adjustable rate
mortgages

A mortgage that moves with you.

Your dream home deserves the perfect mortgage.

Whether you have a mortgage elsewhere or you're getting ready to purchase your dream home, take advantage of this limited-time offer and secure a rate you'll feel great about.

ALEC Mortgages feature:

4.875% APR* on 3/6 adjustable-rate mortgage loans¹
No prepayment penalties
Low closing costs² with no hidden fees
Fast approval when you apply online
Offer Available in all 50 states
Apply today to take advantage of this great rate³

Hurry! Apply today to lock in this special low rate**. Click the button below to apply online or stop in to your nearest ALEC Branch. You can also contact an experienced ALEC Mortgage Loan Officer at 800.762.9988, ext. 614.

*APR = Annual Percentage Rate. The promotional rate as low as 4.875% APR is being offered for 3/6 adjustable-rate mortgage loans. The introductory period is 3 years with rate adjustments every six months after the introductory period. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for the lowest rate. No discounts available on promotional rate. New mortgage loans only. Existing ALEC loans are not eligible to refinance for this promotional rate. Maximum loan to value is 90%.

¹Property must be owner occupied and a single-family home. Borrowers are required to have homeowner’s insurance on the property.

²Applicants will be notified of total closing costs associated with the loan request.

³ Loan must close within 60 days of the application date to receive the advertised loan rate.

** This offer is available for a limited time and may end at any time at the credit union’s discretion.

NMLS# 421478. View a complete list of NMLS numbers here.

apply now

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.

Benefits of an adjustable rate mortgage include:

Low Fixed Rate for Initial Term

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

Multiple Terms Available¹

Fixed-period ARMs of 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

With ALEC’s extended mortgage rate lock program, members can lock and protect their rate for up to 120 days². Take advantage of today’s rates even if you are protected from the unexpected. Lock in your mortgage interest rate and give yourself extra time to buy knowing you have locked in today’s rate while you look for your dream home. This program is only available with an Adjustable Rate Mortgage.

Extended Rate Lock Program details:

No upfront fee
Lock a rate before you go to contract.
If rates go down, you’ll still be able to take advantage of that lower rate.

Contact Information

Thank you for your interest in a mortgage loan with ALEC.³ Please fill out the form below, and we will be in touch with you within one business day.

Experience the best of an ALEC mortgage.

With ALEC's HomeAdvantage program⁴, connect with top agents, who are here to help you find your dream home⁵. Plus, receive a cash reward just for buying or selling a home. Best of all, the program is free for all members to use.

Learn More

Mortgage Amount

Down Payment

Payment Period

Interest Rate

Est. Monthly Payment:$0

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

Apply Online

Can I apply before I know what type of property I want to purchase?

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.

Are there any fees associated with an online application?

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

Do I need to be an ALEC member to qualify for their great rates and user-friendly products and services?

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! Do you have a family member or know a co-worker who would like to enjoy our great rates? You can refer them for a membership.

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.

I want to buy a home, but I’d like to build or improve my credit first. Does ALEC have any products or services to help me improve my credit score, so I can get a great rate on a home loan?

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.

Other Mortgage and Equity Products

Home Equity Loans

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.

Fixed Rate Mortgage

Lock in a great rate and enjoy predictable payments over the life of your loan.

Have questions? We're here to help.

Start Your Application Today

Use Our Mobile App

Visit a Branch

Call 800.762.9988

Are you looking for a helpful, step-by-step guide to buying a home? The Consumer Financial Protection Bureau has created Your Home Loan Toolkit. This booklet can help you make better choices on your journey to homeownership.

Try our Adjustable Mortgage Calculator to help determine what your payments might be

NMLS# 421478. View a complete list of all other NMLS numbers.

1. Please note, ALEC only offers the following Adjustable Rate Mortgage (ARMs) terms: 5/6, 7/6, and 10/6.

2. Extended Lock Option: Program will allow the interest rate to increase by a maximum of 50 bps (0.50%) above the stated rate. This stated rate along with a maximum of 50 bps (0.50%) increase will be guaranteed 120 days from the date of the agreement. Upon submitting an executed purchase agreement, the borrower has the option to lock in the rate per this agreement, select current market rates, or select an alternative loan program. To lock in a rate, borrowers must contact an ALEC mortgage loan originator. Borrower(s) may lock in by telephone, email or in person, Monday through Friday, during normal business hours. Once you have entered a contract and a lock-in has been requested, a new lock-in agreement will be prepared and given to the borrower(s) directly or sent by first class mail within three (3) business days. Maximum loan amount is $2,000,000.

3. Submission of this form does not guarantee rates.

4. The HomeAdvantage program is made available to you through a relationship between ALEC and HomeAdvantage. Program rebates are awarded by HomeAdvantage to buyers and sellers who select and use a real estate agent in the HomeAdvantage network of approved agents. Home buyers or sellers are not eligible for the rebate if they use an agent outside this network. Using ALEC for a mortgage is not a requirement to earn a rebate. Rebate amounts are dependent on the commissions paid to the agent. Your credit union may have specific rules on how your rebate will be paid out. Rebate incentives are available in most states; however, are void where prohibited by law or by the lender. Please consult with your credit union to get details that may affect you.

5. States and/or major metropolitan areas included in the HomeAdvantage program include: AL, AZ, CA, CO, DC, DE, FL, IL, KS, MA, MD, MI, MN, MO, NC, NH, NM, NV, NY, OH, PA, TX, VA, WI, and WV. New cities, states and real estate agents continuously join the program. If you do not see the area you’re interested in, contact HomeAdvantage at 800.203.9014, ext. 1. Terms and disbursement of rebates vary by state.

adjustable rate
mortgages

Open the door to this
limited-time offer.

ALEC Mortgages feature:

start smart with your rate.