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.

The Run Down
  • Borrow up to 90% of the value of your home
  • Terms from 5-30 years
  • No closing costs or appraisal fees
  • Quick approval process
Rates
4.25 %
APR
As Low As
360 mo. Max Term
Credit Union Home Equity Loan

APR=Annual Percentage Rate56

View All Home Equity Rates

Earn 1.75% APY on your savings!

Your savings grows faster with Alliant’s high savings rates.

Learn more about savings


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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 and California, among others. 

Save money on fees

You hate fees and so do we. There are no closing costs, application fees, or appraisal 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 4.25% (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
Rate
as low as 4.25% (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 for the first 10 years. There is a $50 annual fee that will be waived for the first year.

Max Term

360 months

Consider If

You anticipate needing funds over time, and you want the option to make lower interest-only payments on the loan now. Example uses:

  • ongoing medical expenses
  • home improvements
Rate
as low as 5.25 to 5.75% (fixed) 46
Quick Summary

Borrow up to 90% 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

Type Amount
Home Equity Loans Rate 5.25 to 5.75 %
Home Equity Line of Credit Rate 4.25 %
Home Equity Line of Credit Interest Only 4.25 %

Rates shown above are as low as. APR=Annual Percentage Rate56

Let Me Know When Alliant Rates Gets Even Better

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.

Have a Question?

Want to know more about this product? Search our friendly help guide!

Home Equity Loan Reviews

Overall Rating for Home Equity

RatingRatingRatingRatingRating
  • RatingRatingRatingRatingRating 100% found this helpful
    Navigating basic information on my money!
    By Robina Ramm

    Your website is so bad I have to spend 30 on the computer and phone to pull up my 1099 forms! Ridiculous.

  • RatingRatingRatingRatingRating 0% found this helpful
    Easy - Very Easy
    By Randy

    I applied online and was given a list of needed documents which I submitted in a timely manner. My loan was approved and funded quickly. Easy process. Thanks

  • RatingRatingRatingRatingRating 0% found this helpful
    Hard to reach Alliant credit Union Rep. Processing my application
    By Brian McNicholl

    wow, three weeks and still waiting for any word on my loan. the person assigned to my loan applications leaves the office at 13:00 Chicago time, and I'm on the west coast. severly limiting my time to ask questions etc.

  • RatingRatingRatingRatingRating 100% found this helpful
    "2 to 4 weeks" is more like SIX
    By William Harris

    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.

  • RatingRatingRatingRatingRating 100% found this helpful
    HELOC
    By anonymous

    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.

  • RatingRatingRatingRatingRating 0% found this helpful
    smooth
    By Leslie Slora

    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

  • RatingRatingRatingRatingRating 100% found this helpful
    Thank you Michael Preston!!!!
    By Linda Marie Kessler

    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!

  • RatingRatingRatingRatingRating 100% found this helpful
    Market analysis out of whack
    By anonymous

    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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