Interest Only Home Equity Line of Credit (HELOC)

Maximize Your Equity… with Low Payments.

An equity line of credit is great to have for whatever life throws at you. But, if you want the lowest possible monthly payment, a Interest-only Home Equity Line of Credit gives you even greater flexibility.

  • Rates as low as 4.000% APR
  • Ideal if you are looking for more control over your budget and cash flow
  • Enjoy lower monthly payments with the option of paying just the interest and as much principal as you want over a seven year period
  • After seven years, a balloon payment is due – you can refinance or pay off the loan at that time
  • Available in the following states
Arizona
California
Colorado
Connecticut
Florida
Georgia
Hawaii

Illinois
Indiana
Iowa
Kentucky

Maryland
Massachusetts
Michigan
Minnesota
Missouri
Montana

Nevada
New Jersey
New Mexico
New York
North Carolina

Ohio
Pennsylvania
Tennessee
Utah
Virginia
Washington
Washington DC
Wisconsin

Alliant’s Interest-only Home Equity Line of Credit features several attractive benefits that save you time and money.

  • No closing costs, application, appraisal or annual fees
  • Quick approval process
  • Borrow up to 80% of your home’s value upon qualification*
  • Potential tax savings — the interest may be tax deductible (consult your tax advisor)
  • Convenient automatic payment options
  • Free checks for easy access to your home equity funds

Best of all, we offer competitive rates.

*The maximum applies to all states in which Alliant offers home equity products except the following states (where the maximum LTV is 75%): AZ, FL, MI and NV. $1,000 fee on loans over $250K.

Frequently Asked Questions

How do I choose between the different equity products?
Each type of product has specific advantages. For example, the Home Equity Line of Credit gives you the flexibility to use the funds on an “as-needed” basis. Whereas the Home Equity Loan gives you a one-time draw, especially useful for a large initial purchase. Talk to an Alliant Home Equity specialist to find the loan that’s right for you.

Why do I need a home equity loan?
From time to time, 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 or Home Equity Loan. You’ll get a low interest rate and the flexibility of low monthly payments too.

How much equity in my home do I need to open an Alliant Home Equity account?
The amount of equity you currently have in your home will determine the credit limit or 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

Check our fee schedule.

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