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|
|$510,400 – $726,525||$3,000|
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.