15% (7.278% APR), repayment will consist of 12 initial monthly principal and interest payments of $1688.52. Other payments options are available and may result in deferred interest, decreasing the equity you have in your home. The maximum interest rate/payment cap will be established at origination. This example is provided for illustrative purposes only. Please contact us for details.
Pick-a-Payment is a federally protected service mark of Wachovia Corporation.
