home
equity
options

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. New accounts only – members with an existing Home Equity Line of Credit with ALEC are not eligible for the introductory rate.

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.