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Has anyone successfully exercised a conversion option from ARM to FIXED with Wachovia this year?
Rob Robertson, "Mortgage Broker"
San Jacinto, CA
Contributions: 169
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I was just wondering if anyone has successfully exercised the conversion option (from Adjustable to Fixed Rate) that World Savings used to offer on the former "Pick-A-Payment" mortgage?
I have brokered a few World Savings loans, in the past. As I recall, once your prepayment penalty period had expired (or 1 year seasoning, with no prepay) up until your 7th year you could pay a "conversion" fee of $200 and convert from the adjustable rate to a FNMA 30 year fixed. Only stipulation was the mortgage payment history had to be perfect; you would get the 60 day FNMA pricing, plus .55% to the rate, and then your loan would be converted and then sold to FNMA with no other fees or escrow required.
I received a call today from someone who has been trying to exercise this option with Wachovia since December. She's fed up of waiting as this is the 4th month and Wachovia is stalling (loan is still in Underwriting, so she is told). They made her re-appraise her property (at her expense) and her LTV is well under 40%LTV.
Any comments would be appreciated and very helpful for all those who are interested.
Thank you!
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