OneWest Bank’s Mortgage Rates and Review

July 21, 2010 1 Comment »

OneWest Bank, although based in Pasadena California, can provide mortgages and home refinancing to consumers throughout the country. Generally speaking, OneWest Bank’s mortgage rates feature APR’s well under both the national average and California’s average(s).

Vist their mortgage center here or call 1.866.659.3700 for daily updated rate quotes.

Who is OneWest Bank?

OneWest Bank is one of the larger regional banks on the West Coast. They are, in fact, the fourth largest banking institution in the state of California and within the top 50 banks nationwide by asset size. Although they were established in just 2009 they have experienced rapid growth. As of 2012, they have nearly $25 billion in assets – controlling just over $15 billion in consumer deposits and servicing just under $15 billion in loans.

Mortgage Rates offered through OneWest Bank:

The 30 year fixed mortgage rates below are listed from lowest APR to highest APR. These rates are time sensitive in nature so please refer to the date of this article for accuracy. The scenario below assumes you are applying for a $170,000 home loan with an estimated home value of $240,000. Visit our mortgage center for updated rates, closing costs and special deals in your city.

30 year fixed
Rate Points Points/Credit Cost Total APR Monthly
4.375% 1.459% $2,553 $4,766 $7,319 4.628% APR $874
4.50% 0.729% $1,276 $4,766 $6,042 4.690% APR $887
4.625% 0.241% $422 $4,766 $5,188 4.773% APR $900
4.75% 0.00% $229 credit $4,766 $4,537 4.866% APR $913
4.875% 0.00% $1,152 credit $4,766 $3,614 4.945% APR $926
5.00% 0.00% $2,191 credit $4,766 $2,575 5.018% APR $939
5.125% 0.00% $2,406 credit $4,766 $2,360 5.133% APR $953

The above pricing is accurate as of July 21, 2010.

BBB Ratings, Complaints and Consumer Reviews:

OneWest Bank has a BBB (Better Business Bureau) rating of “A+” despite having a whopping 352 registered complaints filed against the bank. Many consumers have noted a quick response time from employees within the institution when questions or concerns arise. This is perhaps why all 352 of the complaints have been labeled as closed and resolved as of 2012. The breakdown of the complaints are as follows:

- 37 complaints regarding misleading or false advertising (presumably revolving around rates, terms and conditions)

- 65 complaints regarding billing or collection issues

- 249 complaints regarding problems with the actual product or service

- 1 complaint regarding delivery issues

If you have experience in dealing with OneWest Bank’s home loan process, please share by leaving a comment!

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  • Daniel OWBSucks

    Terrible customer service. I made a horrible decision in choosing OWB to do my loan on a new purchase. They gave me the runaround and made me jump through endless hoops in order to get the loan, and then on the day of closing they tell me they need a 30 day extension for final loan approval. Needless to say, this is going to kill my deal. It seems like they dont want to do my loan. They only want to churn me with appraisal fees, and other fees and then give me endless delays in the loan approval process. Either they are completely incompetent, or they are part of some unethical practices in possibly red-lining against doing new home loans in certain neighborhoods. TERRIBLE – TERRIBLE. Words cannot describe how atrocious their customer service is, and they are the cause of me loosing the home that I have worked so hard and put so much money and effort into to get. They need to pay for this.