Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view,download Adobe® Acrobat Reader.

Online Banking

Home Equity Line of Credit


No application fees.
No annual fees. 

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:

  • 2.99% introductory APR for 12 months**
  • Borrow up to 80% of the current appraised value of your home (less any outstanding liens)***
  • $5,000 minimum advance 
  • Interest-only payment option
  • No annual or application fees^
  • Free checks available on the account
  • Easy repayment with automatic transfers from ALEC Savings or Checking

Ready to open your line of credit today?

ALEC makes it easy to apply for home equity line of credit online or via the ALEC Mobile App. Or you can visit any ALEC Service Center. Or call 800.762.9988. 

Click here to view our current rates.
Account Type Introductory Rate Prevailing APR* as low as
Home Equity Line of Credit 2.99% APR 4.00 %

*APR = Annual Percentage Rate. Interest Rate/APR: 2.99% for the first twelve months. After the first twelve months, the Annual Percentage Rate (APR) is variable and is subject to change monthly based on the 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. As of March 31, 2020, the Prime Rate is 3.25%. The rate floor is 4.00%. The variable rate is subject to credit history, term and other factors. Maximum APR during the life of the loan is 18% APR. Maximum 80% LTV. Maximum loan to value may be reduced due to underwriting factors. $5,000 minimum initial draw required. New loans only. Current members modifying, increasing or refinancing existing equity lines of credit are not eligible for the promotional rate. Home Equity Loans/Lines are available in Illinois, Ohio, Wisconsin and Minnesota only and limited to owner occupied properties. 

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

This convenient loan comparison tool makes it easy to determine whether refinancing with ALEC makes sense for you. 

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

* 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. 

1 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.