¹ Once processed, your mortgage balance usually stays the same. Sometimes you may be able to roll your closing costs into your balance so you don’t have to pay them up front, and that could increase your balance. Payment Example: At a 2.250% interest rate (2.414% APR), a 15-year conventional mortgage would have monthly payments of $3,591.50. These payments are based on a $548,249 loan on a $685,300 property in Alameda county, CA. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. The values shown assume the loan is for the purchase of a single family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.

²The Maximum LTV (loan-to-value ratio) for a cash-out first mortgage is 80% on a single unit principal residence and 75% on a 2–4 unit principal residence. For a second home/vacation property, the maximum LTV is 75%. For an investment property, the maximum LTV is 75% on a single unit property and 70% on a 2–4 unit property. Cash-out loans are not available for properties purchased in the prior six months unless the property was purchased with cash. If the property was listed for sale in the prior six months, the maximum LTV is limited to the lower of 70% or the maximum allowed per the above.
³ Rate Refresh program applies to existing Spectrum Credit Union mortgages only. The Rate Refresh fee is $750. The current Rate Refresh rate is available on our Rates webpage or by calling 888-750-4124. Exclusions include Credit Union mortgages that have not made 12 on-time payments, Credit Union mortgages that have been modified within the 12 months preceding 7/13/21, and Credit Union mortgages that are in the process of being modified as of 7/13/21. Mortgage modifications are limited to once every 12 months. Program terms and conditions are subject to change at any time.

Spectrum Credit Union reserves the right to deny any request for a loan modification.