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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?** 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

Closing costs up to $500 paid by ALEC^

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

home equity loans

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)

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 approval*

Closing costs up to $500 paid by ALEC^

24/7 online and phone support

No prepayment penalties

May be tax-deductible**

Easy Application Process

Step
1
Apply Online

Quick and easy online application with rapid approval*.

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 Service Center

Call 800.762.9988

* All loans subject to credit approval. Rates subject to credit history, term, and other factors. Please allow up to 30 days for processing time.
^ Home Equity Loans/Lines are available in Illinois, Ohio, Wisconsin and Minnesota only and limited to owner occupied properties. ALEC will waive closing costs for fees including, title insurance and recording fees up to $500. You are required to have homeowner’s insurance on the property. All borrowers will be required to pay a $350 appraisal fee at closing. Minnesota applicants are responsible for a mortgage registration tax.
** Consult your tax adviser for details regarding your situation. Not intended to be tax advice.
NMLS# 421478. View a complete list of all other NMLS numbers.