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At First Alliance Credit Union we offer a fixed-rate home equity loan or a flexible home equity line of credit (HELOC). Both options let you access the equity in your home to pay for a wide variety of expenses such as: home remodeling projects, education expenses, weddings, medical debts, and more.
| Type | APR* |
| Line of Credit* | 8.00% |
| Fixed Rate** | 4.95% |
Contact a Real Estate Lending Advisor for details. Call: 507-288-0330
A Home Equity Line of Credit (HELOC) is a great choice for someone who likes having the flexibility to draw funds when they need it and can use it for most any purpose.
Unlike a HELOC, which is a variable rate line of credit, a fixed rate home equity loan is a closed end loan with a fixed interest rate. It's an especially good option if you're going to make a large one-time investment, such as repairing or remodeling your home, or buying a second home.
Do home equity loans require a down payment? No! Home equity loans don't require a down payment, because you are using the equity in your home as collateral. However, there are typically closing costs and other fees assessed for home equity loan. Your lender will discuss these additional costs for your specific situation before your loan closes.
How much of my home's equity can I use for my loan? We recommend keeping the loan-to-value ration under 90%. For example, if your available equity is $100,000, we would suggested using no more than 90% of those fund your loan's collateral, which in this example would be $90,000. However, each person's situation is different and other factors may effect the amount of equity you're able to access for your loan. It's best to speak with our lending team and discuss your specific situation.
How long does the loan application process take? It varies depending upon your specific situation. Typically, if no appraisal is needed, it will take about two weeks. If an appraisal is needed, then the process will take longer, possibly up to four weeks. Our lenders will keep you up to date on the progress of your appraisal and your home equity loan.
Where does the home equity loan close? A home equity loan or line of credit closes in our branch offices. Your lender will work with you to determine the best time and location to complete your loan closing.
Still have questions about using your home's equity? Check out these free resources:
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