The equity in your home could be the perfect source for a loan.
A home equity loan can be an excellent choice for financing a large, one-time expense. Use the money for home improvements or repairs, college expenses, unexpected emergencies or any other purchase that requires a considerable sum of cash.
With an ALEC Home Equity Loan, you’ll enjoy a competitive, fixed rate.* A fixed term. And steady monthly payments.
Plus, interest paid on a home equity loan may be tax-deductible.**
ALEC Home Equity Loan highlights:
- Borrow up to 80% of the current appraised value of your home (less any outstanding liens)#
- Closing costs up to $500 paid by ALEC^
- $5,000 minimum loan amount
- Easy repayment with automatic transfers from ALEC Savings or Checking
- Potential for a 0.50% loan discount off standard home equity loan rates***
Ready, set, save.
|Account Type||Loan Term||APR* as low as|
|Home Equity Loans||36 Month||3.00%|
*APR = Annual Percentage Rate. Rate displayed includes a 0.25% APR rate discount. Returning loan members who have a current loan with ALEC and is applying for a new loan will automatically receive a 0.25% APR rate discount. New loan members who do not have any current loans with ALEC must have an ALEC Checking Account (Free or Rewards) with $500 in direct deposit per statement cycle AND be enrolled in E-Statements to be eligible for the 0.25% APR discount. Rates subject to credit history, term, and other factors. Amortization up to 15 years. Loans will be renewed at the end of the 60 month term, with options to reapply or pay in full at that time. Home Equity Loans/Lines are available in Illinois, Ohio, Wisconsin and Minnesota only and limited to owner occupied properties. ALEC will waive closing costs up to $500 for fees including, Title Insurance, Recording Fees and Flood Certification.
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.
* All loans subject to credit approval. ALEC currently offers home equity loans in IL, WI, OH and MN.
** Consult your tax adviser for details regarding your situation. Not intended to be tax advice.
*** ALEC members will automatically earn a 0.50% APR loan discount if they are a new member applying for a loan within the first 60 days of membership OR if they are a returning ALEC loan member. Existing members that don't meet the above criteria earn the 0.50% APR discount with a $500 monthly direct deposit into an ALEC Checking account and enrollment in E-Statements.
# Maximum loan to value may be reduced in declining property value markets.
^ ALEC will waive closing costs for fees including, title insurance, recording fees and flood certificate up to $500. You are required to have homeowner’s insurance on the property. All borrowers will be required to pay a $300 appraisal fee at closing. Minnesota applicants are responsible for a mortgage registration tax.