Routing Number: 307070021
Routing Number: 307070021

Refinance

You want a trusted partner when it comes to refinancing your home. AAFCU is committed to helping you reach all of your financial goals, especially when it comes to making homeownership affordable.

Overview

In the past eight years, over 200 mortgage companies have closed their doors in Colorado Springs alone. Trust your mortgage refinance with a financial partner that's there when you need them.

Getting a new mortgage loan to replace your existing is called a refinance. You can benefit from refinancing by getting a lower interest rate and reducing your payments, taking out  equity for home improvements or going from an adjustable rate mortgage to a fixed rate mortgage.

If you currently have an FHA or VA loan, you may qualify for a “streamline” refinance, which typically requires less documentation.

  • Conventional Loan*
    • First-time home buyers may qualify for a Conventional loan with as little as 3% down (some Conventional loans allow the down-payment to be a gift from a family member)

    • Loan amounts less than 80% of the appraised value of the home do not require mortgage insurance

    • AAFCU offers competitive mortgage insurance rates

    • We offer both fixed and adjustable rate loans

    • If you are wanting to refinance or purchase a new home, contact an AAFCU Mortgage Professional to determine which of our many options are best for you

  • FHA Loan*
    • FHA (Federal Housing Administration) loans may not require as much down payment, and may have less restrictive credit, asset and employment requirements

    • The down payment may be a gift from a family member

    • FHA mortgages allow the use of down-payment programs to provide extra assistance to homebuyers

    • FHA loans may allow non-occupying co-signers

  • VA Loan*
    • VA loans typically have lower interest rates than Conventional loans

    • Can finance 100% of the appraised value of your home up to the conforming limit

    • Purchase loans may not require money out-of-pocket (ask about closing cost options)

    • VA loans are available up to $1 million in some cases. Most loans over conforming limit may require a down-payment

    • Credit guidelines may be less restrictive than Conventional loans

  • Jumbo Loan*
    • Any mortgage loan over the conforming limit is considered a Jumbo Loan

    • Credit guidelines may be a more restrictive than conforming loans

       

  • Reverse Mortgage*
    • Ability to access home equity without needing to make a monthly mortgage payment

    • Access equity through monthly payments or a lump sum payment made to you

    • Can be paid off anytime without a pre-payment penalty

    • Refinance or Purchase loans are available

    • Government Insured by FHA (Federal Housing Administration)

    • AAFCU offers HECM (Home Equity Conversion Mortgage) Reverse Mortgage in all states except MA & WV

    1Not a government benefit program

*These programs are not offered or controlled by AAFCU. Program offered may change at any time.

My Way Mortgage

Take control of your borrowing experience and discover what it's like to design a home loan on YOUR terms!


Value Check®

Are you looking to purchase a home? You can now compare the price of the home to the actual value of the home by using our ValueCheck tool.

Calculator

Paperless Mortgage

In an effort to eliminate the amount of paper involved in the mortgage process, we have created a process that can drastically reduce the amount of paper required to execute your loan. We have implemented many eSign solutions which are easy and allow you to navigate much of the loan process from the comfort of your own home. Most, if not all, of the required documents to process your loan can be transmitted electronically and securely with the help of AAFCU. This process will be outlined early on in your loan process and we are always here to assist you with any questions or concerns.

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Contact Us

Give us a call to learn more about how we can help you utilize the equity you have worked hard for.

Mortgage Department

During Business Hours - 719.593.8600 or 800.223.1983