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Saving $700 a Month is Just the Start


“...If anyone is looking to refinance, I highly recommend you give AAFMAA Mortgage Services a shot.” -- CMSgt Farrell, Ret. U.S. Air Force

CMSgt John Farrell III, a self-described fanatic of ‘great customer service’, knows what he wants (and expects) when it comes to buying products and services. He recently refinanced his home with AMS and shared his positive experience.

Originally from College Park, MD, Farrell served 26 years in the U.S. Air Force at posts worldwide, mainly in recruiting/HR. “I did the equivalent of what I do now – human resources. I was on the Inspector General’s team for a number of years and led an Air Force recruiting squadron.”

Using the VA Home Loan Benefit

Farrell bought his first home in North Texas, while stationed at Sheppard Air Force Base. He used a VA Home Loan for the purchase, and has used his VA benefit in every subsequent home purchase. “It’s a great mortgage product that offers a competitive rate and smooth process,” he notes.

John met his wife Kym, a retired Senior Master Sergeant, in 2003. They moved in together in Kym’s house in Central Virginia. He retired in 2005 from the Air Force, and worked in the area for a few years. In 2012, he accepted a job in Washington, D.C. — over 100 miles north. John commuted to D.C. for about two years — renting an apartment in the Virginia suburbs during the week and returning home on weekends.

In the spring of 2014, the couple decided to move closer to John’s work, purchasing a large single-family home just about 25 miles south of D.C. Their new VA mortgage carried an interest rate of 3.875%.

In 2016, Farrell got a job with the Air Force Aid Society, a 79-year-old nonprofit charity that assists airmen in financial distress through no-interest loans and grants and provides educational scholarships for dependents and spouses.

Farrell was intimately familiar with the group’s mission and impact, especially on young servicemembers and those experiencing hardship. Back when he was a two-striper in Texas, the transmission in his car went out – an expensive repair at that salary level — and the Aid Society came to his rescue.

Securing a Lower Rate

The Farrells received frequent mailings about refinancing their VA Home Loan to take advantage of very low interest rates. In August 2020, they decided the time was right. “The funny thing was that our decision was almost contagious. My wife and I were refinancing, and so were the three other top Aid Society officers,” says Farrell.

The four co-workers talked frequently about the benefits and drawbacks in the mortgage marketplace, sharing notes on where to find the best rates and people to work with.  

As the HR director, Farrell has a professional relationship with AAFMAA’s insurance division and was aware of its wholly-owned subsidiary, AAFMAA Mortgage Services LLC (AMS). He reached out to Kevin Holton, Vice President of Branch Sales at AMS. Kevin offered the Farrells a streamline refinance, also called an Interest Rate Reduction Refinance Loan (IRRRL), at 2.25%. “Of the four rates I looked at, this was the best hands down,” says Farrell, who calls it, “possibly the best rate in the history of mortgage loans.”

He was also impressed by the responsive service and extreme professionalism he received from Kevin and AMS. The deal closed in about three weeks and the settlement was done at the Farrell’s kitchen table.

Spreading the Word

With their refinance, the Farrells saved about $700 a month, money they intend to set aside for the future.

Farrell shared his AMS experience with his colleagues and also the Aid Society membership. “When someone does a good job I want to thank them, and be sure my friends and colleagues can experience the same savings and great customer service.”

We’re Here to Help

This might be a great time to refinance your home and save each month. Use our Mortgage Refinance Calculator to determine if refinancing is a good option for you.

If you’re not certain whether or not it’s the right time for you to refinance, please contact us. You’ll get an honest and fair comparison of your mortgage situation and a wide range of low-rate and low-cost mortgages to choose from — all designed to meet your needs. Our mission is making sure servicemembers and Veterans get the best mortgage for their needs.

Get your free mortgage assessment from AAFMAA Mortgage Services today. Call (888) 495-4813 or email [email protected] to get in touch with one of our licensed Military Mortgage Advisors serving your area.