Wachovia Mortgage is part of Wachovia Bank, which has about $783 billion in assets, according to their website. Those assets rank them as the 4th largest bank in the United States. Is big better?

As for their mortgage division, which is a relatively small part of the company, Wachovia offers most of the standard loan programs available almost everywhere: fixed rates, adjustable rates, 100% financing and home equity lines.  In addition to the standard options, Wachovia also offers their “Pick-a-Payment” loans, which are also known as Option ARMs.

The basic idea behind a “Pick-a-Payment” loan is you get to decide if you want to make payments that are interest only, negatively amortizing, amortized over 30 years, amortized over 15 years or perhaps amortized over 40 or 50 years.  Flexibility is the name of the game.

Wachovia isn’t the only mortgage lender to offer this type of loan.  In fact, you can apply for one almost anywhere, including your local mortgage broker.  It’s probably a good idea to read all the fine print before closing on an option ARM loan, however, because it’s generally wise to understand exactly what all the options mean to you and your home.

At any rate, how have you enjoyed dealing with Wachovia, for those of you that have?  Positives?  Negatives?  Would you recommend them to others?