mortgages

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 service center in person
• Contact a Mortgage Loan Representative

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 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.