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
  • Use as needed for home improvements, vacation, debt consolidation, medical expenses, and more
  • Terms from 15-30 years47,45
  • No closing costs or appraisal fees for up to $250,000 line of credit97
  • Available in most states
  • Option to pay interest-only for the first 10 years with a HELOC (Interest-Only)
Rates
6.25 %
APR
As Low As
360 mo. Max Term
HELOC

APR=Annual Percentage Rate45,47

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How does a home equity line of credit work?

Similar to a credit card, a home equity line of credit (HELOC) allows you to borrow what you need, as you need it, up until you reach your credit limit.

The amount of credit you could get is determined by your home equity and other factors. If you have a home and have been making payments on your mortgage for years, then you may have built up a significant amount of equity.

Learn more about how a HELOC works

Why a credit union HELOC?

Credit unions are not-for-profit financial institutions that are owned by the people who use their products and services (aka members). For this reason, credit unions like Alliant work for their members to provide a better deal and serve their best interests – including rewarding members with low HELOC rates and fewer fees.

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.

Get the right home equity option 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 for whatever you want, such as home improvements, vacations and more. We’re always here to help. Call an Alliant home equity expert at 800-328-1935.

HELOC

Rate
as low as 6.25% (variable) APR47
Quick Summary

Borrow funds as you need them, up to your line of credit amount.

Max Term

180 months

Consider If

You anticipate needing funds over time.

Rate
as low as 6.50% (variable) APR45
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.

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.

What to expect when applying for a HELOC

Alliant offers competitive low rates with a team of experts ready to lend a hand. Whether you already have a to-do list to tackle, or you just want the money available for when you do need it, we’re ready to help.

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.

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.

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 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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