COSI Index, COSI Loans

The Cost of Savings index is considered to be one of the most stable ARM indexes. It is also one of the widely used Option ARM loan indexes.

COSI index is the weighted average of the rates of interest on the deposit accounts of the federally insured depository institution subsidiaries of Golden West Financial Corporation (GDW). All the subsidiaries of Golden West Financial Corporation operate under the name World Savings.

World Savings receives money from consumers in the form of deposits and lends money as home or other loans. The interest rates in effect on these deposits are the basis for the COSI index. It is not based on actual interest paid, but rather the weighted annualized average of all interest rates in effect on World Savings deposit accounts on the last day of each month. The COSI adjusts monthly and has a one-month reporting lag.

COSI Based ARM Mortgages
For many, your mortgage payment is your largest monthly expense, and the least flexible. Many COSI Loans are designed to give greater control over your mortgage payment (Flex-payment loans). You can choose one of three-four payment options monthly based on your specific cash flow needs. some people call the COSI loan 1.5%, 2.5% etc. loan due to very low introductionary rate.

  • The minimum payment is a payment that is set for 12 or 60 months at a greatly reduced rate. This option not only maximizes cash flow but may also defer payment of interest on your mortgage allowing greater flexibility in managing your tax deductions.
  • The interest only payment allows you to defer paying the principal on your loan and improve your monthly cash flow. Your cash flow is improved by the money you save.
  • With fully amortizing payment options, you have the ability to make a principal and interest payment based on either a 30 year or 15 year payment schedule.

Your first step Run the numbers on our web site to get an idea about fixed and adjustable ARM loans, rates and closing costs. Then, use our network of COSI loan lenders and expert mortgage specialists to find the best loan for your individual situation.

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