Are you wondering if you should refinance your mortgage?
We can help.


Our mortgage team members can help you decide if a mortgage refinance is right for you – and which type will work best for your situation: a traditional refinance, a cash-out refinance, or a special xpress refi loan modification program for members with Credit Union mortgages.

Refinancing may be able to help you:

  • Save money by lowering the interest rate you are currently paying
  • Get access to equity in your home and take cash out to meet other needs 
  • Pay off the loan faster by changing the term of your loan – for example from a 30 year fixed to a 15 year fixed 
  • Change the terms of your loan from an adjustable rate mortgage (ARM) to a fixed rate mortgage or vice versa


When you refinance your home loan with the Credit Union, you’ll enjoy not only very competitive rates, but also some of the lowest fees in the industry. We charge a flat fee of just $695 for our in-house processing — much lower than any of the big banks.


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Traditional Refinance

With a traditional refinance, you can exchange your current mortgage for a new one with different rates and/or terms. This can help you to lower your monthly payment or pay off your mortgage faster.

Once your refinance is complete, 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. 



Cash-Out Refinance1

A cash-out refinance replaces your current mortgage with one for a larger amount in order to convert home equity into cash.

Home equity is the market value of your home minus your remaining mortgage balance. You gain equity as the value of your home increases and as you make payments towards your principal balance. The down payment you made when you originally bought your house is also counted as equity. 

When you refinance your mortgage with the Credit Union, you have the option to cash out up to 80% of the equity in your house.1 The cashed out amount is rolled into your existing mortgage balance. You can decide to change the term of your mortgage as well. 



Xpress Refi Loan Modification2 

If your mortgage is with the Credit Union, you may qualify for an Xpress Refi, a hassle-free loan modification program just for Credit Union mortgages. There are two options:

Interest Rate Modification: Only your APR3 adjusts. Your term and the type of loan remains the same.

Loan Type Modification: Your APR3 adjusts and you can change your term or switch from an adjustable rate to a fixed rate (or vice versa).

Instead of closing costs, you pay a set fee for the modification.

Loan Amount Fee
Up to $250,000$1,500
$250,001 – $510,400$2,000
$510,401 – $756,600$3,000
$756,601+ $4,000

And since we are modifying an existing loan, we do not require:

  • A new credit pull
  • A lot of paperwork


One thing to note is that your principal balance cannot change with this program. If you want cash out or need to finance your fees, a traditional or cash-out refinance may be a better option.


1 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.

2 The Xpress Refi 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 Refi loan modification. The Xpress Refi fee for loan amounts up to $250,000 is $1,500; $250,001 – $510,400 is $2,000; $510,401 – $756,600 is $3,000; and greater than $756,601 is $4,000.

3 APR=Annual Percentage Rate.  

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

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