Home Equity Loans

Home Equity Loans are an ideal way to finance home improvements, purchase a new car, consolidate debt or pay for college tuition using the equity you have in your home.  As your home's value increases so does your buying power.  ALEC offers low-cost home financing options including lines of credit and second mortgages for up to 90% of your home's value**. In addition your home equity interest may be tax deductible for additional savings‡.

Home Equity Line of Credit

An ALEC Home Equity Line of Credit offers you the flexibility to access your equity in your home when you need it and for what you need.  Once you open your line, you can borrow any amount at any time up to your available credit line.  You only pay interest on what you use.  And as you repay your loan those funds become available for your use again and again.

When you come to ALEC you'll get a better rate and a better line of credit.

Apply online by clicking the 'Apply' button below or call 847.688.8000 or 800.762.9988.

Second Mortgage

An alternative to an ALEC Line of Credit is our Second Mortgage option.  If you are looking for a lump sum cash payment for immediate use, a second mortgage is what you need.  You can borrow up to 90% of your home's value** at a low fixed rate.  You'll enjoy fixed payments for a fixed term, so you'll know exactly how much you'll pay each month and every month, for the life of the loan; you'll even know the exact date of the loan's termination.  Choose terms to 60 months, including balloon note loans which can be amortized up to 180 months.

Apply online by clicking the 'Apply' Button below or call 847.688.8000 or 800.762.9988.

Available in Illinois and Wisconsin only.

All loans subject to credit approval. Rates subject to credit history, term, and other factors. Rates can change daily. 

Rates effective 1/1/09. All loans subject to credit approval. Rates subject to credit history, term and other factors. *The Annual Percentage Rate (APR) is variable and is subject to change monthly based on Prime. The 80% LTV Line of Credit, currently 4.00%, is based on Prime Rate -1.00%. Prime Rate is “prime” as listed in the “Money Rates” section of the Wall Street Journal from the last business day of the previous month. As of December 31, 2008 PRIME is 3.25%.  The rate floor is 4.00%. Maximum APR during the life of the loan is 18% APR. $5,000 minimum initial draw required. †ALEC will waive your closing costs for fees including Property Appraisal, Title Insurance, Recording Fees, and Flood Certification. ‡Please check with your tax advisor for details concerning tax deductibility.  Home Equity loans are available in Illinois and Wisconsin only and limited to owner occupied properties.