About our Adjustable Rate Mortgage (ARM) Loan
Looking for a lower initial payment? Want to qualify for a higher loan amount? Or, perhaps you only plan to live in your home for a limited number of years – if you answered “yes” to any of these questions then you may want to consider an Alliance Combo ARM. Depending on the loan that you choose, rates are fixed for the first 3, 5, 7 or 10 years. After the initial fixed-rate period, the loan may adjust and the loan payment could go up or down. We service your loan personally and hold it in our own portfolio. If you need assistance deciding, please use our mortgage calculators to compare terms.
Special Alliance Features:
- No escrow account required for taxes or insurance
- No private mortgage insurance (PMI)
- No discount points
- 30-year amortization schedule
- All loans have 5% rate increase cap, whereas most lenders have a 6% cap.
Adjustable Rate Mortgage (ARM) Options
Why choose an Adjustable Rate Mortgage (ARM) Loan?
You are looking for a lower initial payment
Only planning on living in your home for a limited number of years
Want to qualify for a higher loan amount
3, 5, 7, & 10/1 Combo Adjustable Rate Mortgage (ARM) Loan
With our Combo ARMs, your payment won’t change for the term selected of the loan and then the rate can change each year based on market conditions, subject to the specific terms of the loan. The repayment term for this product is 30 years.
3/3 Combo ARM
With our 3/3 Combo ARM Mortgage, your payment won’t change for the first three years of the loan and then the rate can change every three years based on market conditions, subject to the specific terms of the loan. The repayment term for this product is 30 years.
Fixed Rate Mortgages
Alliance also offers fixed-rate mortgages with 10, 15, 20, 25 and 30 year terms. Rates change daily, so please call 636-343-7005, option 3 for today’s rates. Rates are determined by the current value of your home and other qualifying criteria.
Why choose a Fixed Rate Home Loan?
- Want the security of knowing that market rates will not change your monthly payment
- Plan to stay in this home for at least 10 years
- Think interest rates will increase
Jumbo Home Loans
Alliance Credit Union does not mark up their rate on Jumbo Loans, like most other lenders. That means you get the same low rate for loans $802,650 and greater.
Other Mortgage Options:
First-Time Homebuyers
First-time homebuyers can now buy a new home with just 5% down. With this new program, first-time homebuyers pay no lender fees and do not have the responsibility of paying hundreds of dollars each month in mortgage insurance. Unlike our competitors, Alliance will cover the processing fee, appraisal fee, credit report fee, and flood certification. This is a savings of over $1,400. Our First-Time Homebuyer’s Program is also available for buyers who have not owned a home in three years. If you have any questions about our new First-Time Homebuyer Program, please call one of our Home Loan Specialist today at 636-343-7005, option 3.
Home Equity Loans
Use the equity in your home to get the cash you need. You can use the funds for any purpose. Home equity loans are great for consolidating debt.
Mortgage Calculators
- Mortgage Loan Calculator
Use this calculator to determine your monthly payment and amortization schedule. - Refinance Interest Savings
Use this calculator to see how much interest you can save by refinancing your mortgage! - APR Calculator for Adjustable Rate Mortgages
Use this calculator to find the APR on your adjustable rate mortgage. - ARM & Interest Only ARM vs. Fixed Rate Mortgage
Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM. - Fixed Rate Mortgage vs. Interest Only Mortgage
Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage. - Maximum Mortgage
Use this calculator to determine your maximum mortgage and how different interest rates affect your how much you can borrow. - Mortgage Comparison: 15 Years vs. 30 Years
Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you. - Mortgage Calculator for Purchase Price and Down Payment
Use this calculator to estimate your mortgage payment with taxes and insurance (PITI) when you know the purchase price and down payment amount. You can also calculate your interest, principal balances, prepayment savings and generate an estimated amortization schedule. - Mortgage Payoff
Save thousands of dollars in interest by increasing your monthly mortgage payment. - Rent vs. Buy
Are you better off buying your home, or should you continue to rent?
Have Questions?
Call a Home Loan Specialist at (636) 343-7005, option 3 or visit a branch near you. We’re happy to answer any of your questions!
Our NMLS number is 402567.