If you would like to request a mortgage loan deferral due to financial hardship click here.
Mortgage modification & servicing
For members with an existing Credit Union mortgage, a dedicated team can assist with any mortgage-related questions you have. As the market and your budget change with time, it might be in your best financial interest to review your current mortgage. The Mortgage Servicing Department can work with you to change the terms of your mortgage, in addition to answering payment or billing questions.
Call us at (800) 533-0035, Ext. 4210, or email us at mortgageservicing@aacreditunion.org to get started.
MORTGAGE RATE MODIFICATION
In a constantly shifting market, flexibility is key. We're here to help you lower the interest rate on your mortgage when it benefits you most.
Who it's for: A modification is ideal for members with an existing Credit Union mortgage who would like to change their interest rate, typically due to market or budget changes.
Advantages: With a rate adjustment, monthly payments will change. If you bought your home in a time when interest rates were higher, this could be an option to get a lower rate.
Things to Know:
- Fixed- and adjustable-rate mortgages are eligible for modification. Home Equity Lines of Credit (HELOCs) aren't eligible.
- Interest rate modifications will only be performed upon a member’s request and according to the Credit Union’s modification program policy in effect at the time of the request.
- Modified rates may take up to two payment cycles before they're in effect.
How it works: You can change the type, rate and payment of your mortgage. Your new interest rate will be the Credit Union’s current rate in effect for the mortgage loan program (i.e. adjustable rate or fixed rate) you choose on the date your modification request is received by the Credit Union.
A modification fee* will be charged each time an interest rate modification is performed:
• For a fixed-rate mortgage, the fee is 1% of the principal balance.
• For an adjustable-rate mortgage, the fee is 0.5% of the principal balance.
ADDITIONAL RESOURCES
Modification may not be the best answer for your situation. For some, a rate and term refinance may be a better option. If you need to tap into your home's equity, you may want a cash-out refinance or a HELOC.
Learn more about refinance options.
Mortgage Rate Modification FAQ
- For a fixed-rate mortgage, the fee is 1% of the principal balance.
- For an adjustable-rate mortgage, the fee is 0.5% of the principal balance.
Your interest rate will be the Credit Union’s rate in effect for the mortgage loan program (i.e. adjustable rate or fixed rate) you choose on the date your modification request is received by the Credit Union, or the date your modification documents are sent to you (whichever is lower).
If your request is received during the first 20 calender days of the month, typically your rate is effective on the next regularly scheduled payment. Otherwise, the update will take effect on the second regularly scheduled payment date after your request is made.
Yes. The fee is as follows:
Modfication fees cannot be addded to the loan. Only your current balance can be modified.
No. Discount points (fees paid in exchange for a rate reduction) are not permitted with interest rate modifications.
If you have a 30-year mortgage, with fewer than 180 months left, you can modify to the current 15-year rate. Otherwise, your rate can be modified to the current 30-year rate. View our rates for more details.
No. A new appraisal is not required.
You can modify your mortgage as many times as you want provided that your account is in good standing. The modification fee will apply each time. There is an exception for a cash-out refinance in Texas. Check with us to see if yours qualifies.
HELOCs aren't eligible for interest rate modifications.
You may refinance your mortgage. To learn more, contact a mortgage specialist at (800) 533-0035, Ext. 4210.
MORTGAGE SERVICING
After you've closed on your loan, the Mortgage Servicing team handles all mortgage-related questions. You'll always be able to contact us with any questions during the life of your loan. You can get help with questions related to mortgage payments, taxes, insurance or documentation of your loan.
Call us at (800) 533-0035, Ext. 4210, or email us at mortgageservicing@aacreditunion.org.
Mortgage Servicing FAQ
Send payments to:
American Airlines Federal Credit Union
P.O. Box 155489
Fort Worth, TX 76155-0489
To pay with online banking, select "Pay Cards & Loans" from the menu. When you reach the "Payment Type" of the form, select "Principal Only" or "Payment with excess to Principal."
For mailed payments, be sure to include a note requesting to have the excess applied to your principal.
When the loan-to-value ratio (LTV) gets below 80%, PMI will be dropped from your mortgage loan. Your next payment will automatically update to reflect the new amount.
You can potentially change your rates or payments with a rate modification (see above) or refinance.
If you find yourself struggling to make your mortgage payments on time, our Financial Wellness Department coaches and advocates are here to help you with any budgeting assistance.
Learn more about Financial Wellness.
To request a payment deferral, send an email to mortgageservicing@aacreditunion.org and include an explanation of why you need relief. We'll evaluate your hardship request to determine if you qualify for a two-month payment deferral. If approved, requests received by the 20th of the month can be effective for the next month’s payment.
You may also contact the Mortgage Servicing Department at (800)533-0035, Ext. 4210.
While your principal payment and interest will not change in a fixed-rate mortgage, your payment could increase if you have an adjustable-rate mortgage or if your mortgage is escrowed. Taxes and insurance typically change on an annual basis and can affect your total payment.
When you're ready to make your final mortgage payment, please call us at (800) 533-0035, Ext. 4210, or email us at mortgageservicing@aacreditunion.org. Our team can provide you the final payoff amount which includes any prorated interest and lien fees.
Our team will help you determine the requirements for your exact situation. Call us at (800) 533-0035, Ext. 4210, or email us at mortgageservicing@aacreditunion.org.
You can email your updated policy information to mortgageservicing@aacreditunion.org.
An escrow account isn't required. Talk to a mortgage service representative at (800) 533-0035, Ext. 4210, or email us at mortgageservicing@aacreditunion.org.
Home loans made for you
Home loans made for you
* Not all loan programs are eligible. Must be a member in good standing. There are no principal payments in the month of modification. The fee schedule is subject to change without notice. The minimum fee for a modification is $500 with no maximum cap. Contact the Credit Union for more info.
