We offer competitive rates on a variety of loan options to meet your individual needs. Rates are updated daily, Monday through Friday.
Members may lock in their interest rate for 60 or 90 days, and receive protection against market increases. Other loan programs, offering shorter lock periods, expose borrowers to the mercy of the market.
Now you can offer CalPERS Members an even LOWER interest rate! Check our rate sheet for the 30-day lock rates. This rate expires 30 days from the lock date and it does not offer float down opportunities to the member.
With the 60- or 90-day rate locks, members receive the lowest CalPERS interest rate on three key dates:
1) Date of Loan lock-in;
2) Date of loan approval; and
3) Date the loan documents are drawn.
CalPERS minimizes some of the fees involved with a home loan, making the CalPERS loan very affordable. Many other loan programs have much higher closing costs.
We offer various options for your borrowers to purchase a home with no out-of-pocket costs for the down payment. Our 100% financing options could let you secure up to $500,000 for a down payment. We even offer down payment assistance on jumbo loans.
The CalPERS Member Home Loan Program offers greatly reduced mortgage insurance rates. Genworth,
MGIC,
PMI,
RMIC,
Radian,
Triad
and UGIC mortgage insurance companies have reduced their rates by as much as 1/8 percent (.125 percent).
Member can receive substantial savings on their escrow and title fees, offered by both Old Republic Title
and Stewart Title.
CalPERS Members can use premium pricing interest rates, a gift from a relative, and/or seller contributions to pay for closing costs (Some of our financing options have CLTV limits over 100%, helping your borrower cover closing costs.)
You can take advantage of personal assistance with your real estate transaction and get a cash rebate with SMARTMOVEŽ, or the MAXADVANTAGE Programs. Rebate amount is determined by the purchase price of the home and is subject to certain restrictions. Programs may not be available in all areas. Please call us at (800) 874-7377 for a referral or more information.
Premium pricing allows the member to accept a slightly higher interest rate and receive funds to help pay for closing costs and/or mortgage insurance. This option helps members who have enough income to qualify for a home loan but lack some of the funds needed to close escrow.
*Subject to certain restrictions.
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