home equity line of credit
Draw on your home’s equity for instant cash.
make your dream home a reality.
Unlock your home's potential and more! A Home Equity Line of Credit (HELOC) is an easy and affordable way to finance any plans you’ve made. Set up your HELOC today and have a flexible financing option to borrow cash against the equity in your home. Use it to pay for almost anything – the possibilities are endless!
Put your plans into action with a special 4.99% APR** intro fixed rate for the first 12 months.
- Upgrade, remodel, repair and add-on to your home
- Take that long-awaited dream vacation
- Fund major life events like a wedding or college tuition Consolidate and pay off high interest debt
Fund a new HELOC at ALEC before May 31st and you’ll automatically be entered to win.
Click, Call Or Come By To Apply. We make it easy to apply for your HELOC at alecu.org, on the ALEC Mobile App, in person at any ALEC Service Center or by calling 800.762.9988.
Knowing you have extra cash readily available can provide peace of mind.
Secured by the equity in your home, a home equity line of credit offers you exceptional financial flexibility in choosing when, and how much, you wish to borrow.
Use the money to tackle a home improvement project. Make a special purchase. Pay college expenses. Buy a new car. Or anything else you desire. Plus, interest paid on a home equity loan may be tax-deductible.*
ALEC Home Equity Line of Credit highlights:
Borrow up to 80% of the current appraised value of your home***
No annual fees3
Home Equity Line of Credit Rate
| Introductory Rate | After Intro Rate, APR* as low as |
|---|---|
| 4.99% APR for the first 12 months 5,6 | 7.50% |
Maximum APR during the life of the loan is 18% APR. $5,000 minimum initial draw required.
Your Savings Calculator
Interested in saving more money? If you’re currently paying a higher rate on a loan at another financial institution, consider refinancing it. This calculator allows you to enter your current information, and then shows you how much money you could save with a loan from us.
ALEC HELOC 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.
ALEC absorbs the majority of closing costs for a Home Equity Loan or HELOC. 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.
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.
The interest rate will vary based on the Prime Rate with a minimum rate of 7.50% APR. As of March 31st, 2025, the Prime Rate is 7.50%. The rate floor is 4.00%.
You can borrow up to 80% of the current appraised value of the home, less any outstanding liens.
