Comparing Wachovia Mortgage with other Lenders.
Wachovia was formed by the 2001 merger of First Union Corporation and the former Wachovia Corporation. In connection with the merger, First Union changed its name to Wachovia Corporation. The company is the fourth largest bank holding company in the United States based on assets and the third largest U.S. full-service brokerage firm based on client assets. Wachovia mortgages and home loans are available via Wachovia.com, but be prepared NOT to find competitive rates on their web site. SPENDonLIFE.com helps you compare mortgage rates so that you can get the best deal possible.

Many consumers wisely choose to compare Wachovia mortgage rates with rates from other lenders. The Federal Trade Commission urges all consumers interested in a home loan to do homework and get multiple quotes from all types of lenders in order to get the best rates possible. Mortgage loan rates and the fees applied to them by any lending institution are negotiable, but unfortunately, that is something many consumers do not realize. Through SPENDonLIFE.com you can choose to receive up to four competing mortgage quotes to compare. You can in turn, compare these rates, with those found on Wachovia.com or other websites. We encourage competition to ensure that consumers, like you, get the best deal.

Obtain All Important Cost Information
Be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information. The following information is important to get from each lender and broker:

Rates
•  Ask each lender and broker for a list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week.

•  Ask whether the rate is fixed or adjustable. Keep in mind that when interest rates for adjustable-rate loans go up, generally so does the monthly payment.

•  If the rate quoted is for an adjustable-rate loan, ask how your rate and loan payment will vary, including whether your loan payment will be reduced when rates go down.

•  Ask about the loan's annual percentage rate (APR). The APR takes into account not only the interest rate but also points, broker fees, and certain other credit charges that you may be required to pay, expressed as a yearly rate.

Points
Points are fees paid to the lender or broker for the loan and are often linked to the interest rate; usually the more points you pay, the lower the rate.

•  Check your local newspaper for information about rates and points currently being offered.

•  Ask for points to be quoted to you as a dollar amount-rather than just as the number of points-so that you will actually know how much you will have to pay.

Fees
A home loan often involves many fees, such as loan origination or underwriting fees, broker fees, and transaction, settlement, and closing costs. Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a loan (such as application and appraisal fees), and others are paid at closing. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs. "No cost" loans are sometimes available, but they usually involve higher rates.

•  Ask what each fee includes. Several items may be lumped into one fee.

•  Ask for an explanation of any fee you do not understand. Some common fees associated with a home loan closing are listed on the Mortgage Shopping Worksheet in this brochure.

Remember: Shop, Compare, Negotiate
When buying a home, remember to shop around, to compare costs and terms, and to negotiate for the best deal. Your local newspaper and the Internet are good places to start shopping for a loan. You can usually find information both on interest rates and on points for several lenders. Since rates and points can change daily, you'll want to check your newspaper often when shopping for a home loan. But the newspaper does not list the fees, so be sure to ask the lenders about them.

Don't be afraid to make lenders and brokers compete with each other for your business by letting them know that you are shopping for the best deal.