For those new to online banking: click here to get started.
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* | 5.75%% |
| Fixed Rate** | 4.95%% |
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:
© 2018 - 2022 First Alliance Credit Union | PO Box 8070 Rochester MN 55903 | (507) 288-0330 | hello@firstalliancecu.com
Privacy Policy | Routing Number: 291975481
Affiliate Site Disclaimer: Our website privacy and security policies only provide protection via the domains owned and operated by the credit union: firstalliancecu.com and resources.firstalliancecu.com. By accessing any linked website not hosted on the listed domains you will be leaving our website and entering an affiliate site which is hosted and controlled by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of our website. We encourage you to read and evaluate the privacy and security policies of the website which you are entering, which may be different than those of ours. Inclusion of any linked website on our site does not simply approval or endorsement of the linked website by us. This remains true even where the linked site appears within the parameters or window/frame of our site. We are not responsible for practices employed by websites linked to or from our website, nor the information, content, accuracy, or opinions expressed in such websites, and such websites are not investigated, monitored or checked for accuracy or completeness by us, nor do we maintain any editorial or other control over third-party websites. Your browsing and interaction on any other website, including websites which have a link to our site, is subject to that website's own rules and policies. If you decide to leave our website and access any third-party websites, you do so solely at your own risk.
