Mortgage Rate Reset Program

Reset your Rate with Ease

Whether you’re looking to lower your rate, shorten your term, or refinance for cash, Launch offers flexible programs to fit your financial goals*.

Rate Reset Program

Lower your interest rate if market rates drop—without a full refinance**.
Highlights:

• Eligible after 6 or more on-time payments
• Loan term and escrow remain the same
• Ability to adjust every 6 months (up to 6 times total during the life of the loan)
• Only a $300 fee

Rate & Term Reset Program

Need a lower rate and a different loan term? Adjust both for a better fit**.
Highlights:

• Eligible after 6 or more on-time payments
• Escrow remains the same
• Rate based on your original qualifying credit score
• Updated title search (clear) required for approval
• Only a $600 fee

Streamline Refinance

Take cash out or refinance your primary residence for a new rate or term***.
Highlights:

• Based on current credit score and chosen term
• Max 80% loan-to-value (no PMI)
• Must verify income and assets
• Must include required prepaids for escrow funding

*All mortgage modification and refinance options are subject to credit union approval and program eligibility. Member must have made at least six (6) consecutive on-time payments before requesting a rate reset, rate and term reset, or refinance. Minimum interest rate floor for all programs is 4.50%.

*For Rate Reset and Rate & Term Reset programs, rates are determined using the credit score from the original loan application. All original borrowers are required to sign a modification agreement prior to approval. The Rate Reset Program requires a $300 fee per occurrence and may be used once every six months, up to six (6) times during the life of the loan. The Rate & Term Reset Program requires a $600 fee and a clear, updated title search.

***For the Streamline Refinance, income and assets are verified, and the loan is subject to current credit qualifications and underwriting guidelines. Maximum loan-to-value (LTV) is 80%, and jumbo loans are not eligible. Appraisal requirements vary by loan amount. Loans under $250,000 require an AVM and PCR; loans $250,000 or higher require a full appraisal. Lender fees are capped at $2,500 for loans under $250,000 and $4,000 for loans $250,000 or greater. Escrow accounts must include all required prepaid funds for escrow funding.

Program terms, fees, and eligibility requirements are subject to change without notice.