Home Equity Loans

Why a home equity loan?

Alero's home equity loans offer you a low-rate borrowing opportunity by harnessing the value in your home. Choose one of the items in the list below to learn more.

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Equity is the difference between your home's current market value and the balance owed on your mortgage. A home equity loan lets you borrow against that equity.
A home equity loan can help you pay for large expenses like:
- Taking a dream vacation
- Making home improvements
- Purchasing new appliances
- Building a backyard oasis
- Planning a wedding
- Paying college expenses
- Paying off high-interest debt
- Making long-term investments
At Alero, we offer two home equity loan options to suit your needs:
Fixed-Rate Home Equity Loans
With a Fixed-Rate Home Equity Loan, you can borrow a fixed amount of money that is repaid over a 10 year term. Our fixed-rate home equity loan offers set monthly payments for the life of the loan, with the option to pay by payroll allocation.
Home Equity Lines of Credit (HELOC)
Our HELOC gives you access to the cash you need, when you need it. HELOCs have a variable interest rate. Once your line of credit is approved, you can draw on it for up to 10 years. You only make payments on the amount you've used. You can also opt to include overdraft protection from your Alero Checking Account and repay the loan directly from your paycheck with payroll allocation.
You can open an account in one of the following ways:
- Select the Apply button on this page and indicate your preferred loan type from the drop-down menu.
- If you are an existing member registered for digital banking, you can apply within the mobile app by logging in and choosing More > Apply for Loan/Account > Home Equity Loan.
Once you have applied, a real estate loan officer will reach out to you with the next steps.
Note that you will need to provide proof of homeowners insurance prior to closing. You will also be required to have a property valuation.
Our home equity lines of credit have a minimum of $10,000 and a maximum of $500,000.
Fixed-rate home equity loans have a minimum of $5,000 and a maximum of $250,000 depending on your loan-to-value.
Yes! Check out our various loan calculators here.
Yes, you must be eligible for membership for us to review and process your application. If you are not currently a member, join now.
We will offer home equity loans up to 90 percent of the home’s value.
Alero lends up to 90% loan-to-value (LTV) on home equity products. To determine your available equity, multiply your home's current market value by 90% and subtract the amount you owe on all loans secured by your home.
You can withdraw funds from your home equity line of credit in the following ways:
- Log into digital banking and transfer funds to your Alero share or checking account (transferring to a checking account allows you to use your debit card for quick and easy purchases).
- Call our Member Center at 1-800-359-1939.
We offer home equity loans on second homes, but not investment properties.
We do on home equity loans (not HELOCs). Check out our Payment Advantage page to learn your options.
Have questions about your home equity options?
Our real estate lending specialists can help you take advantage of your home equity today!
Contact us at 1-800-359-1939, option 2, to have your questions answered.