1/1, 3/1, 5/1, 7/1, and 10/1
Features
- Up to 90% Loan-to-Value1 financing
- Loan amounts up to $1,500,000
- Fixed payments for the first 1, 3, 5, 7 or 10 years2
- 15- and 30-year terms
- Lower rates if points are purchased
- Cash-out options available
An adjustable rate mortgage (ARM) is a popular loan choice for those who don't plan on staying 15 or 30 years in a house. An ARM's lower initial interest rate translates into lower monthly payments, which may help buyers qualify for a more expensive home. After the initial introduction period—either one, three, five, seven, or ten years—the rate adjusts yearly. Annual and lifetime ceilings limit how much the rate can rise over the loan term.
Consider An Adjustable Rate Loan If You:
- Plan on moving or changing homes within 3 to 5 years
- Prefer a lower initial interest rate with lower initial monthly payments
- Expect your income to rise in the coming years
- Could handle larger monthly payments should interest rates rise
- Want to qualify for a larger mortgage amount
Consider A Fixed Rate Loan If You:
- Plan on staying in your home for many years
- Want to lock in an interest rate for the life of the loan
- Prefer an unchanging, lower monthly payment
- Want to take advantage of larger mortgage tax deductions early in the loan
Apply online or request a Mortgage Packet today, or call our Loan Services Center at 310-381-2300 or 877-254-9328, option 3
1 Private Mortgage Insurance (PMI) required if Loan-to-Value is greater than 80%.
2 Rates are subject to change based on 1-year CMT, plus a margin of 2.75%.
Mortgage Discount Package
Many Western members want both a home loan and a line of credit or home equity loan. With our Mortgage Discount Package1, you can enjoy the best of both loans-and save money!
To be eligible, simply combine any Western first mortgage with a Home Equity Line of Credit or Home Equity Loan, and you'll receive these special savings:
- 1/8% off your fixed rate or adjustable rate mortgage
- Western pays up to $700 closing costs on your Home Equity Line of Credit or Home Equity Loan2.
Apply online or request a Mortgage Packet today, or call our Loan Services Center at 310-381-2300 or 877-254-9328, option 3.
1 This product is not available as a refinancing option.
2 Closing costs range from $700 to $2750 depending upon state. Estimate of costs will be provided if your request is approved. Credit towards closing costs not applicable on refinance of Western loans. If you close the loan within two years of funding/origination, you will repay Western $500 of the $700 credit towards closing costs.
Note: Properties must be "Owner Occupied" and manufactured or mobile homes are not eligible for financing.
