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Interested in refinancing your Spectrum Credit Union mortgage?
Now's the time.

Now Until March 31: NO Lender Fees1

Apply for a refinance or request a modification of your existing Credit Union mortgage by March 31, 2021, and pay NO lender fees.1

Whether you are interested in a traditional refinance, a cash-out refinance, or our special Xpress loan modification program, you can rest assured that you are getting the best deal.

Mortgage refinancing is a great option if you’re looking to lower your interest rate or change the terms of your current loan.

Our mortgage team members are here to help you determine if a mortgage refinance is right for you, and which type would work best for your situation: a traditional refinance, a cash-out refinance, or an Xpress loan modification. With competitive rates and flexible terms, Spectrum Credit Union offers some of the best financing options available.


Benefits of refinancing your mortgage:

  • Save money by lowering your current interest rate
  • Pay off your loan faster by changing the terms — for example, changing a 30-year fixed loan to a 15-year fixed loan
  • Adjust the terms to fit your current needs — for example, going from a fixed-rate mortgage to an adjustable-rate mortgage
  • Utilize your home equity and take out cash for other needs
  • Refinance your existing Spectrum Credit Union mortgage or your mortgage from another lender

What our members are saying


Maria R.


“Service was excellent, especially from Michael S. My loan process went smooth and the rates I received — I couldn’t be happier. Thank you, Spectrum Credit Union!”

Options for refinancing

Traditional refinance
This straightforward refinancing option allows you to exchange your current mortgage for a mortgage with different rates and/or terms. For example, you can apply for a mortgage with a lower interest rate in order to lower your monthly payment, or you can trade in a 30-year fixed mortgage for a 15-year fixed mortgage in order to pay off your mortgage faster.2
Cash-out refinance3
This option allows you to take out a mortgage of a larger amount in order to convert home equity into cash. You can cash out up to 80% of the equity in your house.3 The dollar amount you cash out is then rolled into your existing mortgage balance. You can also change the term of your mortgage during this process.
Xpress loan modification4
For those who already finance their home through Spectrum Credit Union, you may qualify for an Xpress loan modification. This hassle-free loan modification program involves minimal paperwork and doesn’t require a new credit pull. Learn more about Xpress loan modification.

More information

Our Mortgage Relationship Managers are here to help you every step of the way. Please call our Home Loan Help Desk at 888-750-4124. For those outside the U.S., call 510-251-6010. 

To check your pending application status, simply log in to your existing application. 

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 March 31, 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 March 31, 2021, the Credit Union will waive the loan modification fee (which ranges from $1,500 to $4,000 depending on loan amount).
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.

Ready to become a member? Let’s get started.

If you’re eligible for membership, we’re ready to hear from you. Not sure if you’re eligible? You can check if you qualify here.

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