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Mortgage Rate Modification

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

Yes, you can lower your 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.

Today's interest rate on a 30-year fixed-rate Conforming to $548,250 or $822,375 in "high-cost" areas first mortgage is 3.000% (3.068% APR). Check more of today's low mortgage interest rates.

About Mortgage Rate Modification

For a small modification 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 modification 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

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 $548,250. In "high-cost" areas, the maximum conforming limit may be up to $822,375. The current Jumbo limit is up to $5,000,000.

In order to receive this rate, the modification agreement must be signed and returned to Star One within 5 business days of receipt.

We are currently accepting signed agreements via email or U.S. postal service.

If returning via U.S. mail, please use the following address:

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

If you would like to return the agreement electronically, please do so by replying to the email received with the modification agreement attached.

Your rate and payment will be adjusted within 10 business days of receiving your signed modification agreement. 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.

Your Information

Authorize the modification fee:
The modification 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.

Certain mortgage loans may not qualify for rate modification. A representative will contact you if we are unable to process your request.

IMPORTANT INFORMATION: The modification fee is 0.5% of your outstanding loan balance with a minimum fee of $750 and maximum fee of $1,500. Your rate is locked once you click "SUBMIT." If rates decrease after you submit your request, you may submit another modification at the lower rate, this is called a re-lock. The fee for each re-lock request within 30 days of the initial rate modification request is $500. To request a new rate you must submit a new modification request. Any requests received after 30 days will start the process over.


Scam and Fraud Alert

Several Star One members reported receiving a phone call or text from a person claiming to be from Star One's fraud department with a caller ID reflecting 866-543-5202.

The caller is impersonating a Star One employee to gain your trust with the goal of getting access to your account.

The caller may try to reassure you that it's OK to share your information—please hang up, it's not OK, EVER!