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mortgages

The perfect home deserves the perfect loan.

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Your dream home deserves the perfect mortgage.

Open the door to this
limited time offer.

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%.
1 Property 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.
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fixed rate mortgages

You want to lock in a great rate and enjoy predictable payments over the life of your loan. Your interest rate and monthly principal and interest (P&I) remain constant.

Learn More About Fixed Rate Mortgages

adjustable rate mortgages

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.

Learn More About Adjustable Rate Mortgages

Extended Rate Lock

With ALEC’s extended mortgage rate lock program, members can lock and protect their rate for up to 120 days1. 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.
Extended Rate Lock

Contact Information

Thank you for your interest in a mortgage loan with ALEC2. Please fill out the form below, and we will be in touch with you within one business day.
 

I am interested in receiving further information on: *

Make the dream of homeownership a reality with the benefits of an ALEC Mortgage.

For future homeowners looking for mortgage loans, ALEC makes the mortgage process smooth and affordable.

Great Rates and Service

Enjoy affordable interest rates and personalized attention from our loan officers.

Find a Real Estate Agent

Need a real estate agent? The HomeAdvantage® program has some of the best local agents to help you buy and sell!

Search for a Home

Find your next home by searching available listings made available through HomeAdvantage. Then save your favorite searches and get email alerts when new properties pop up!

Receive Cash Reward

Buy or sell your home with a HomeAdvantage real estate agent and get a Cash Reward at closing — the average Cash Reward is $1,600.

Experience the best of an ALEC mortgage.

real estate center

With ALEC's HomeAdvantage program2, connect with top agents, who are here to help you find your dream home3. 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

first time home buyer program

Buying a home can sometimes be stressful and confusing. Get answers to your questions, so you can secure your first home loan with confidence. ALEC offers a variety of mortgage products to fit your personal needs. Our Mortgage Loan Originators will be happy to discuss your options and opportunities.

Learn More About Our First Time Home Buyer Program

FAQs

What loan terms are available?

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.

How can I apply for a home loan?

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

  • Online
  • Visit an ALEC Branch in person
  • Contact a Mortgage Loan Representative using the form above
Are there any restrictions on ALEC home loans?

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.

Are there any additional fees associated with an ALEC mortgage?

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.

How can I get an idea of what my loan payments will be?

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!

Who is LoanCare?

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.

What are some additional resources I can use to make informed decisions about taking out a mortgage?

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

  • Visit our Buying a Home page to get expert advice when shopping for a home. 
  • Use our various Mortgage Calculators including: 15 vs. 30-Year Mortgage, Adjustable Rate Mortgage, Biweekly Mortgage, Home Rent vs. Buy, Mortgage Payoff, Mortgage Points, Mortgage Qualifier, Mortgage Refinance, and Mortgage Tax Savings.
  • Just want to check out mortgage rates? Click here for daily quotes. 

Have questions? We're here to help.

Start Your Application

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 Mortgage Calculator to help determine what your payments might be.

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

1. 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.
2. 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.
3. 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.