Refinance

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

  **Not a government benefit program and not controlled by AAFCU. Program requirements subject to change.

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