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Advantages of a CalPERS Mortgage
For public employees that need a new mortgage loan or want to refinance, a CalPERS mortgage offers tremendous benefit. Eligible members can apply for various loan options to include a 10 to 30-year conventional fixed rate mortgage or perhaps a 30-year adjustable rate mortgage. For people that want to refinance, programs allow financing up to 95% of the property’s value but for a specified cap. In addition to single family homes, a CalPERS mortgage is also available for two, three, and four-unit properties, townhouses, condominiums, and PUDS, or Planned Unit Developments in the state of California and throughout the United States of America.
With a CalPERS mortgage, members interested in a PUD, single family home, or condominium could choose 100% financing, which would include a 95% loan-to-value ratio for fixed rate loans, as well as a personal loan that could be used as a down payment of 5%. Now, for members interested in a personal loan for a mortgage down payment, that person’s retirement account could be used as needed collateral.
The types of CalPERS mortgage loans not offered include construction or home equity, although members that want to take out 100% financing for construction loans on existing structures, or 85% cash back for FHA refinanced loans, the program would assist. Another benefit to a loan using this program is that 95% of the property’s value for existing liens would be offered, as well as 85% for members that want money from the equity to use for debt consolidation on FHA loans.
To secure a CalPERS mortgage loan, the borrower would go through the same process required for any other loan offered by a traditional financial lender. However, the primary difference is that members work with highly qualified and certified loan officers that find the best program and at the lowest interest rate. With this, people that have low to moderate income or those buying a home for the first time have a much easier time securing the right loan and at the lowest interest rate.
The application and approval process is very simple and can be started online or over the phone in a few minutes. In most cases you can have an approval with all loan disclosures in less than 24 hours. To start online you can go to the secure loan application or call Sean Safholm toll free 1.888.415.2000.
Peace of Mind Guarantee
More than just a catchy marketing campaign.
Our ‘Peace of Mind Guarantee’* program is a
genuine commitment on our part and our policy on how we conduct business. Once you
understand the elements of our Peace of Mind Guarantee loan policy, we think you will
agree there is no reason to work with any other lender.
Guaranteed Lender Closing Costs
VITEK guarantees all your lender closing costs based on a signed good faith estimate
for lender approved program, or we credit you the difference.
Guaranteed Real Time Loan Status Updates
Our state of the art communication system emails you frequently during your escrow to
update you on all your loan activity as it happens.
Guaranteed On-Time Close
Your loan documents will be delivered to the title company at least four days prior
to the scheduled close of escrow.
If VITEK delays close of escrow, you will receive a $50 per day credit up to $250.
Guaranteed Best Value
If you have final loan approval with VITEK, and choose to close with another lender,
we will pay you $250.
Program Guidelines
Borrower eligibility for “Guaranteed Best Value” payout is contingent upon borrower having final underwriting approval status on current loan with VITEK Mortgage Group. In the event that borrower then chooses to close with another lender, VITEK Mortgage Group will pay borrower the amount of $250. At that time, borrower will be responsible for any and all appraisal costs incurred on current loan transaction with VITEK Mortgage Group if not already pre-paid by borrower.
VITEK Mortgage Group’s “Guaranteed On-Time Close” policy requires borrower to provide all required documentation requested a minimum of 10 business days prior to close of escrow. Borrower must allow for a minimum of 17 business days from time of application to time of close. To permit proper funding and recording time frame, VITEK Mortgage Group requires all borrowers must sign loan documents at least 48 hours prior to the close of escrow. (All government and bond loan programming are excluded from VITEK Mortgage Group’s “Guaranteed On-Time Close” policy.) Borrower understands that VITEK Mortgage Group’s “Guaranteed Closing Cost” policy is based on lenders closing costs only and must have a signed ‘good faith estimate’ for final loan approved product With VITEK Mortgage Group.
