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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.

Special Alliance Features:

  • No escrow account required for taxes or insurance
  • No private mortgage insurance
  • No discount points
  • 30-year amortization schedule
  • All loans have 5% rate increase cap, whereas most lenders have a 6% cap.

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 $424,100 and greater.

Types of Adjustable Rate Mortgage (ARM) Loan Offered

Alliance Credit Union offers a variety of loan programs to meet your needs. Some products may be serviced by Alliance.

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.

5/5 Combo ARM

With our 5/5 Combo ARM Mortgage, your payment won’t change for the first five years of the loan and then the rate can change every five 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

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 $595 Processing Fee, the $33.50 Credit Report Fee ($19.75 for individuals) and the $14 Flood Certification. 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.

FHA Loan

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). FHA loans are popular with borrowers because of their lower down payment requirements, less stringent lending standards and lower rates.

VA Loan

VA loans are home loans for the purchase or refinance of a primary residence available to members who have served or are presently serving in the U.S. Military.  You may be eligible if you are active duty, a veteran, in the reserves or national guard or a possibly a surviving spouse.  Some features of the product are 0% down on purchases, no mortgage insurance, low rates, prepay with not penalties, cash out up to 90% of the value of your home, and many more benefits.

USDA Loan

USDA loans are designed for purchase of a primary residence in a rural area.  The program allows for 100% financing on a 30-year fixed loan as long as the property is located in a qualifying rural area.  Yes, first-time homebuyers are welcome; and the best part is there is no maximum purchase price!  There are some restrictions and qualifying factors so call an Alliance Mortgage Specialist today to see if you qualify.

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!

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