At a Glance
Alliant Credit Union offers a variety of mortgage solutions, including fixed-rate, adjustable-rate, jumbo, FHA, VA, and home equity lines of credit (HELOCs). Members benefit from competitive rates, low to no fees, and specialized programs like the Alliant Advantage Mortgage. HELOCs include interest-only draw periods and flexible repayment.
Key Figures
- Loan types: HELOC
- Loan products: Conventional, Government-backed, Construction
- Minimum credit score: Varies by product
- Repayment terms: HELOC: 10-year draw, 20-year repayment
Pros
- Up to 85% LTV for HELOCs
- No closing costs on HELOCs up to $250,000
- Interest-only payments during draw period
Cons
How it Works
- Prequalification: Begin online with a soft credit pull that doesn't impact your score.
- Application: Fill out the digital form with personal and financial information.
- Documentation: Upload required documents (e.g., income, assets, ID).
- Processing & Underwriting: Alliant assesses your application, including home appraisal and creditworthiness.
- Approval & Closing: Once approved, schedule a closing to finalize the loan.
Applicants can manage most steps through Alliant's online portal, with assistance from mortgage consultants throughout the process.
Types of Loans
Alliant Credit Union offers:
- HELOCs: Borrow as needed against your home equity, with flexible repayment.
Loan Features
- No PMI for select low-down-payment loans
- Borrow up to 85% LTV on HELOCs
- Zero closing costs up to $250,000 (HELOC)
- Interest-only draw period for HELOCs
- Digital loan management and application
- Flexible terms from 10 to 30 years
- Rate caps on HELOCs to prevent extreme increases
Rates and Terms
Alliant offers competitive, member-focused rates. Mortgage terms generally range from 15 to 30 years. HELOCs start with a 10-year draw period with interest-only payments, followed by a 20-year repayment period. Rates are variable after the initial fixed promotional period. Borrowers may face annual fees or closing costs for loans exceeding $250,000.
Summary
Alliant Credit Union offers a full suite of home financing options with a focus on member flexibility and savings. From traditional fixed and ARM mortgages to jumbo and HELOC products, Alliant provides solutions for first-time buyers, refinancers, and homeowners seeking equity access. With competitive terms and low upfront costs, Alliant supports diverse borrower goals.
Contact Alliant Credit Union
- Phone: (800) 328-1935 ext. 2570
- Email: mortgages@alliantcreditunion.com
- Support hours: Monday to Friday, standard business hours
- Address: 11545 W. Touhy Ave., Chicago, IL 60666
Alliant holds favorable ratings from the Better Business Bureau and has been featured by outlets like NerdWallet and WSJ for its consumer-friendly banking products.
Disclaimer: AI was used in the generation of this content, along with human verification.
