Adjustable Rate Mortgage (ARM) with a Fixed-Period
Offering competitive initial rates and interest-only payment options.
|Loan Type||Interest Rate||Points||APR|
|5/1 LIBOR ARM||2.925 %||-0.025 %||3.668 %|
|IO 5/1 LIBOR ARM||3.075 %||-0.025 %||3.748 %|
|7/1 LIBOR ARM||3.025 %||-0.025 %||3.660 %|
|IO 7/1 LIBOR ARM||3.175 %||-0.025 %||3.693 %|
|10/1 LIBOR ARM||3.425 %||-0.025 %||3.744 %|
|IO 10/1 LIBOR ARM||3.575 %||-0.025 %||3.848 %|
Depending on your situation, an adjustable mortgage with a fixed period can be the right fit. In addition to competitive initial fixed rates, OneWest Bank also offers an interest-only payment option on ARM loans up to an 80% loan-to-value. For homeowners looking for flexible terms and a competitive initial fixed rate, an ARM with an interest-only payment option may be an advantageous solution for your home financing needs.
The benefits of an ARM include a fixed-rate for an initial period, and interest-only options. After the initial fixed period, the interest rate can adjust annually and if the loan has an interest-only option, this also converts to a fully amortized payment following the applicable initial interest-only period of the loan.
OneWest Bank offers a variety of ARM options: including a Jumbo 5/1, 7/1 and 10/1 ARM (all with interest-only payments available).
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.
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.
The rates displayed may require the establishment of an escrow account upon closing. If you choose to pay taxes and insurance separately, you will be responsible for timely payments, which may be substantial.