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The perfect home deserves the perfect loan. With many great options, you can choose the mortgage that meets your individual needs for a new home or investment property. We can help you find the loan that best aligns with your finances, life goals, and your future plans.

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.

adjustable rate mortgages

You want a lower rate upfront or if you plan on moving in a predetermined time frame. Typically, it has a lower starting rate than fixed-rate mortgages, then adjusts to a variable rate after the initial period.

Extended Rate Lock

With ALEC’s extended mortgage rate lock program, members can lock and protect their rate for up to 120 days*. 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 ALEC.* Please fill out the form below, and we will be in touch with you within one business day.

* Submission of this form does not guarantee rates.

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.

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

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

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!

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*!!

real estate center

Through our HomeAdvantage® program, we help you navigate the home-buying process, from researching the market to finding a real estate agent.

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.


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.

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, including:

  • Rate Watch lets you enter in your desired loan features, and we email you when rates are favorable.
  • 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.

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.

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

* 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.