Borrow only what you need with a HELOC

An Alliant Credit Union HELOC could give you the opportunity to borrow money as you need it.

Couple in their kitchen discussing home renovations
The Run Down
  • Flexibility to access funds as needed
  • Use for home improvements, vacations, debt consolidation, education or medical expenses, large purchases, and more
  • Low, variable interest rates45
  • 10-year interest-only draw period followed by a repayment period up to 20 years45
  • No closing costs or appraisal fees for up to $250,000 line of credit97
  • Available in most states
Rates
7.25 %
APR
As Low As
360 mo. Max Term
HELOC Interest-Only

APR=Annual Percentage Rate45

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What do I need to know about HELOCs?

Similar to a credit card, a home equity line of credit (HELOC) gives you the flexibility to borrow what you need, as you need it, until you reach your credit limit. And your interest may be tax deductible if you use the funds to buy, build or substantially improve your home.

The credit line of your HELOC is based on how much equity you’ve built in your home and other factors. If you’re a homeowner who has years of mortgage payments behind you, you’ve likely built up a significant amount of equity. With a HELOC, you can use that equity as collateral to get a line of credit for emergencies, home improvements, debt consolidation, vacations, educational or medical expenses and more.

How does it work?

Draw period. You can spend against your line of credit for the first 10 years, known as the initial draw period. During that time, your payments will be interest-only and are based on only what you’ve borrowed (you don’t pay on your entire credit limit). As you pay down your balance, the amount you’ve paid off become available for use again.

Repayment period. After that 10-year draw period is the repayment period, which is typically 20 years. During the repayment period, you’ll pay both principal and interest, so your payments may be higher than during the draw phase.

Rates. HELOCs are issued at a variable rate of interest, which means that your interest rate can change over the life of your credit line. While your rate can change, there is a rate minimum, or floor, as well as a maximum rate cap over the life of your loan.

Learn more about how a HELOC works

Why choose Alliant?

As a credit union, Alliant is a not-for-profit financial institution owned by the people who use our products and services (aka our members). Because we work for our member owners, we strive to provide a better deal and serve your best interests through low HELOC rates, fewer fees and flexible repayment options. We don’t charge closing costs for our HELOCs, and for HELOCs of up to $250,000, you’ll pay no appraisal fees. During the initial 10-year draw period, if you want to pay off principal in addition to the scheduled interest-only payments, you can. And Alliant won’t penalize you if you pay your loan off early.

We’re here to help you get a loan that best meets your needs. Call an Alliant home equity expert at 800-328-1935.

An Alliant HELOC makes borrowing simple

Ready whenever you need it

With a HELOC, you could have a line of credit at the ready in case an unexpected expense comes your way, such as a hospital bill or home renovation.

Save money on fees

You can maximize your loan with no application fees, appraisal fees or closing costs on lines up to $250,000.

Maximize your borrowing opportunity

An Alliant Home Equity Line of Credit allows you to borrow up to 90% of the value of your home.

Is an Alliant Interest-Only HELOC right for you?

A home equity line of credit is a great way to leverage the value of your home and ensure you have funds available when you need them, up to your line of credit amount. And our interest-only loan means you'll make lower payments on your loan now. You'll only pay back the interest and the amount of principal you choose for the first 10 years. We’re always here to help. Call an Alliant home equity expert at 800-328-1935.

What to expect when you apply

step 1

1. Submit an online application

Answer a few questions and apply for a HELOC in minutes with our easy, breezy online application.

Note: If you are not an Alliant member already, you will be directed to the member application page prior to the HELOC application process.
step 2

2. Sit back and relax while we review

You'll get a completion confirmation, and an initial loan decision email will follow soon after. If your HELOC is “conditionally approved,” we’ll ask you to provide a few more documents before a final decision is made.

step 3

3. Sign your loan documents

We'll send your closing documents via DocuSign (electronically) and FedEx. Once we get your final autograph, we will fund your HELOC!

step 4

4. Use your funds whenever you want

You’re set to start using the money from your HELOC any time during your draw period.

Home Equity Line of Credit FAQs

Why do I need a home equity line of credit?

Everybody has unexpected expenses or cash shortfalls sometimes. Or maybe you want to consolidate high-interest debts, complete home improvements, or make a large purchase. Instead of emptying your savings accounts or cashing in stocks or other investments, you can use the equity in your home to open an Alliant Home Equity Line of Credit (HELOC). Alliant HELOCs have low interest rates and the flexibility of low monthly payments, too.

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

The amount of equity you currently have in your home will determine your Home Equity Line of Credit (HELOC) limit. You must retain at least 10% of the value of the equity in your home (sometimes referred to as a 90% LTV maximum). You can make a ballpark estimate of your HELOC maximum by calculating what 90% of your home’s value is, then subtracting your existing mortgage balance(s) from that number.

Can I pay more than the minimum monthly payment on my HELOC?

Yes! You can pay more than your minimum monthly payment to pay back your loan faster. In fact, it’s a smart money move to do so, as you’ll save on the interest you pay over the course of your loan! And Alliant won’t penalize you for paying back your loan earlier than scheduled.

How do I transfer money from my HELOC to my checking account?

You can transfer money from your HELOC in Alliant online banking, our mobile app or by phone.

How can I order a checkbook for my HELOC?

After logging in to Alliant online banking, click into your HELOC account. Then select the Manage Account tab and click Order Checks. Select your HELOC account from the account dropdown and press the Continue button, then follow the prompts to select your preferred check layout and shipping options.

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