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).
2 Your actual Xpress rate will be determined on the date you request your loan modification and will equal the forty-five (45) day no-point purchase rate for the conforming or jumbo loan program corresponding to your loan.
3 APR=Annual Percentage Rate.
4 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.
Chevron FCU reserves the right to deny any request for a loan modification.