Mortgage Loans

We offer borrowers a range of options when it comes to applying for your mortgage.

• Online
• Visit an ALEC service center in person
• Contact a Mortgage Loan Representative

As your mortgage lender, ALEC offers mortgage terms from 10 years to 30 years on its fixed rate loans.

For our adjustable rate mortgages (ARMs), we offer fixed-period ARMs of 5, 7 and 10 years. Jumbo loans are also available with our ARMs.

ALEC does not offer government down payment assistance programs, nor do we offer Federal Housing Administration (FHA), land, or commercial loans. ALEC does not offer construction financing, however, ALEC can provide permanent financing once the home is at or near completion.

While ALEC lends in all 50 states, fixed second mortgages and home equity lines of credit are only available in IL, MN, OH and WI.

Our mortgage loans come with low closing costs and no prepayment penalties. Fees vary depending on transaction type (purchase/refinance) as well as other factors such as property type, location, and down payment.

For additional information on fees, please contact your Mortgage Loan Officer.

With our mortgage loan calculators, you can see what your monthly payments are likely to be. Simply enter in relevant information, and we’ll do the rest!

Depending on your loan type, your loan may be serviced by our servicing partner LoanCare. You will receive a welcome package within 4 to 6 weeks after closing with instructions on how to make payments, track loan balance, and view documentation. Contact them at 855.803.5177.

ALEC offers a range of financial tools available to members to get the best home loan deal available to them, including:

• Rate Watch lets you enter in your desired loan features, and we email you when rates are favorable.
• Use our Mortgage Tax Calculator to determine what savings are available on your interest payment deductions.
• Use our Mortgage APR Calculator to determine the Annual Percentage Rate (APR) for your mortgage.
• Use our Adjustable Rate Mortgage Calculator to determine what your adjustable mortgage (ARM) payments may be.
• Use our Mortgage Comparison Calculator to compare between a 15 and 30 year mortgage.
• Use our Mortgage Points Calculator to see how buying points can reduce your interest rate, which in turn reduces your monthly payment.
• Use our Mortgage Refinance Calculator to determine if refinancing your mortgage is a sound financial decision.
• Use our Reverse Mortgage Calculator to help determine the balance of a reverse mortgage.