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Mortgage Rate Modification

Reduce your mortgage payment if rates have dropped since you first took out your Star One mortgage.

Form Instructions

To ensure your new payment is calculated properly, any principal balance reductions must be completed prior to submission.

NOTE: The current conforming loan limit is up to $484,350. The current Jumbo limit is up to $1,000,000.

In order to receive this rate, the modification agreement must be signed/notarized and returned to Star One within 5 business days of receipt. Return it to Star One by U.S. mail at the following address:

Star One Credit Union
Attn: Real Estate Loan Modification Department
PO Box 3643
Sunnyvale, CA 94088-3643

OR

Visit any Star One branch and sign the modification agreement.

Your rate and payment will be adjusted within 7 business days of receipt. Your new rate and payment will be in effect in accordance with your next due date as specified on your modification agreement.

A Star One 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 be modified to an adjustable-rate loan only during the initial fixed period and only to the existing adjustable-rate program.

Your new loan payment will be calculated at your new interest rate on the remaining term of your current loan or if desired to an available loan product with a term equal to or less than your current loan term. For example, a 30-year fixed loan with 21 years remaining can be modified to the 30-year fixed rate for the remaining 21 years or the term can be reduced to 20, 15 or 10 years at those respective rates. Use the field labeled "Requested Loan Product" to indicate the loan term you are requesting.

Can I lower my mortgage interest rate without refinancing?

Welcome to another of the many benefits of having your home mortgage at Star One Credit Union.

On most Star One mortgages, you can easily reduce your mortgage payment with our unique modification process if interest rates have dropped since you first took out your mortgage. Check today's low mortgage interest rates.

About Mortgage Rate Modification

For a small fee, we will simply apply current lower interest rates to the remaining term and principal balance of your existing Star One Credit Union mortgage. No need for a complicated refinance application and appraisal.

  • No application required—simply complete the form below
  • First and Second Trust Deed mortgages are eligible
  • Low fee—0.5% of your outstanding loan balance with a minimum fee of $750 and maximum fee of $1,500
  • A rate modification cannot be used for cash-out transactions
  • A Star One 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 be modified to an adjustable-rate loan only during the initial fixed period and only to the existing adjustable-rate program

Before Submitting this Form

Please contact us to verify the eligibility of your loan. Certain mortgage loans may not qualify for rate modification.

Your Information

Authorize the modification fee:
The fee is 0.5% of your outstanding loan balance with a minimum fee of $750 and maximum fee of $1,500.





NOTE: Submission of this form will start the modification process and cannot be cancelled.

Your rate is locked when you click "SUBMIT." If rates decrease after you submit your request you may re-lock at the lower rate. The fee for each re-lock is $500.

IMPORTANT INFORMATION: To request a re-lock you must submit a new modification request. You will incur an additional $500 re-lock fee with every rate modification submitted within a 30-day period of your initial modification request. Any requests after 30 days will start the process over. The fee is 0.5% of your outstanding loan balance,with a minimum fee of $750 and maximum fee of $1,500.