For the following examples, the interest rates and annual percentage rates were calculated using a sample loan of $2,000,000 and a loan-to-value ratio of 75%. This assumes the purchase of an owner-occupied, one-unit, single family residence in California and that the applicant has a FICO score of 720 or above.
Rates include the OneWest Bank Relationship Discount of 0.25% off the rate for Fixed-Rate Mortgages and 0.25% off the initial fixed-rate on Adjustable-Rate Mortgages. This offer is contingent upon you opening or having an existing OneWest Bank checking account or Premium Money Market account and you must enroll in automatic payments (ACH) from your OneWest Bank account for your new home loan at the time of closing for your new loan.
The monthly payments shown here do not include amounts for taxes and insurance premiums. If you choose not to include the payment of taxes and insurance in your monthly loan payment amount, it is important to know that you will be responsible for the timely payment of the taxes and insurance and that these costs may be substantial.
Not all applicants will qualify for financing or the rate shown and are subject to review of credit and collateral. However, a 60-day rate lock is guaranteed for those who qualify.
OneWest offers adjustable-rate mortgages with 30 year loan terms and initial fixed-rate periods of 5, 7 or 10 years. Any of these loan types can be fully amortizing with monthly payments of principal and interest which will fully repay the loan by its maturity date, or they can have monthly payments of interest-only which will not repay any principal during the interest-only period of 120 months (10 years), after which the loan has fully amortizing principal and interest payments for the remaining 20 years of the term. For all of these products, after the initial fixed-rate period the interest rate and monthly payments are subject to change annually based on changes to the Index.
The examples shown below were calculated using the 1 Year LIBOR index (the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the London market as published in the Wall Street Journal) rate of 2.164 %, a margin of 2.250 %, and assumes that the 1 Year LIBOR index remains unchanged for the life of the loan. Rates, points and LIBOR index are as of 01/12/2018 19:38:11 PM and are subject to change without notice.
|Type of Mortgage||Fixed Period||Adjustable Period1|
|APR||Points||Closing Costs||Initial Rate||Initial Payment||Fully Indexed Rate rounded to the nearest 1/8%||Monthly Payment|
|5/1 LIBOR ARM|
|2.250 %||For months 61 – 360: $9,748.75|
|7/1 LIBOR ARM|
|3.793 %||0.040 %||$800.00||3.100 %||$8,540.00 for|
|2.250 %||For months 85 – 360: $9,687.63|
|10/1 LIBOR ARM|
|3.728 %||0.040 %||$800.00||3.300 %||$8,759.00 for|
|2.250 %||For months 121 – 360: $8,759.10|
|1The disclosed rate and payment apply at the end of the fixed-rate period and are subject to change annually thereafter.|
15 Year Fixed-Rate Mortgage
The 15-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of 3.300 % with 0.108 % points and closing costs of $2,160.00 (not including additional third-party settlement charges), a loan of $2,000,000 would have an APR of 3.316 % and a monthly payment of $14,102.00. Rates and points are as of 01/12/2018 19:38:11 PM and are subject to change without notice.
30 Year Fixed-Rate Mortgage
The 30-Year Fixed Mortgage provides for fixed, fully amortizing principal and interest payments for the life of the loan. Based on a sample rate of 3.750 % with 0.108 % points and closing costs of $2,160.00 (not including additional third-party settlement charges), a loan of $2,000,000 would have an APR of 3.759 % and a monthly payment of $9,262.00. Rates and points are as of 01/12/2018 19:38:11 PM and are subject to change without notice.