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Mortgage Services FAQs

AAFMAA Mortgage Services

You may consider refinancing to possibly lower your interest rate and/or reduce the length of your loan. Also, if you have an adjustable-rate mortgage and you’re concerned about your current interest rate increasing, you may want to refinance into a fixed-rate mortgage. Additionally, by refinancing you may be able to get cash out of your home equity to consolidate debts or make home improvements.

*Refinancing your mortgage may result in higher finance charges over the life of the loan.

On a refinance, funds are normally disbursed on the fourth business day after you sign your loan documents. The entire refinancing process, from application to loan closing, may be completed in only a couple of weeks, depending on your specific situation.

The first step is to complete the loan application. After completion, one of our dedicated, licensed mortgage experts will use your credit and financial information to determine which loan program is right for you. You may be eligible for a VA Cash Out loan at up to 100% of your home’s appraised value.

There may be many benefits of owning your own home. Many people enjoy the flexibility and ability to decorate and remodel the home to their tastes and needs. You have a more permanent home than renting, and you can take advantage of potentially better schools for your children. There may also be tax advantages such as being able to deduct the interest on your mortgage – but be sure to check with your tax advisor. Instead of paying monthly rent, you pay down your mortgage balance over time to create equity in your home.

Yes, you can. After you apply, your information is reviewed and a decision is then made as to whether you qualify for a mortgage and how much you can borrow. Once you get pre-approved, you can look for a new home with greater ease, as sellers and real estate professionals will feel more comfortable and confident working with you.

To get started, a Social Security Number for all borrowers is needed, along with proof of income such as recent paystubs, W-2’s, pension statements, and/or recent annual tax returns. You will also need to provide information on checking, savings, and investment accounts in addition to all of your existing debts, including credit cards and other loans.

AAFMAA Mortgage Services may not be available in all states. AAFMAA Mortgage Services LLC is only available for the financing of residential property in the states of Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Nebraska, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, and Virginia. However, we are expanding to additional states, so be sure to check back with us soon.