{{copyright EdNailor.com}}

Wachovia Bank, Charlotte Makes Changes

Wachovia Bank, based in Charlotte NC, announced that they will be adding new minimum credit scores to many of their mortgage products. This move is not surprising as most of the mortgage industry has imposed higher credit standards in wake of the current credit and mortgage markets.

Wachovia offers a limited range of retail mortgage products (typical big bank offerings) and is also well known for the “Pick a Payment” loan. Wachovia also offers their mortgage products on the wholesale market to lenders and brokers.

As a mortgage lender in Charlotte NC, the Carolina Mortgage Connection has the ability to broker mortgage loans to Wachovia’s wholesale division. The advantages of choosing the wholesale direction is that we can typically obtain lower mortgage rates than the retail side of their business. This is because the retail rates of any bank must account for the marketing and advertising the bank does to get you in the door. Just something to think about.