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Home Equity Options

Tap the equity in your home.

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Looking for a low-rate loan with possible tax benefits?** Tap into the equity in your home.

Whether it’s a home improvement project or covering an unexpected expense, we’ve got the solution when you’re looking at home equity loans and lines of credit.

Turn your financial goals and dreams into reality with our home equity loans and home equity lines of credit (HELOC).

ALEC offers you:

Check Rate Icon
Lower rates than those
at most banks
Online Banking RED
Instant approval notification when you apply online* or via the ALEC Mobile App
Financing icon
Closing costs up to $500
paid by ALEC^
Flexible Terms icon
Easy repayment methods — via Online Banking, your ALEC account, or by phone
Call Icon
24/7 online and
phone support
Check Rate Icon
Lower rates than those at most banks
Online Banking RED
Instant approval notification when you apply online* or via the ALEC Mobile App
Financing icon
Closing costs up to $500 paid by ALEC^
Flexible Terms icon
Easy repayment methods — via Online Banking, your ALEC account, or by phone
Call Icon
24/7 online and phone support

We’ve got the right loan to help you finance your passion.


Home Equity Loans

Fixed rate, fixed term with predictable monthly payments. A good choice if you're making a large, one time purchase.

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Home Equity Lines of Credit (HELOC)

The flexibility to borrow whenever you need to, in incremental amounts. A good choice if you want a renewable source of loan funds instantly available.

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Enjoy The Benefits!

At ALEC, we want to give you the tools to live your best life. That’s one reason we offer affordable loans with the flexibility to help you realize your dreams.

Competitive Low Rates

Instant Approval

Closing costs up to $500 paid by ALEC^

24/7 Online and phone support

No Prepayment Penalties

May be tax-deductible**

Easy Application Process

Step

1
Apply Online

Quick and easy online application with instant approval.

Step

2
Sign Your Loan

Agree to the loan amount, rates, and terms.

Step

3
Receive Funds

Receive your funds and use them for your project.


Apply Now


Additional Home Loan Resources

At ALEC, our priority is providing you personalized customer service to match you with the right financial solutions. If you’re interested in taking out a loan but a home equity loan isn’t the best match, we will work with you to find it!

Fixed Rate Mortgages

Lock in a great rate and enjoy predictable payments over the life of your loan.

Adjustable Rate Mortgages

Want a lower rate upfront or planning to move within a predetermined timeframe?

Real Estate Center

Ready to buy or sell a home? ALEC is here to help!


* All loans subject to credit approval. Rates subject to credit history, term, and other factors.

^ Home Equity Loans/Lines are available in Illinois, Ohio, Wisconsin and Minnesota only and limited to owner occupied properties. 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.

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