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 3.001 %, 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 10/19/2018 12:54:10 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|
|5.250 %||For months 61 – 360: $10,866.14|
|1The disclosed rate and payment apply at the end of the fixed-rate period and are subject to change annually thereafter.|
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 4.495 % with 0.010 % points and closing costs of $200.00 (not including additional third-party settlement charges), a loan of $2,000,000 would have an APR of 4.496 % and a monthly payment of $10,128.00. Rates and points are as of 10/19/2018 12:54:10 PM and are subject to change without notice.