Mortgage Rate Reset Program

Reset Your Launch First Mortgage 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 (Keep Your Term)**

• Lower interest rate if market rates drop
• Loan term and escrow requirements remain unchanged
• Principal and interest payment adjusts with new rate
• Eligible after 6 or more on-time payments (up to 6 times total during the life of the loan)
• Only a $300 fee

Rate & Term Reset Program (No Cash Out)**

• Lower interest rate and loan term
• Escrow requirements remain unchanged
• Principal and interest payment adjusts with new rate and term
• Eligible after 6 or more on-time payments (One time during the life of the loan)
• Only a $600 fee

Streamline Cash Out Refinance (Primary Residence Only)***

• New loan with updated rate and term
• Capped borrower paid closing cost (Escrow and Prepaids not included)
• Max 80% LTV
• Income and asset verification required

*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. Minimum interest rate floor for all programs is 4.50%. Applies to Launch 1^st mortgages only.

**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 $250,000 and under require an AVM and PCR; loans over $250,000 require a full appraisal. Borrower fees are capped at $2,500 for loans $250,000 and under and $4,000 for loans over $250,000. Escrow and prepaids not included in capped borrower paid closing cost.

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