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PCMCU’s Rate Reduction & Mortgage Modification Program

Special Rate Reduction & Mortgage Modification Program

We want to express our sincere concern for your well-being and share that we understand that life can get overwhelming. May the opportunity to participate in this program lift some of the burden and allow you added savings to provide for other critical necessities in your life.

Through simple loan modification and rate reduction agreements, which may be completed by email, you can have your interest rate lowered to 3.49%APR* AND have your payment lowered to interest-only status for the next nine months! Less interest paid and a lower payment is a Big Win! Plus, there are No fees to take advantage of this offer!
During this time of uncertainty, having the option of not being required to pay down principle on your loan is significant. The typical family can reduce their housing expense by an average of $300 to over $1000 per month. Those savings can be used to help out other critical worries like transportation costs, utilities, child care, credit card payments, food, and building emergency savings.

Thank you for allowing us to serve you! We’re Committed to Help!

Mortgage Savings Program FAQs: If we haven’t addressed your question or concern with the information shared here, please feel free to contact PCM at 920-593-2772 to speak to our dedicated team.  If you are prompted to leave a message, we will return your call as quickly as possible.

Q: What’s the catch?

A: There isn’t a catch. We are People Caring More and we know that this is an incredibly difficult time for many of our members.  We want to help be a part of your financial solution to get through this challenging time.

Q: How do I know for sure if I qualify for this offer?

A: Most members who pay their home loan to PCM Credit Union may qualify. (very few exceptions apply)

Q: What is my current rate on my mortgage?

A: You can find your current mortgage rate through your Virtual Branch access, by clicking on the loan name and then view the details page.

Q: Can I pay more than the interest-only payments over the 9-months, or continue to make my full payments? 

A: Yes, you can always pay more than the minimum required payment.

Q: What will my payment be after the 9 month period of the lower interest rate is over?

A. It will be the same as before the modification.  It changes the rate only and you benefit by paying more towards your principal.

Q: Can I just go ahead with the rate reduction and not sign up for the interest-only portion of the program?

A: Yes – A simple rate reduction process would be a one-document form that could be signed via email, without having to agree to the interest-only program.

Q: Will my mortgage rate stay at 3.49% even after the 9 months of interest-only payments has ended?

A: The rate reduction will stand on its own as a part of this modification process and not automatically expire after the 9-months.  PCMCU is very unique in offering rate reductions by simply signing an agreement to lower your rate instead of going through the time and costs of a refinance.  This has been a win-win for us and our membership for years.  With all rate reduction agreements, it gives the credit union the ability to adjust the rate back to the original terms of your note as deemed necessary, based on considerations of the economic rate environment.

Q: Is the time to process the rate reduction/modification going to take as long it did to complete the initial mortgage, or a full refinance?

A: No – This will be a fairly quick process, once we have followed up with your inquiry.  Due to the anticipated volume of this unique program, we are estimating the process may take up to 10-14 days.  This process is not like a full refinance. We wish to add that we are responding to all inquiries in the order they are received.

Q: Are there closing costs or fees involved with this new plan?

A:  No – There are NO closing costs or fees associated with this program.

Q: Would I be able to do this program with my 2nd mortgage or line of credit?

A: No-this program is only for 1st mortgage loans.

Q: If my loan is getting serviced by your partner CMC funding will I be able to participate in your program for the first mortgage holders? 

A: No, unfortunately not. Your loan must be a loan held and serviced with PCM Credit Union.

Q: How would auto payments be arranged? 

A: Auto payments will be adjusted/reduced as part of the modification process.

Q: Will doing this adjustment to my mortgage affect my credit score?

A: No, as long as you make the new required payment on time.  If any loan payments are paid late, your credit may be affected.

Q: Will there be a large payment of principal that will be due at the end of the 9 Month term?

A: No – After the 9 Month term of Interest/Escrow only payments, you will begin to make the regular scheduled payments that will include principal/interest and escrow. (That is if you have an escrow on your mortgage.)

Q: Is my escrow payment still due? 

A: Yes, as far as we know Counties have never postponed the payment of property taxes, so it is necessary to make sure you still have the funds to pay your taxes and home insurance bills when they are due.

Q: How long will the process take to complete and what will I need to do?

A: Due to the anticipated volume of this unique program, we are estimating the process may take up to 10-14 days.  Once your request has been received, the team will begin gathering the documents needed to complete your request. A PCM representative will then contact you via phone or email to explain the electronic document process. Once we receive the signed documents back that are required for the program, the rate reduction/modification goes into effect and you will receive a notification after the process has been completed.

If you have more questions after reading this document, please contact 920-593-2772 to speak to our dedicated team.  If you are prompted to leave a message, we will return your call as quickly as possible. 

During this time of uncertainty, we wish to express our sincere concern for our members financial well-being. We hope this unique opportunity may help lift some of the burden and allow you added savings to provide for other critical necessities for you and your family.

We’re so happy to have this opportunity to do our part and HELP!

We thank you for your patience during this process, and thank you for your membership with PCM Credit Union!

*APR=Annual Percentage Rate. Interest-only offer available April 16 – June 30, 2020.  New interest-only loan payment calculated at 3.49% is $2.91 per $1000. Certain restrictions may apply.  Due to increased call volume we ask that you please contact the designated team for modification/rate reduction details at (920) 593-2772, and not your original mortgage lender, as they are currently handling all new mortgage inquiries. We appreciate your understanding. Equal Housing Opportunity.
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