A woman sits on her living room floor in her new home surrounded by moving boxes.

Interest rates can change at any time.
Take advantage of ALEC’s low home
rates today.

Apply Now

Free Up More Cash

Lock in a low fixed interest rate for the first part of your loan. Then enjoy a competitive variable rate thereafter.

With an adjustable rate mortgage (ARM) from ALEC, you can take advantage of a predictable fixed rate for a specified term at the beginning of the life of the loan.

ARMs are a popular type of mortgage with buyers who think there’s a good chance they may sell their home within the initial fixed-rate period, when the rate is often its lowest. ARMS are different from fixed rate mortgages. After the initial interest rate period, you’ll pay a variable rate that is tied to a specific financial index plus a margin. The interest rate adjusts semi-annually for the remainder of your loan term.

Learn more about the benefits that come from:

Low Fixed Rate for Initial Term

Then, a variable mortgage rate that adjusts periodically for the remainder of the term

Multiple Terms Available

Fixed-period ARMs of 3, 5, 7, and 10 years

No Prepayment Penalties

Don’t pay fees for paying your mortgage ahead of schedule

Jumbo ARMs Available

Afford a higher-priced home with manageable initial payments


House Hunting Made Easy

Buying a home can be stressful, especially for first-timers. It’s normal to have a lot of questions and concerns at the outset. That’s why ALEC has streamlined the search for the perfect home, making it as hassle-free as possible from start to finish.

With our Real Estate Center, you can find a home and real estate agent through HomeAdvantage®. Find local agents and receive alerts when properties you will love are on the market. Even better, when you buy through HomeAdvantage®, you could qualify for a cash reward at time of closing.

This is an ideal low-pressure way to search for your dream home, find a trustworthy real estate agent, and more!


Real Estate Center


Visit our Online Mortgage Center for today's rates and to get your Personalized Quote



Use our calculator to see how ALEC can save you money

$
$
3.125
Est. Monthly Payment: 0


* Rate and payment example are for illustration only. This monthly payment example is based on principle and interest only and does not include PMI, taxes, insurance, or other applicable escrows. Actual payments may be greater. All loans subject to credit approval. Please visit Check Rates for your personalized rate quote.

Applying Is Quick and Easy!

Step

1
Apply Online

Start a new application, and begin filling in information. Revisit it later and finish it at your convenience.

Step

2
Sign Your Loan

Agree to the loan amount, rates, and terms.

Step

3
Begin Your Fixed Rate Period

Whether it’s a 3, 5, 7, or 10 year ARM, you’ll begin paying your fixed rate before switching to variable.


Get Started


ALEC Adjustable Rate Mortgage FAQs

Yes, applying for a mortgage loan before you find a home is actually an excellent idea.

When you apply for a mortgage before you’ve found a property, ALEC issues an approval subject to you finding a home to purchase, instantly issuing a pre-approval letter.

With a preapproval letter, real estate brokers and sellers will know that you are dependable as a qualified buyer. Being pre-approved for a mortgage can give more weight when you put in an offer on a house.

Once you find the right home for you, all you have to do is call an ALEC Mortgage Loan Officer, and it’s time to complete your application. You can lock in your great rate, any accompanying fees and closing costs, and we’re ready to complete the processing of your request.

There aren’t any up-front application fees associated with ALEC online mortgage applications.

Yes, you need to be a member to qualify for our competitive interest rates and other member benefits.

Once you’ve determined that you meet our eligibility requirements, you can apply to join online in a matter of minutes!

You can be one of the over 31,000 members of the ALEC family. We make it easy for you, even providing a switch kit to help you bring over your accounts from your previous financial institution.

For our new members, there is a New Member Center to help you get started, learn about our products and services, and access useful resources.

The better your credit score, the better your interest rates, which can mean more affordable monthly payments. If you want to get in better financial shape before you apply for a mortgage, ALEC can help.

See our financial education resources for building your credit.

We also offer Select™ Visa® Credit Cards that come with low spending limits in order to help users establish and build credit. They come with great ALEC rates that all of our members enjoy!

With a Savings Secured Loan, you can use your savings as collateral and build your credit with a fixed-rate loan and flexible terms.


More ALEC Loan Options

When it comes to borrowing, ALEC members have a variety of options to choose from.

Home Equity Loan

Put your home’s equity to work for you with this loan to fund that big, one-time purchase.

HELOC

Borrow what you need, when you need it, using your home’s equity to establish a flexible line of credit.

Personal Loan

Pay off high interest rate credit cards or invest in home improvements.


Have questions? We're here to help.