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Home Equity Options

home equity options

Tap the equity in your home.

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


Looking for a low-rate loan with possible tax benefits?1 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:

Lower rates than those at most banks

Rapid approval notification when you apply online or via the ALEC Mobile App.

Low closing costs2

Easy repayment methods — via Online Banking, your ALEC account, or by phone

home equity loans4

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

Learn More About Home Equity Loans

home equity lines of credit (HELOC)4

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.

Learn More About Home Equity Lines of Credit

Enjoy The Benefits!

Competitive low rates

Rapid approval2

Low closing costs3

24/7 online and phone support

No prepayment penalties5

May be tax-deductible1

Easy Application Process

Step
1
Apply Online

Quick and easy online application with rapid approval.2

Step
2
Prepare for Closing

Agree to the loan amount, rates, and terms.

Step
3
Close

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

Enjoy a lower starting rate that adjusts to a variable rate after the initial period.

Real Estate Center

Buy or sell a home without stress and get rewarded at closing.

Have questions? We're here to help.

Apply Online

Use Our Mobile App

Visit a Branch

Call 800.762.9988

NMLS# 421478. View a complete list of all other NMLS numbers.



1. Consult your tax advisor for details regarding your situation. References to taxes, tax deductibility, and tax advantage are not intended as tax advice.
2. All loans subject to credit approval. Rates subject to credit history, term, and other factors. Please allow up to 30 days for processing time.
3. Home Equity Loans/Lines are available in Illinois, Ohio, Wisconsin, and Minnesota only and limited to owner occupied properties. Applicant will be responsible for closing costs up to $500 for fees that include appraisal, title insurance and recording fees. For loans that have a closing cost of less than $500 the applicant will pay the amount of the costs. For loans that have a closing cost of more than $500, the applicant will pay $500. Property insurance is required. Minnesota applicants are responsible for a mortgage registration tax. The 4.99% introductory fixed APR is for the first 12 months for home equity lines of credit up to $2,000,000 at 80% combined loan-to-value.
4. All loans subject to credit approval. ALEC currently offers home equity loans in IL, WI, OH and MN. Loans available up to 80% LTV (loan-to-value).
5. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.