¹ If a member with an existing Credit Union mortgage applies for a traditional or cash-out refinance of that mortgage between January 11 and April 30, 2021, the Credit Union will waive processing, closing, and application fees equal to $715. Third-party fees and taxes (such as transfer taxes and escrow and recording fees) will not be waived. If a member with an existing Credit Union mortgage requests an Xpress loan modification of that mortgage between January 11 and April 30, 2021, the Credit Union will waive the loan modification fee (which ranges from $1,500 to $4,000 depending on loan amount).
² 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.
³ The 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.
⁴ The Xpress loan modification rate will be the thirty (30) day no-point rate, for the corresponding conforming or jumbo loan program, as of the date of the Request for an Xpress loan modification. The Xpress loan modification fee for loan amounts up to $250,000 is $1,500; $250,001 – $510,400 is $2,000; $510,400 – $726,525 is $3,000; and greater than $726,525 is $4,000.

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