If you already have your mortgage with Spectrum Credit Union, you may qualify for a Rate Refresh.
This enhanced loan modification program is an easy and affordable way to take advantage of lower rates.
It allows you to lower the rate on your existing mortgage for a flat fee of only $995.1
Interest rate modification: Adjust the APR² of your fixed-rate mortgage (your term and number of remaining payments remains unchanged). Not available for adjustable-rate mortgages (ARMs).
Loan type modification: Convert your ARM² to a fixed-rate mortgage (your term and number of remaining payments remains unchanged). Instead of closing costs, you pay a set fee for the modification.
Please note that the $995 fee cannot be added to your loan balance. In some cases, a traditional or cash-out refinance may be more appropriate for you. With a Rate Refresh loan modification, you cannot change your principal balance or cash out your home equity.
¹ Program applies to existing Credit Union mortgages only. The Rate Refresh fee is $995. The current Rate Refresh rate is available on our Rates webpage or by calling 888-334-5120. Credit Union mortgages that have not made 12 on-time payments are excluded. Exclusions include Credit Union mortgages that have not made 12 on-time payments and mortgages sold to Fannie Mae but serviced by the Credit Union. Mortgage modifications are limited to once every 12 months. Program terms and conditions are subject to change at any time.
2 APR=Annual Percentage Rate.
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