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Enjoying Low CalPERS Loan Rates
Members of CalPERS enjoy a number of benefits, one being the low CalPERS loan rates. While rates change daily, a variety of programs are eligible for low interest rates and fees to include a Jumbo 15-year Fixed Mortgage, a Jumbo 30-year Fixed Interest, FHA 30-year Fixed Mortgage, Conventional 30-year Fixed Mortgage, Conventional 15-year Fixed Mortgage, and the CalPERS Personal Loan.
Along with the low CalPERS loan rates, the program also includes a variety of free services to members such as the Free Interest Rate Tracking Service. With this, members can keep a closer eye on ever changing interest rates and fees, as well as the different combinations of options that the program provides.
A popular choice for CalPERS loan rates is with the 60-day lock-in. With this option, members are guaranteed that the interest rate quoted would be locked into for a full 60 days automatically without charge. Therefore, if interest rates were to increase, the member would be fully protected.
With this option for CalPERS loan rates, members would have the ability to get a lower rate if they went down. In addition to securing a loan with low interest, if interest rates were to drop for any reason, members would benefit from protection with an option called the “two-interest rate float down”. Although no fee would be involved to lock in for a low CalPERS loan rate, you still get protection for 30 to 90 days.
The “float down feature” that comes along with locking into a CalPERS loan rate is based on three dates to include the date the loan application was submitted, the date the loan was approved, and finally, the date that the final loan documents were created. Unlike other mortgage loans, this gives members unique protection so once the rate is locked into, it cannot go up, only down.
You can lock your CalPERS Mortgage rate for 30, 60 or 90 days. The actual interest rate and APR are posted daily by CalPERS. You can lock in less than five minutes. Contact a CalPERS loan consultant at 1.888.415.2000 to go over your locking options and to secure your interest rate. Remember, you will have two chances to get an even lower rate during the process.
