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Mortgage Rate Modification

You may be able to lower your mortgage interest rate without refinancing! 

If you are thinking about taking advantage of today’s low mortgage rates, we can easily and quickly help you reduce your current mortgage rate and payment with our streamlined mortgage loan modification process – no refinancing needed. 

The SMCU Streamlined Modification

Refinancing can be stressful, costly, and time-consuming. Why add thousands of dollars in closing costs to your loan when for a small modification fee, we can simply lower your rate to the current lower, published rate, reducing your monthly payments for the remaining term of your loan, saving you thousands of dollars in interest?  No need for an application, or to collect any financial documents, or worry about an appraisal, or if those additional closing costs are worth it. Our process is fast and easy!

  • No application —simply complete the form below to tell us about your loan
  • All First Trust Deed mortgage owned by SMCU*
  • Low modification fee based on the size of your loan
  • A rate modification cannot be used for cash-out transactions
  • A fixed-rate or adjustable-rate loan may be modified to a fixed-rate loan (a fixed-rate loan cannot be modified to an adjustable-rate loan)
  • An adjustable-rate loan can only be modified to an adjustable-rate loan during the initial fixed period and only to the existing adjustable-rate program. If your adjustable rate is past the fixed period, it may only be modified into a fixed-rate loan.

*Loans owned by Fannie Mae are not eligible. Click here to check your loan.

NOTE: Jumbo loans are loans greater than $822,375 at funding. We cannot modify loans owned by Fannie Mae. Loans in forbearance or deferment are not eligible. Cash-out loans originated within 6 months are eligible, with additional an additional $250 fee.
Modification Fees are based on the size of your loan. Loan amounts less than $1 million will be charged $549. For loan amounts $1 million and greater, the modificaiton fee is $849. By clicking the box below and submitting your request, you agree to pay the modification fee that applies to you loan from your SMCU account.  The rate modification will not be processed until we receive the modification fee.

If your current rate is higher than the published rate on the day of your request, in order to receive the requested rate, the modification agreement must be signed electronically within 72 hours of receipt. Your rate and payment will be effective within two billing cycles, or sooner, of the credit union receiving your signed modification agreement and due date of the payment with the new effective rate will be specifically noted on your modification agreement.

Please complete a Custom Rate Quote to get the rates and products specific to you.
An adjustable-rate loan can be modified to any available adjustable-rate loan however, only during the initial fixed period. If your loan is past the initial fixed rate, you can only modify your loan to a fixed rate product.
Your new, reduced payment will be calculated using your new interest rate applied to your principal balance over the remaining term of your loan. You may choose a loan product with a shorter term if you like and may enjoy an even lower rate and greater interest savings. Use the field labeled "Requested Loan Product" to indicate the loan term you are requesting based on your Custom Rate Quote.

Start Your Mortgage Rate Modification

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NOTE: Submission of this form will start the streamlined modification process and cannot be cancelled.
Some loans may not qualify for the streamline modification. If your loan does not qualify, an SMCU representative will contact you to discuss available options.
IMPORTANT INFORMATION: Rates change daily. Your applicable rate will be locked in once you submit the form. If rates happen to decrease between your submitted request and when we process your submission, we may contact you to offer a lower rate than you requested. If you choose, you may lock the lower rate for an additional $150 fee.  You may only submit one modification request per 6 month period.

Step 1
Be sure to note the application details before beginning the process to ensure a smooth experience.
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Step 2
Please read these helpful tips for completing the modification form, you’ll have to complete a Custom Rate Quote.
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Step 3
Fill out the form below to start your Mortgage Rate Modification. Please review steps 1 and 2 above prior.
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Home Loans
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