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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.
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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.
The right home equity loan type depends on your situation and your needs. Compare options:
You'll receive a one-time lump sum loan payout.
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.
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.
You hate fees and so do we. There are no closing costs, application fees, appraisal fees, or annual fees.
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.
Borrow funds as you need them, up to your line of credit amount ( up to 90% of the value of your home)
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
Borrow up to 80% of your home equity and get a one-time payment
84 months (balloon)
60, 120 or 180 months
You anticipate needing funds over time. Example uses:
You anticipate needing funds over time, and you don’t have the ability to make larger payments on the loan now. Example uses:
You need a specific amount for an immediate need. Example uses:
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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.
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.
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.
An interest-only Home Equity Line of Credit may be right for you if:
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.
Want to know more about this product? Search our friendly help guide!
Having a checking and savings account for years at Alliant, I thought this HELOC would be an easy, quick process. Applied Feb 5th online. Learned the following week that the paperwork was sent by Alliant to the wrong address. Once that was corrected, I returned the paperwork the next day after receipt. Numerous phone calls and emails later, finally had account funded yesterday (March 16th), nearly six weeks after the original application. When the website states "generally take 2 to 4 weeks to complete from date of application to date of funding", I would certainly have tempered expectations that it will happen in that time frame. With so many other options, several with better rates, I would have gone elsewhere if I knew how long it would take.
Don't see how I can recommend this bank as we are now on week 7 waiting on an answer to a simple HELOC loan.
Alliant: We are very sorry to hear this and will be looking into this further. That wait time is not typical.
The HELC process was straightforward,and efficient. It is saving us interest, and there's no longer homeowners fear of the inevitable "surprise" expenses.
Thank you Nicole
I would personally like to thank Mr. Michael P. for his wonderful service. He walked me thru the forms I needed. Michael was friendly and courteous and a pleasure to do business with. I hope he's a supervisor!
I received great customer service from my initial contact to receiving Alliant's unofficial decision. The lower rating relates to whatever tool Alliant is using for their analysis. My mortagage is only $126K, and Somerville's home values are steady and increasing. My neighborhood in particular will be skyrocketing when the T is extended into my neighborhood in the next few years. So, I find it hard to believe that my credit line was denied due to "fair" rating.
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