RateDrop allows you to lower the rate on your current mortgage or home equity loan with Firefighters First Credit Union1 to the current market rate. All that is required is a simple one-page signed agreement.
What do you get with RateDrop?
A new interest rate: Your rate will be lowered to the market rate.
A new payment: Your payment will be recalculated based on the new interest rate and the remaining term.
A new fixed term: For ARMS, the fixed-rate portion will be reset. For example, if you have a 7/1 ARM and after 3 years you modify, you receive a new rate fixed for another 7 years.
There is no appraisal, no income documentation, no additional paperwork, and no closing to attend2.
No delinquent loans with the Credit Union over the last 12 months.
As many times as you want if you meet the qualification requirements.
No fee on HELOCs! $1,000 fee for loans less than $766,550 and $1,500 for loans greater than $766,550. If we are offering refinancing for the same product at no cost, the modification will be free. Fees cannot be added to the balance of the loan.
To learn more about how your interest rate is determined, please contact us.
To learn more and request a RateDrop, please fill out the form below, call us at 800-231-1626, or email us at reservicing@firefirstcu.org
RateDrop Form
Subject to credit approval.
APR= Annual percentage Rate.
ARM= Adjustable-Rate Mortgage.
No Fees means $0.00 in fees.
Floor rate 3.250% • Maximum Annual Percentage Rate – 16.00%. • Rate adjustment review period – Every six months • Rate cannot change by more than 1% (up or down) on any change date.
Representative Example: Home Equity Line of Credit (HELOC) limit of $300,000, if the 1st draw (30% of the limit) & 2nd draw (20% of the limit) totaling 50% of the HELOC limit are taken within the first 6-month period at a 9.000%, would result in a balance of $150,000 with an interest-only payment of $1,125. If 3rd draw (20% of the limit) occurs within the next 6-month period at a rate of 10.000% results in a total balance of $225,000 with a total interest-only payment of $1,875.00. After 1 year, if all draws have been drawn, this would result in a HELOC balance of $300,000 at a rate of 11.000% with a payment of $2,750.00. Rate adjustment review period: Six months. The rate cannot change by more than 1% (up or down) on any change date. The Max Rate Cap is 16.00%.
1RateDrop is only valid for loans currently owned by Firefighters First Credit Union.
2Standard underwriting guidelines, fees, terms, and conditions apply to new loan applications. Call for details.
Eligibility, no previous loans with the Credit Union that were 30+ days delinquent over the past 12 months. The loan must be owned by the Credit Union. Loans sold to Fannie Mae or Freddie Mac are not eligible. $1,000 fee for loans less than $766,550 and $1,500 for loans greater than $766,550. If we are offering refinancing for the same product at no cost, the modification will be free. Fees cannot be added to the balance of the loan. Your rate will vary based on FICO score. Contact our Real Estate Servicing team for more information.
NMLS ID #649058. Mortgages available in Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Tennessee, Texas, Utah and Washington. CUMA Mortgages available in the following states: Alabama, Alaska, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Vermont, Virginia, West Virginia, Wisconsin, and Wyoming. This Credit Union is federally insured by the National Credit Union Administration.