Getting the Best CalPERS Mortgage Rate [mortgagerefinance-101.blogspot.com]
29, 2012 in Sacramento, Calif., State Attorney General Kamala Harris promoted legislation Wednesday to reform the mortgage process in California and provide more protections for homeowners, three weeks after she secured $ 18 billion for California in a ... Calif. Legislature OKs homeowners' bill of rights
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One of the focuses of a loan under this special program is to get homebuyers great loans but at the lowest CalPERS mortgage rate available. With so many different loan options, buyers can get terms that would one, make it possible to purchase a home, two, get the right loan terms for lowering the monthly payment, and three, lock into low interest and processing fees, guaranteed.
Unlike conventional lenders, lenders that offer a CalPERS mortgage rate are going to ensure that buyers get the lowest possible rate available. Additionally, for buyers that need help with the down payment, special funding is available whereby the buyer's retirement would be used as collateral. Now, while CalPERS is specific to the state of California, the PERS program is available nationwide.
The primary difference is how the CalPERS mortgage rate pertaining to what the buyer would be charged is that rates are set on a daily basis, rarely changing throughout the entire day.
In addition, these rates are structured in a way that would make it possible for the member to get through the closing costs without being strapped financially. In this case, premium pricing is offered, making the process far more manageable financially.This means that when looking at the CalPERS mortgage rate charged, lender, processing, and origination fees would be limited. Using a program such as this provides the member with a huge advantage in that while not mandated to do so, escrow companies typically provide discount pricing. Therefore, instead of the member spending time worrying about coming up with fees for a CalPERS loan, most of the fees can be covered with the premium pricing feature.
As mentioned, the CalPERS mortgage program is unique because of the opportunity for members to take out a personal loan.
Instead of scrambling for a down payment or not being able to come up with the money needed at all, the member has the ability to take out up to 5% of the purchase price, which is something that standard lenders simply do not offer.Another unique feature to this program is the two chances to get a lower interest rate after you lock-in. During the processing of your loan there are two days rates that are looked at to see if there is an opportunity to drop the rate. These days are the date of final loan approval, and the date the final loan documents are drawn.
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