home equity loans
What can your home equity do for you?
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.**
3, 5 and 7 year terms available
Potential for a 0.50% loan discount off standard home equity loan rates***
Home Equity Loans
Second Mortgage - 36 Month 1,8
|APR* As Low As|
Second Mortgage - 60 Month 1,8
|APR* As Low As|
Second Mortgage - 84 Month 1,8
|APR* As Low As|
View a complete list of all other NMLS numbers.
APR = Annual Percentage Rate. All loans subject to credit approval. Rates subject to credit history, term and other factors. Not all applicants will qualify for our lowest rates. Rates can change daily.
Returning loan members who have a current loan with ALEC and are applying for a new loan will automatically receive a 0.50% 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 0.50% APR discount. Discount not valid on credit cards, mortgage, Personal Lines of Credit and Home Equity Line of Credit.
Home Equity Loan: The rate displayed includes a 0.50% APR rate discount. Returning loan members who have a current loan with ALEC and is applying for a new loan will automatically receive a 0.50% 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 0.50% APR discount. Rates subject to credit history, term, and other factors.
ALEC Home Equity Loan FAQs
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.
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.
Yes. The interest rate on an ALEC Home Equity Loan remains fixed for the duration of the loan term.
ALEC absorbs the majority of closing costs for a Home Equity Loan or HELOC. The member is responsible for the $350 appraisal fee. Minnesota members are also responsible for paying a mortgage registration tax.
You can close your Home Equity Loan or HELOC in as little as 30 days.
There are no pre-payment penalties with a Home Equity Loan or HELOC.
No. ALEC does not offer Home Equity Loans or HELOC's in all fifty states. Home Equity Loans and HELOC's are currently available in IL, WI, OH and MN at this time.