Xpress Loan Modification

Now Until March 31: NO Lender Fees1


Request an Xpress loan modification to today's rates by March 31, 2021, and you will pay NO modification fees.1

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.2

We offer two types of Xpress loan modifications:

Interest rate modification: This modification adjusts your APR3 only (term and loan type remain the same).

Loan type modification: This modification adjusts your APR3 and your terms and/or loan type. 

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

Loan AmountFee
Up to $250,000$1,500
$250,001-$548,250$2,000
$548,251-$822,375$3,000
$822,376+$4,000

One thing to note is that your principal balance will not change with this program. If you want cash out or need to adjust your monthly payment, a traditional or cash-out refinance may be right for you.

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

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).
2 The Xpress loan modification program is only eligible on existing mortgages that have made 12 on-time payments. Your actual Xpress rate will be determined on the date you request your loan modification. The current Xpress rate is equal to the forty-five (45) day no-point purchase rate for the conforming or jumbo loan program corresponding to your loan. Xpress rates are subject to change without notice. 
3 APR=Annual Percentage Rate. 

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