Today's Home Loan Rates
The rates shown above apply to conforming loan amounts. Please click here
to read important disclosures regarding these rates.
Once you’ve made the decision to get a home mortgage, you should first determine your budget and personal financial goals for a mortgage loan. Ask yourself: How much are you comfortably able to spend on your mortgage each month? What mortgage term works for you? There are many types of mortgage loans available to homeowners these days. Look into your mortgage options to determine what might work for you (see below for more information about mortgage options available through OneWest Bank).
Comparing mortgage loans, terms and interest rates is an important step in the home mortgage process. Take a look at our mortgage rates table above to get today’s mortgage rates on our 15 year fixed-rate mortgage, 30 year fixed-rate mortgage, and 5/1 adjustable-rate mortgage (ARM). Please click here to read important disclosures regarding these rates.
The Mortgage Process
Once you’ve assessed your mortgage borrowing power, you can begin the process of working with your mortgage lender by prequalifying for a mortgage loan. During this step the mortgage lender gathers some basic information about you to determine your home mortgage eligibility, such as your income, your desired loan amount, your asset information and whether there will be any co-borrowers on the loan. If you’re ready to prequalify for a mortgage today, fill out our prequalifying form online and we’ll contact you with more information about mortgage interest rates and your mortgage loan options.
After you’ve finished prequalifying and we’ve determined you may be eligible for a home mortgage loan, you’re ready to apply! You can complete an application by speaking with one of our mortgage loan consultants over the phone, who will walk you through the process. You will be required to provide documents which validate your employment, income and assets. As soon as you’re done with the application and you’ve submitted your info, you’ll be able to lock in your mortgage interest rate while we start the underwriting process – a.k.a. the process of approving your mortgage. During this time we’ll review your documents, complete an appraisal of the home you’re financing and approve the mortgage.
Once your mortgage has been approved, we’ll arrange for you to close the mortgage by sending a notary to your home, office or any other convenient location of your preference. Then all that’s left to do is sign the final paperwork and wait for the mortgage to fund.
Your Mortgage Options
We know that no two homeowners are exactly alike. That’s why we offer a range of mortgage options to help suit the unique financial needs of all of our customers.
All mortgages have a term, or pre-determined length of time to repay the mortgage lender. Terms will vary from a 10 year fixed-rate mortgage, to a 15 year fixed-rate mortgage, to a 30 year fixed-rate mortgage or even an adjustable-rate mortgage with a fixed period. Please click here to read important disclosures regarding these mortgages. A home mortgage also carries a mortgage interest rate, which is the percentage rate that covers the cost of borrowing the mortgage loan. Here are some of the mortgage interest rate options you can choose from:
Fixed-Rate Mortgages (FRMs) – The interest rate and principal/interest payment won’t change for the life of the mortgage loan. The mortgages are typically offered as a 30 year fixed-rate mortgage, a 15 year fixed-rate mortgage or as a 10 year fixed-rate mortgage. Please click here to read important disclosures regarding these terms.
Adjustable-Rate Mortgages (ARMs) – The interest rate will vary throughout the life of the adjustable-rate mortgage.
Adjustable-Rate Mortgages with a Fixed Period – Part fixed-rate mortgage, part adjustable-rate mortgage, the mortgage rates will stay fixed for a period of time, such as three, five, or seven years, and then change to an adjustable-rate mortgage for the remaining term of the loan.
Interest Rates and Discount Points
When you’re in the research phase of your home mortgage process, it’s important to remember that several things go into a mortgage lender’s rate. Mortgage rates are influenced by the overall economy, debt market, the Federal Reserve Board’s monetary policy and the London Interbank Offered Rate or LIBOR. As these factors fluctuate, so will rates. Keeping tabs of when mortgage interest rates are down is a good way to keep your mortgage payments as low as possible.
Discount points are another thing to keep in mind. Discount points offer you a chance to reduce your interest rate by paying an amount upfront. The cost of each point is equal to one percent of the loan amount -- for instance, for a $100,000 loan one discount point equals $1,000.
Whether or not paying discount points makes sense for you depends in part on how long you plan to keep the loan. To help you decide, use these steps when calculating your mortgage:
- Calculate the amount of your monthly payment at the interest rate you will be charged if you do not pay discount points.
- Calculate the amount of your monthly payment at the lower rate if you do pay discount points.
- Deduct the lower payment from the higher payment to find the amount saved each month.
- Divide the amount charged for points at closing by the monthly amount saved. The result is the number of months you must keep the loan to break-even on paying discount points.
The Next Step
Now that you’ve taken a tour through the mortgage ins and outs, we’re ready to guide you through the process. Click here to prequalify for a mortgage, call us at 1.866.658.3700 or request a call. We’ll give you a free rate quote, help you make a mortgage-rate comparison and answer all of your mortgage questions (because we know they come up). Whatever your mortgage needs, our loan consultants are standing by to help you understand your options and answer any questions you may have about a mortgage.