You have some decisions to make. We'll be right there to help.

With all the great real estate choices in West Texas, it might take you a while to decide what type of house you want to buy and exactly where you want to live. However, when it comes to getting a mortgage that will make your dreams come true, you only need to make one stop. ALLIANCE Credit Union offers a wide range of fixed-rate and adjustable-rate mortgages (ARMs) that save you money with low interest rates and closing costs.

Plus, our Down Payment Financial Assistance Program can get you into a new home with as little as $0 down at closing, while our Veterans Affairs (VA) Loan Program offers the lowest VA interest rates in West Texas.

How do you choose between all these attractive alternatives? Our friendly mortgage loan officers are happy to explain all the details and help you make a choice that, just like your new house, you can happily live with for years to come.

NMLS# 440863

  • This 30-Year Fixed Rate Mortgage features a constant interest rate and monthly payments that never change.
  • This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate mortgage (arm) loans are usually cheaper.
  • As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans.
  • When interest rates are low, fixed-rate loans are generally not much more expensive than adjustable-rate mortgages. They may be a better deal in the long run, because you can lock in the rate for the life of your loan.
  • This 15-Year Fixed Rate Mortgage loan also features constant monthly payments.
  • It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast.
  • However, with a 15-year loan, you commit to a higher monthly payment.
  • Many borrowers opt for a 30-year loan and voluntarily make larger payments that will pay off their loan in 15 years. This is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.
  • These increasingly popular Adjustable Rate Mortgages (ARMS)—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans.
  • For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into an adjustable-rate loan, based on then-current rates, for the remaining 25 years.
  • These types of loans are good choices for people who expect to move (or refinance) before or shortly after the rate adjustment occurs.

Want to apply for a low-rate mortgage with ALLIANCE Credit Union? Apply online or at one of our conveniently located branches in Lubbock, Texas.


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