| February 25, 2002 Recently, there has been some important changes to the CalPERS home loan
program that may affect you. Our goal is to keep you abreast of the CalPERS loan program,
so that you may take advantage of the benefits it offers, based on your previous inquiry.
Below is a summary of each of the changes, as well as some new free
services that we are providing to current homeowners.
>> New Higher Loan
Limits
>> Revised
Interest Rate Lock-In Procedure
>> New Refinance
Programs
>> New Free Money Saving Services
Should you have any questions regarding the information below,
please feel free to contact us at: (800) 931-7377
New
Higher Loan Amounts!
Conventional Loan - low rate conventional
loan limits have been increased to $300,700. If you previously had a high
rate jumbo loan, you may be able to refinance to a conventional loan with a lower interest
rate. Many homeonwers who currently have two mortgages, are now refinancing thier
loans into a single conventional loan.Learn if a refinance makes financial sense for you
by clicking >> Here
To learn more about the Conventional loan for a purchase click
>> Here
Jumbo Loans - jumbo loan limits are now up to
$1,202,800. With historically low jumbo interest rates and increased loan
sizes and property values, many homeowners are now refinancing their jumbo loans.
The jumbo loan program is available for both purchase and
refinances. For more information regarding the jumbo loan, please click >> Here
FHA Loan - limits have also increased in most
areas. This affects both purchases and refinances. Search the current FHA loan limit in
your area >> Here
View the current CalPERS interest rates, click >> Here
New Interest Rate Lock-In Options
CalPERS has modified their lock-in procedure and
interest rates. You may now lock-in your CalPERS on the following options:
30 Day Lock - Lowest interest rate but
must close transaction within 30 days from date of lock-in. Under this option, CalPERS has
eliminated the interest rate float down option, therefore, the interest rate that you
lock-in will be your final interest rate.
60 Day Lock - Slightly higher interest
rate than the 30 day lock. Under this type of lock the loan must be closed within 60 days
from the date of the interest rate lock in. This option still has the two interest rate
float down options. If interest rate at the time of your loan approval or the date loan
documents are drawn are lower than the interest rate originally locked-in at, then you
interest rate will be decreased to lower rate.
180 Day Extended Lock - This option is
for new construction homes. You may lock-in an interest rate for up to 180 days if you are
purchasing a new home that is not yet completed. CalPERS will lock in your loan at 1%
above the current interest rate but you may receive a lower interest rate at the time of
closing, since you still have the two interest rate float-down options.
Lock-In Procedure - In
order to lock-in an interest rate, we must have a signed, dated and completed loan
application faxed to our office no later than 2:00 p.m. to receive that day's posted
interest rates. If received after 2:00 p.m, you will receive the following days interest
rate.
New
Refinance Options
CalPERS now offers a streamline refinance (limited documentation and
qualifying) for both Conventional and FHA loans.
No-Points, No-Fee Refinance - A new option
has been created for a no-point, no fee refinance. On this type of loan, you will not
incur any loan costs for the refinance. This does come at a slightly higher interest rate
to offset the actual costs and CalPERS requires a 5 year prepayment penalty.
Get a personalized no-point, no fee refinance quote >> Here
New Free Services from
PERS-Home-Loans.com
PERS-Homes-Loans.com is happy to offer an informative
free service for current CalPERS members. We are now providing two new services, RateWatch
and Debt Free Analysis. These services are for current homeowners.
RateWatch - provides custom tailored
amortization schedule for an accelerated mortgage payoff of your current loan and a
market snapshot of current rates and programs as they would affect you. For more
information regarding RateWatch, please click >> Here
Debt Free Analysis - small
changes in your finances may lead to life changing opportunities. We provide a free
analysis of your current finances and tailor an option that would allow you to get debt
free faster and possible significantly increase your savings. For more information
regarding Debt Free Analysis, please click >> Here
We hope that you have found this information useful. If
we can be of assistance, please feel free to contact us anytime, (800) 931-7377.
If you have any friends, co-workers, or family that may
benefit from the information contained here, please refer than by clicking >> Here
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