Tap into the value of your home

Looking to renovate your home or consolidate debt? A home equity loan or home equity line of credit (HELOC) from Alliant can help you leverage your home's value.

Credit Union Home Equity Loan
The Run Down
  • Borrow up to 90% of the value of your home
  • Terms from 5-15 years
  • No closing costs or appraisal fees
  • No annual fees
  • Quick approval process
Rates
4.000 %
APR
As Low As
180 mo. Max Term
Credit Union Home Equity Loan

APR=Annual Percentage Rate56

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Home equity 101

What is home equity? Home equity is the difference between your home's market value and the remaining balance on your mortgage.

If you own a home and have been making payments on your mortgage for years, then you may have built up a significant amount of equity. With a home equity loan or home equity line of credit, you can borrow against the value of your home. This could be a good strategy for you if you need to get extra money to pay for a large expense.

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There are two ways to get value from your home

The right home equity loan type depends on your situation and your needs. Compare options:

Home equity loan

You'll receive a one-time lump sum loan payout.

Home equity line of credit (HELOC)

​You're able to borrow from your home as a line of credit, similar to borrowing with a credit card. You can borrow what you need, as you need it, up until you reach your credit limit.

Available in most states

Alliant Credit Union Home Equity Loans and Home Equity Lines of Credit (HELOC) are available in multiple states including Illinois, California, and Texas (Home Equity Loans Only), among others. 

Save money on fees

You hate fees and so do we. There are no closing costs, application fees, appraisal fees, or annual fees.

Get the right type of home equity product for you

A home equity line of credit (HELOC) or home equity loan is a great way to leverage the value of your home and ensure you have funds available for whatever you want, such as home repairs and improvements, a new car, or even a vacation home. We’re always here to help. Call an Alliant home equity expert at 800-328-1935. We’ll guide you toward the perfect loan for your unique situation.

HELOC

Rate
as low as 4.000% (variable) 47
Quick Summary

Borrow funds as you need them, up to your line of credit amount ( up to 90% of the value of your home)

Max Term

180 months

Consider If

You anticipate needing funds over time. Example uses:

  • ongoing medical expenses
  • home improvements

HELOC (Interest-Only)

Rate
as low as 4.000% (variable) 45
Quick Summary

Borrow funds as you need them up to your line of credit amount, but only pay back the interest and the amount of principal you choose; loan period of seven years

Max Term

84 months (balloon)

Consider If

You anticipate needing funds over time, and you don’t have the ability to make larger payments on the loan now. Example uses:

  • ongoing medical expenses
  • home improvements

Home equity loan

Rate
as low as 5.500 to 6.500% (fixed) 46
Quick Summary

Borrow up to 80% of your home equity and get a one-time payment

Max Term

60, 120 or 180 months

Consider If

You need a specific amount for an immediate need.  Example uses:

  • buying a car
  • major home renovation

Home Equity Loan Rates

Home Equity Loans Rate 5.500 to 6.500 %
Home Equity Line of Credit Rate 4.000 %
Home Equity Line of Credit Interest Only 4.000 %

APR=Annual Percentage Rate56

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Home Equity Loan FAQs

Why do I need a home equity loan?

Everybody has unexpected expenses, cash shortfalls, home repairs or large purchases to make. Instead of cashing in stocks or other investments that may increase in value over time, you can use the equity in your home to open an Alliant Home Equity Line of Credit (HELOC) or home equity loan. You’ll get a low interest rate and the flexibility of low monthly payments, too.

How do I choose between the different home equity products?

Each type of product has specific advantages. For example, the home equity line of credit (HELOC) gives you the flexibility to use the funds on an “as-needed” basis. On the other hand, the home equity loan gives you a one-time draw with a fixed rate that is especially useful for a large initial purchase. Consult with an Alliant Home Equity Specialist to find the loan that’s right for your situation.

How much equity do I need in my home to take out an Alliant Home Equity Loan or HELOC?

The amount of equity you currently have in your home will determine the Home Equity Line of Credit (HELOC) limit or Home Equity Loan value. Consult with an Alliant Home Equity specialist to determine your estimated credit limit or loan value amount.

What situations would an Alliant Interest-Only Home Equity Line of Credit be good for?

An interest-only Home Equity Line of Credit may be right for you if:

  • Your property is experiencing high value appreciation.
  • You’re self-employed or have variable income.
  • You expect your earnings to increase significantly in a few years.
  • You know you’ll be moving soon and want to use the equity in your home.
Do you offer a debt protection plan?

Yes, we offer a debt protection benefit plan in the event of death, disability or involuntary unemployment. Learn more or speak to your Loan Consultant for additional details.

Have a Question?

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