Rate Refresh Loan Modification

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 $750.1

  • Features a streamlined application process
  • There are no closing costs – only the flat fee
  • We do not require a new credit pull or a lot of paperwork

    We offer two types of loan modifications:

    Interest rate modification: Adjust your APR2 only (your term and the type of loan remains the same).

    Loan type modification: Adjust your APR2 and the terms and/or type of your loan. Instead of closing costs, you pay a set fee for the modification.

    Please note that, 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.

    Contact us to learn more about Rate Refresh

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

    1 Program applies to existing 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.

    2 APR=Annual Percentage Rate.

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