Home equity loan vs. HELOC
Home equity loan
Similar to a mortgage or consumer loan, a home equity loan is one lump sum to be paid back in regular payments, over a specified term. Often used to finance a major purchase, like remodeling your home or purchasing a new vehicle.
Home equity line of credit (HELOC)
A line of credit you can access any time, like a credit card. HELOCs are great for when you need to access funds over a period of time, such as college, a wedding, or just to be prepared for unexpected expenses. HELOC funds can be accessed at a branch, ATM, through online account access, or telephone transfer.
What to expect
Contact us using the form to the right (scroll on mobile) to get the process started or use our easy, online application.
2. Get approved
We’ll review your application and let you know if you’ve been approved within 5-7 business days.1
3. Use the funds
If approved, you’ll have access to the funds within 30 business days2 to start your project!
Why borrow against your home equity?
Home equity loans and lines of credit are secured by your home equity. Secured loans typically have lower interest rates and fees than unsecured loans—especially if they're tied to something as valuable as a home. Plus, if you use the loan to improve your home, the interest you pay may be tax deductible (please consult a tax professional). However, be aware that defaulting on a home equity loan means your lender can foreclose on your home.
1Loan decisions may take longer if additional documentation is required to prove creditworthiness.
2Deposits may take longer if we cannot verify your account information.
Alaska USA home equity loans and lines of credit are available in Alaska, Arizona, or Washington states only. Residence must be detached single-family home, duplex, or zero-lot-line that meets certain criteria. Home equity loans and lines of credit may provide tax savings through interest payment reduction (see your tax advisor).
What Is a Home Equity Loan and How Does It Work?
Everyone’s financial situation is unique, and what’s good for one person may be a bad fit for another. When considering a home equity loan, here are some things to keep in mind.
Why and How to Build Home Equity
Your home’s equity is an important part of your financial net worth. There are basically two ways to build home equity—either owe less by paying down your mortgage or own more by improving the value of your home.
Alternatives to home equity loans
Home improvement loans
Refresh your living space and maybe even increase its value—you can do a lot with a home improvement loan.
From lines of credit to signature loans, Alaska USA has the financing options you’re looking for.
Low, fixed rates and travel rewards with every purchase—what more could you want from a credit card?
Get extra cash by closing out your old mortgage and taking out a new mortgage for more than you owed.
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