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Home Equity Line of Credit

Draw on your home’s equity for instant cash.

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Knowing you have extra cash readily available can provide peace of mind.

Secured by the equity in your home, a home equity line of credit offers you exceptional financial flexibility in choosing when, and how much, you wish to borrow.

Use the money to tackle a home improvement project. Make a special purchase. Pay college expenses. Buy a new car. Or anything else you desire.

Plus, interest paid on a home equity loan may be tax-deductible.*

ALEC Home Equity Line of Credit highlights:

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Borrow up to 80% of the current appraised value of your home***
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2.99% introductory APR
for 12 months**
Financing icon
$5,000 minimum draw
Flexible Terms icon
Easy repayment methods — via Online Banking, your ALEC account, or by phone
Loan icon
No annual fees or closing costs3
check rate icon
Borrow up to 80% of the current appraised value of your home***
house icon
2.99% introductory APR for 12 months**
Financing icon
$5,000 minimum draw
Flexible Terms icon
Easy repayment methods — via Online Banking, your ALEC account, or by phone
Loan icon
No annual fees or closing costs3

Apply Now


Low Home Equity Line of Credit with ALEC

Introductory Rate After Intro Rate, APR** as low as

2.99% APR for the first 12 months

4.00%

Your Savings Calculator

Interested in saving more money? If you’re currently paying a higher rate on a loan at another financial institution, consider refinancing it.

This calculator allows you to enter your current information, and then shows you how much money you could save with a loan from us.


To determine the home equity line of credit amount you may qualify to receive, use our convenient credit line calculator.

When will your line of credit be paid off? Use our line of credit payoff calculator.

ALEC HELOC FAQs

With an ALEC HELOC, this loan is open-ended. It has an introductory rate and then a prevailing variable rate after the introductory rate. The prevailing rate is based on the Prime Rate and is subject to change monthly. In addition, your HELOC payment can be interest only or principal and interest. You can also continue to use the open line on your HELOC for an extended period of time. This means that you can use funds on your HELOC for a project, pay it off and then use the line again for a separate project.

With an ALEC Home Equity Loan, the loan is closed-ended. The rate on a Home Equity Loan is fixed and has a defined term. The loan and payment amounts are set. This is not an open line of credit.

The interest rate will vary based on the Prime Rate with a minimum rate of 4.00% APR**.

You can borrow up to 80% of the current appraised value of the home, less any outstanding liens.

ALEC absorbs the majority of closing costs for a HELOC. The member is responsible for the $300 appraisal fee. Minnesota members are also responsible for paying a mortgage registration tax.

You can close your HELOC in as little as 30 days.

There are no pre-payment penalties with an ALEC HELOC.

No. ALEC does not offer HELOCs in all fifty states. We offer HELOCs in IL, WI, OH and MN at this time.

Open your line of credit today.


* Consult your tax adviser for details regarding your situation. Not intended to be tax advice.

** After the intro period, a variable APR is subject to change monthly and is based on the Wall Street Journal prime rate. Prime Rate is “prime” as listed in the “Money Rates” section of the Wall Street Journal from the last business day of the previous month. Borrowers are required to have homeowner’s insurance on the property. Offer is subject to change without notice and requires credit approval. Current members modifying, increasing or refinancing existing ALEC home equity lines of credit are not eligible for the introductory rate. $5,000 minimum initial draw required.

3 ALEC will waive closing costs up to $500 for fees that include title insurance, recording fees and flood certification. Minnesota applicants are responsible for a mortgage registration tax. All members are required to pay a $300 property appraisal fee at closing.

*** ALEC currently offers home equity loans in IL, WI, OH and MN. All loans subject to credit approval.