mortgages
The perfect home deserves the perfect loan.
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
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.
When you’re ready, so are we.
Want more information? Fill out the form and select which option you're interested in or submit any questions you have. An ALEC loan representative will then contact you to provide knowledgeable answers and assist with your loan application process.
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
With ALEC's HomeAdvantage program, connect with top agents, who are here to help you find your dream home2. Plus, receive a cash reward just for buying or selling a home3. Best of all, the program is free for all members to use.
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.
FAQs
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.
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
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.
- 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.
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.