Step-By-Step Loan Process

HELOC Loan Process

Our Home Equity Line Of Credit loan may be the only loan you'll ever need. It's flexible; you can borrow up to 90% of the value of your home (less any outstanding mortgage); you can repay as quickly as you wish or make only the minimum monthly payment; you can probably use the interest you pay as a tax deduction; and you can use the loan for any purpose you wish. Easy!

  1. Complete an application , or phone us at (888) 817-2002 to obtain one.
  2. Provide Alabama Credit Union with a copy of:
    » Deed to property
    » Last years' W2 and current pay stub, or two years' tax returns if self-employed
    » Statement showing 1st mortgage balance.
  3. Choose the financing plan you prefer:
    » Up to 80% of your home's value, with minimum payment of 1.25% of loan advance;
    » Up to 90% of your home's value, with minimum payment of 1.5% of loan advance;l
    » Check rates on our HELOC loans.Choose a convenient method for making your monthly payment:
    » Via your free ACUiBranch account (and you can make future HELOC loan advances via ACUiBranch, too);
    » By automatic transfer from your deposit account (we'll set this up for you);
    » By mail;
    » By phone;
  4. Provide us with proof of homeowner's insurance, listing us as mortgage holder, as follows: Alabama Credit Union, P. O. Box 862998, Tuscaloosa, AL 35486.

Of course, there are more details than this but we'll take care of them for you. For more information, call us at (888) 817-2002.

 









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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. Your savings are additionally insured to $250,000 by Excess Share Insurance. To estimate your National Credit Union Share Insurance Fund coverage, use this insurance estimator or download NCUA's Your Insured Funds brochure. Alabama Credit Union does business in accordance with the Equal Credit Opportunity Act and the Federal Fair Housing Law. We are an Equal Housing Lender. Rates expressed as Annual Percentage Rate or Annual Percentage Yield; all rates and terms subject to change without notice. For complete account disclosures, ask for a copy of our Membership & Account Agreement, Reg CC (Funds Availability) and Reg E (Electronic Transfers) disclosures, Fee Schedule and Member Business Account™ Fee Schedule. Membership eligibility required. Alabama Credit Union is not responsible for content of Web sites which may be accessible via links from this site but are not operated by Alabama Credit Union, and does not represent either the third party or the member if the two enter into a transaction; privacy and security policies may differ from those practiced by Alabama Credit Union.

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