It is important to know that with Adjustable-Rate Mortgages, your payment and rate may increase significantly over time.
Not all applicants will qualify for financing. Mortgage rates and terms are subject to change without notice.
The Portfolio Hybrid Adjustable-Rate Mortgage (ARM) loan products offered by OneWest Bank do not require private mortgage insurance (PMI) and provide home financing up to a 90% loan-to-value (LTV) on home loans from $417,001 to $1.5 million in California.
Mortgages with LTVs higher than 80% with no PMI may generally have a higher interest rate and/or fees than other mortgages. This may result in a loan without mortgage insurance being more costly for a borrower who intends to remain in the property for a longer period of time. A borrower who intends to remain in the property for a shorter period of time may find that the extra interest cost is lower than the amount of PMI payments for that period of time.
Mortgage escrow accounts are created so that you can pay your yearly property taxes, homeowner’s insurance and mortgage insurance in monthly installments throughout the year, rather than all at once. When these bills are due, we disburse the funds from your escrow account to pay the taxes and insurance in a lump sum. If there is a requirement for a mortgage escrow account at closing, it will be required to be maintained for five (5) years after closing.
If you choose to pay taxes and insurance separately, you will be responsible for timely payments, which may be substantial.