Why should I refinance?
You may consider refinancing to possibly lower your interest rate and/or reduce the length of how long you’ll pay on your loan (the loan term).
Also, if you have an adjustable-rate mortgage (ARM) and you’re concerned about your current interest rate increasing, you may want to refinance into a fixed-rate mortgage. In addition to having a reliable, stable payment, you may be able to use money from your home’s equity to consolidate debts or make home improvements.
Note: Refinancing your mortgage may result in higher finance charges over the life of the loan.
How fast will I get the money from my 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, typically takes around four to six weeks, depending on your specific situation.
How will I know what loan amount I qualify for?
The first step is to complete the loan application. After completion, one of our 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 Refinance loan at up to 90% of your home’s appraised value.
Check out our Home Purchase Calculator to determine the range of loan amounts for which you may qualify.
What are the benefits of buying a home?
There may be many benefits of owning your own home. Instead of paying monthly rent, you pay down your mortgage balance over time to create equity in your 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.
Can I get pre-approved for a mortgage?
Yes, you can. After you apply for a home loan, your information is reviewed and a decision is made as to whether you qualify for a mortgage and how much you can borrow. Once you are 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.
What documents and information will I need when applying for a mortgage?
To get started, borrowers must provide a Social Security Number, along with proof of income such as recent paystubs, W2s, pension statements, and/or recent annual tax returns. You must also provide information on your checking, savings, and investment accounts in addition to all of your existing debts, including credit cards and other loans.
Use our checklist to get started: Mortgage Loan Application Checklist
Is AAFMAA Mortgage Services LLC (AMS) available throughout the U.S.?
Currently, AAFMAA Mortgage Services LLC is available for the financing of residential property in the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Kentucky, Maryland, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.