Alliant Credit Union
- HELOC, interest-only HELOC
- 8.75% to 16%
- Not disclosed
- Call 800-328-1935 800-328-1935 ext. 2750
Alliant Credit Union, headquartered in Chicago, was founded in 1935 by employees of United Airlines. In addition to mortgages and savings accounts, Alliant offers home equity lines of credit (HELOCs) in 25 states and the District of Columbia.
Though Alliant doesn’t offer home equity loans or fixed-rate HELOCs, it does allow borrowers to make interest-only payments during their HELOC’s draw period.
Alliant Credit Union is a good fit for people who don’t need a high loan amount and are completing a smaller home project. You can borrow up to 85% of your loan-to-value ratio with an Alliant HELOC. But you must be willing to become a member of the credit union.
Read more: Best HELOC Lenders
Alliant Credit Union: At a glance
| Products offered | HELOC, interest-only HELOC |
| APR range | 8.75% to 16% (see website for introductory offers) |
| Loan amounts | From $10,000 |
| Credit score requirements | Not disclosed |
| Repayment terms | 10-year draw period, 20-year repayment period |
| Average time for approval | Not disclosed |
Pros
Refinancing available: Alliant allows borrowers to refinance their HELOCs, which is not an option all lenders offer.
Minimal fees: For HELOCs up to $250,000, there are no application fees or closing costs, and the annual fee of $50 is waived the first year.
Low minimum loan amount: The minimum loan amount is $10,000, ideal for homeowners who don’t need huge sums of money.
Cons
Rate increase without auto-pay: HELOC borrowers who don’t enroll in autopay with Alliant will be penalized with a 0.25% increase to their interest rate.
Not available in all states: Alliant HELOCs are available in 25 states and the District of Columbia.
No home equity loans: If you’re looking for a home loan with a fixed interest rate, you won’t be able to get one with Alliant.
Home equity loan options
HELOC: With an Alliant HELOC, you can access a revolving credit line based on your home equity and borrow as much (or as little) money as you need during the draw period. The HELOC has a standard 10-year draw period and a 20-year repayment period.
Interest-only HELOC: Alliant allows you to make interest-only payments during your draw period. You’ll pay off the principal and interest over 20 years during the repayment period.
Home equity loan fees
If your line of credit is less than $250,000, you won’t have to pay any closing costs. The lender’s $50 annual fee is waived in the first year.
If you cancel your loan or close your account within 36 months of opening your HELOC, you may have to pay a $200 termination fee. A $1,000 fee will be applied to interest-only HELOCs with a balance over $250,000.
Although most applications will cover the cost of their new home appraisal, you’ll have to pay out of pocket for your own appraisal if Alliant’s automated value system isn’t available where you live.
If you choose to refinance your HELOC, you’ll be charged a $250 fee unless you increase your credit limit by at least $10,000.
How to qualify
If you’re not already a member of Alliant Credit Union, you’ll need to join. You can see the lender’s membership requirements here.
In most states, Alliant requires you to have at least 15% equity in your home (or an 85% loan-to-value ratio) to qualify for a HELOC. But if you live in Arizona, California, Colorado, Florida, Georgia, Idaho, Indiana, Michigan, Missouri, North Carolina, Nevada, South Carolina, Tennessee or Utah, you’ll need at least 20% equity in your home.
Alliant doesn’t state a minimum credit score requirement, but you’ll likely need a score in the mid-600s or higher.
Applying with Alliant
The first step in your HELOC application is to sign up as a member of the credit union. Once you create an account, you can apply online and the process should only take a few minutes, according to Alliant. If your application is “conditionally approved,” you’ll be asked to provide the rest of the documents needed to officially apply for the loan.
Once you’ve submitted your paperwork, you must sign your loan documents. As soon as Alliant receives your signed paperwork, you can access your HELOC funds, the credit union says.
Customer service
Allilant’s main customer service phone line is available 24/7. You can manage your HELOC through your online account and Alliant’s mobile app.
Get live phone support for HELOC inquiries at 800-328-1935 ext. 2570.
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