Golden West Financial

Golden West Financial is the holding company for Atlas Advisors, an investment manager and distributor of no-load mutual funds, and World Savings Bank, FSB, which offers retail banking services in 10 states and lending operations in 39 states.  Golden West Financial was formed in 1959 and is headquartered in Oakland, California. World Savings and Loan was formed by a merger with Golden West Financial Corporation in 1975.  They were originally chartered in Madera, California in 1912 and Golden West Savings was founded in Oakland, California in 1929.  World Savings became a subsidiary of the newly formed Trans-World Financial Corporation in 1959.   In 1963, Golden West Financial Corporation was formed to acquire Golden West Savings, and in 1975 World Saving merged with this company.  All the savings and loan branches adopted the World Savings name and the company that we know today was created.  Through various acquisitions, World Saving has grown from one branch in 1912 to operating 283 branches today. Its significant officers are Herbert M. Sandler and Marion O. Sandler, co-Chief Executive Officers and co-Chairmen; Russell W. Kettell, President and Chief Financial Officer; and James T. Judd, Senior Executive Vice President.  Golden West Financial holds assets of $106889 million and had a pretax profit of $2069 million for 2005.

World Savings Mortgage Loan Options

World Savings offers many loan options. A fixed rate loan (the interest stays the same for the life of the loan) with terms of 15 or 30 years and as little as 3% down is available, as is an adjustable rate loan with a one year fixed rate and terms of 15 to 30 years.  This loan converts to adjustable rates after the initial first year fixed term is up.  World Savings also offers the Zero Points ARM, in which a point is one per cent of the loan amount and points usually are paid up front when you close your loan.  Paying points may lower your interest rate over the life of the loan, but it will also significantly increase the closing costs of the loan.  World Savings offers an adjustable rate loan with zero points for those whose wish to minimize costs at closing.  An adjustable rate loan with a Pick-a-Payment option is also offered. In this loan, you may choose your payment, from the lowest interest-only option to paying the full interest and principal each month.  This is a good option if the customer wants to minimize costs for the short run; however, the lowest payment does not always cover the total amount of interest due and may result in deferred interest.  The adjustable rate loans are all available in a fixed rate conversion option.  For a $200 fee, the rate may be fixed for the life of the loan at any time during the second to seventh years.  This conversion does not affect the term of the loan. In most instances, this is much cheaper than refinancing.  For the home buyer who has good credit or can provide a large down payment, the quick qualifier loan is available.  This option offers reduced paperwork, fast closing, and as little as 10% down.  It may be used to qualify for the Pick-a-Payment ARM, the Zero Points ARM, the One-Year Fixed Arm, or the Fixed Rate Loan.  This is especially useful for those who have trouble documenting their income.  An Equity Builder bi-weekly payment option is available for those who wish to grow their home equity at an increased rate.  Less total interest is paid over the life of the loan, and the life of the loan is shortened.  This loan option is available in the Pick-a-Payment, Zero Points, or One Year Fixed ARM loan.

World Savings Home Equity Loans

At World Savings, if the customer has a loan originated with them, or has no mortgage on their home, the customer is eligible for an equity line of credit.  The advantages of this type of loan are many:  the funds are available whenever they are needed (simply write a check), the funds may be used and repaid over and over until the end of the credit term, you pay interest only on what you use, and the interest rate is typically lower than other types of revolving credit.  At World, there is no annual fee for the first year, a $50.00 fee is assessed annually thereafter, and a $500.00 early termination fee is due if the credit line is closed within the first three years.

At World Savings, you can start the application process online or by phone and a loan advisor will contact you.  You may also apply in person.

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