Mortgage Rate Float-Down Option

New! Now Available for Conventional First Purchase and Refinance Mortgages
  • A new way to save money
  • Assistance for rate adjustments
  • Conventional purchase or refinanced mortgages

New! Now Available for Conventional First Purchase and Refinance Mortgages

We are offering members a new way to save money when purchasing or refinancing their home loan at Andrews Federal. Our new Mortgage Rate Float-Down Option is designed to help members navigate the rising costs of homeownership and get the best option for their money when they finance their home. 

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. 

How do I request an adjustment? 

Watch the interest rates for your loan type - you can monitor them on our rates page. If you see a rate lower than your locked rate from the date of application, reach out to your loan officer and tell them you’d like to take advantage of the new lower rate!


  • Save money with reduced interest rates
  • Lock your interest rate with confidence, knowing you’ll have the chance to adjust if the opportunity arises
  • No charges, fees or points to use the Float-Down Option – it’s a free benefit we are offering members to support you in the homeownership process


  • You may only request one Mortgage Rate Float-Down Option per application.
  • This offer is only available for conventional first mortgages. It is not applicable for non-conventional mortgage loans, including VA and FHA, or for home equity or HELOC loans.
  • The program is ongoing, but may be discontinued at the credit union’s discretion.


Go here to learn more about our eligibility requirements.

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

No, you are welcome to apply for a loan before you've become a member. Once you've been approved for the loan, membership is required($5 minimum in Savings) for the loan to be disbursed.

Principal Only Payments are available on mortgage loan products only. Consumer loans are not eligible for principal only payments. On consumer loans, interest accrues daily. 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.)

Follow the instructions below for an easy way to calculate the interest on your loan.

  1. Multiply the unpaid balance times the interest rate.
  2. Multiply the answer obtained in step one times the exact number of days between the loan disbursement (if the 1st payment) or payments.
  3. Divide the answer obtained in step two by 365 (number of days in a year) and this will equal the interest charged as reflected on your statement.

Good News: 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 make additional payments to the loan at any time, however they will first satisfy any interest accrued and then they will go to any fees and then the principal.

90 Days No Payment

New! Defer Your First Payment

Defer your first payment up to 90 days when you finance by June 30, 2024