Conventional Loans

We'll help you dig into the details and make the right choice.

What do you value in a home? Beyond style, you're looking for solid and sturdy. Same goes for a mortgage. At ALLIANCE, we're ready to help you choose a fixed- or adjustable-rate loan that fits both your right-now finances and your down-the-road future.

Fixed-Rate Mortgages

Perfect for people in Lubbock, TX and surrounding counties who don't like surprises, these mortgages feature a constant interest rate and monthly payments that never change.

• Choose between terms of 10, 15, 20 or 30 years.
• Shorter loans generally have lower interest rates, but higher monthly payments. They also allow you to pay off your loan twice as fast.
• Longer loans generally come with higher interest rates but lower monthly payments.
• Fixed-rate loans are often a good choice if you plan to stay in your home for seven or more years. If you plan to move again before that, you may want to look into adjustable-rate options.
• Refinancing options are available.
• Work with an experienced credit union loan professional who can help figure out which type of loan will work to your advantage.
• Mortgage interest payments are often tax-deductible. Consult your financial advisor.

Adjustable-Rate Mortgages

With lower initial rates and reduced monthly payments for several years, an ARM can give you more financial flexibility and put homeownership within reach.

• ALLIANCE offers three types of adjustable-rate-mortgages (ARMS) - 3/1, 5/1 or 7/1.
• The first number is the number of years that you benefit from a lower rate.
• After the introductory period ends, rates may be adjusted annually over the remaining years of these 30-year loans. Your rate could go up or down, depending on economic conditions.
• Rate caps limit how much your rates can increase in any one year or over the life of the loan.
• ARMs can be good choices for people who expect to move (or refinance) before or shortly after the rate adjustment occurs.