APR = Annual Percentage RateEffective Month 07/2020
Representative Example: A loan in the amount of $30,000, at an APR of 5.125% and a term of 120 months would have a payment of $320.03.
APR = Annual Percentage RateEffective Month 06/2020
All loans subject to approval.1 Rates quoted are for single family detached, owner occupied properties in California. 2 Points, rates & APR (Annual Percentage Rate) are affected by credit worthiness. 3 Add-on fees may range from .125 points to 3.0 points or more depending on the loan characteristics.4 Purchase and Refinance limited to 97% maximum LTV for conforming fixed rate mortgage programs. Purchase and Limited Cash Out Refinance limited to 90% maximum LTV for non-conforming fixed rate mortgage programs. Purchase and Limited Cash Out Refinance limited to 95% maximum for the Educational Employee Program. 5 Payment examples are based on an 80% LTV. PMI will be required if the financed amount is over 80% for fixed rate mortgage programs. PMI will be required if the financed amount is over 85% for the Education Employee Program. 6 Rates listed are for informational purposes only. Not all applicants will qualify for all rates.7 Property insurance required. Flood insurance required when applicable.8 Conforming payment example amounts are based on a $100,000 loan, only include principal and interest, and do not include taxes and insurance. Jumbo payment example amounts are based on a $550,000 loan, only include principal and interest, and do not include taxes and insurance. Actual payments may be greater.9 ARM rates are variable and subject to change after the fixed term (i.e. 5/1 fixed for first 5 years, 7/1 ARM fixed for first 7 years, and 10/1 ARM fixed for first 10 years). After the fixed term, rates may change every year and are calculated based on index plus margin, but cannot increase more than 2% in any annual adjustment. Index based on the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board (1 year T-bill).10 Fixed Equity maximum CLTV (Combined Loan-to-Value) of 75% for 2-unit properties. Home Equity Line of Credit maximum CLTV (Combined Loan-to-value) of 70% for 2-unit properties.11 Loans are subject to a demand fee of up to $30 upon request for payoff.12 A reconveyance fee of $45 plus the applicable county recording fee will be collected at payoff.13 Loans are not allowed behind negatively amortizing first mortgage loans (including reverse mortgages) or first mortgages with a balloon.14 The APR is variable. The APR is determined by adding the applicable "Margin" to the "index" in effect on each APR Adjustment Date. The Index is the Prime Rate as published in the "Money Rates" Section of the Wall Street Journal. Rates will never go below the "Floor" listed above. 15 Final APR and Margin are based on the creditworthiness and combined loan to value (CLTV). Margin ranges from 0.000% - 1.125%, based on FICO and CLTV.16 Initial draw period of 10 years, with an additional 15-year repayment term.17 Maximum rate is 6% over the rate in effect the day your loan documents are drawn.18 Loan is available to all current and retired certified and non-certified staff of eligible public and private education institutions within California.19 Final Rate and APR are based on creditworthiness and combined loan to value (CLTV). Rates may be increased from 0.125% - 2.000% above the base rate published based on credit score (FICO) and CLTV.20 Annual Fee of $50 (waived the first year). 21 Second homes and investment properties are limited to 80% LTV.
** Equity loans must be in second lien position. Properties with no exiting mortgage are ineligible for our equity loan product. If a Schools Financial Equity Loan is currently in first lien position it cannot be refinanced. In this circumstance, an additional equity loan may be placed in second lien position. Members are limited to owner-occupied equity loans. Plus title and escrow fees of up to $1,500 for loans with construction in progress. "No closing costs" are based on the property value being established using an Automated Valuation Model (AVM). *** Members may only have one Owner-Occupied HELOC open at any time. Plus title and escrow fees of up to $1,500 for loans with construction in progress. "No closing costs" are based on the property value being established using an Automated Valuation Model (AVM).
To qualify for a home loan with us you must meet one of the following criteria:
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