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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.
|Line of Credit*||5.75%%|
Contact a Real Estate Lending Advisor for details. Call: 507-288-0330
A Home Equity Line of Credit (HELOC) is the 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 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? Home equity loans don't require a down payment, because you are using the equity in your home as the loan amount. We do like to keep the loan-to-value ration under 90% when possible.
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.
Where does the home equity loan close? The home equity loan closes in our branch offices.
Explore our resources about Home Equity loans to help you be informed about this excellent financing option:
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