Reduce your mortgage payment if rates have dropped since you first took out your Star One mortgage.
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.
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 $510,400. In "high-cost" areas, the maximum conforming limit may be up to $765,600. 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.
In light of the current shelter-in-place order, we are not requiring members to sign in the presence of a Star One representative or a notary. We are temporarily 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 15-20 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.
Please remember that Star One employees will never call you to verify or ask for your personal information.
Hang up immediately if someone claiming to be a Star One employee asks for any banking information—such as your Online Banking login information, account numbers, card PINs, or one-time passcodes.
A fraudster may try to reassure you that it's OK to share your information—please hang up, it's not OK.
Several Star One members have received phone calls from a person claiming to be a Star One employee—with a caller ID forged to look like a Star One phone number—and whose goal is to gain access to members' bank accounts online.