Now Offering Even More Ways to Save
Mortgage Rate Float-Down Option
Looking to buy your first home or refinance your current mortgage? Our new rate adjustment assistance program helps you lock in a better deal—whether you're purchasing or refinancing a conventional mortgage.
Get Your Best Rate
When you apply for a first-time home loan or to refinance your current home loan, you will be approved for a specific interest rate on your loan. If rates go down between the time of your application and your loan being processed, you can request an adjustment to the reduced interest rate.
Program Details
- One Float-Down per application.
- Available for conventional first mortgages only.
- Program may end at any time at Andrews Federal’s discretion.
Member Advantages
- Lower your rate if market rates drop.
- Lock in with peace of mind and one adjustment opportunity.
- No fees, points, or charges to use the Float-Down Option.
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Your Questions. Answered.
Still Have Questions?
Can I pay my escrow shortage online?
Unfortunately, you cannot pay your escrow short online. Mail a check with “Mortgage Escrow Shortage” written in the Memo line, to:
Andrews Federal Credit Union
ATTN: Mortgage Department
P.O. Box 3000
Clinton, MD 20735-6001
Can I make a Principal Only Payment on a Mortgage Loan?
Yes, principal only payments are allowed on your mortgage loans.
Each time you make a payment, the payment will first satisfy interest for the amount of days it has been since the last payment (or date of loan origination, if no first payment has been made.)
You may pay more than the amount due each month. Paying more than your required monthly payment can reduce the amount of interest you pay and shorten the overall length of your loan. You may also make a separate payment to reduce the principal amount by contacting our loan servicing department phone number listed on your monthly mortgage statement.
Quick Links
Mortgage Loans
Andrews Federal offer excellent mortgage rates, and up to $1,500 savings on closing costs.
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Home & Mortgage Calculators
Plan with confidence using our free home and mortgage calculators—whether you're buying, refinancing, or tapping home equity.
1This offer is effective as of August 11, 2023 but may change at any time and without notice. The Mortgage Rate Float-Down option is available for conventional loans for first time home purchases, or refinances of conventional mortgage loans. This option is not applicable for non-conventional mortgage loans, including VA and FHA, or for home equity or HELOC loans. This feature is subject to a minimum interest rate. Only one request may be submitted per application. Float-Down option must be exercised prior to the mortgage application being submitted for underwriting. Applicant will not receive financial payback for the difference of the rate float down.
We do business in accordance with the Equal Credit Opportunity Act. Must be a member of the credit union to open any loan account. Rates, terms and conditions vary based on creditworthiness and qualifications and are subject to change. Additional restrictions may apply.
*APR = Annual Percentage Rate.