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COFI Mortgage Index

The Cost of Funds Index (COFI) is used as a benchmark for some types of mortgage loans and securities.

11th District cost-of-funds index (COFI) is weighted-average interest rate paid by 11th Federal Home Loan Bank District savings institutions for savings and checking accounts. The 11th district covers Arizona, California and Nevada. The index is published on the last day of the month and reflects the cost of funds for the prior month.

Federal COFI Index is calculated as the sum of the monthly average interest rates for marketable Treasury bills and for marketable Treasury notes, divided by two, and rounded to three decimal places. The Federal COFI is not adjusted to reflect subsequent changes in the underlying Treasury rates once the value has been posted.

For many, mortgage payment is the largest monthly expense, and the least flexible. Many COFI Loans are designed to give greater control over your mortgage payment. You can choose one of three-four payment options monthly based on your specific cash flow needs.

Are you curious as to what your COFI-based mortgage rate and closing costs might be if you were to refinance or purchase a new home right now? You can run your numbers and get instant on-line estimates here: www.top-lenders.com. No contact information is required.

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