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Home Real Estate Loans Home Equity Line of Credit

Home Equity Line of Credit

  • Overview

    Home Equity Line of Credit

    You have worked hard to establish your home’s equity; now you need that equity to work for you.

    A home equity line of credit, known as a HELOC, is an open-ended loan. It works like a credit card, but in this case it is a line of credit extended to you based on your home’s value minus the mortgage due on the home. Additionally, HELOC’s are extended based on your good credit.

    With a HELOC, you can use the funds to make home improvements, pay for significant expenses, and even cover a child’s college tuition. Most importantly, you take advantage of the credit line when you need it, pay it off, and use it again if you need to without having to reapply. Further, you can access your home equity in a cinch.

    Apply now from your computer, mobile phone, tablet, or in person with one of our friendly loan officers. More questions? Contact Mortgage Loans at 907-459-5974.

    An adjustable rate line of credit backed by the equity in your home

    • Competitive interest rates
    • Low monthly payments
    • Minimal closing costs
    • Loan amount based on your home’s value
    • Appraisals not always required

    "Thank you for 28 years of great service with mortgage, construction, land and auto loans. Sincerely, D.H. - Member since 1990."

    Spirit of Alaska’s Mortgage Department does not publish our home loan program rates online. Please call 907-459-5974 for a rate quote.

    Spirit of Alaska Federal Credit Union does not discriminate based on race, color, religion, national origin, sex, disability or familial status. Read More

    All mortgage programs listed may be subject to change without notice, and are offered on approved credit. All offers of credit + conditions required will be issued in writing upon approval.

    *Consult your tax advisor.

    Ready to move forward?

    Apply Now

    Related Products & Services

    • Buy or Refinance a Home
    • Renovation & Construction
    • Title 1 Home Improvement
    • Online & Mobile Banking Services

    Other Resources

    • Learn more about HELOC's
    • Important Terms of Your HELOC
    • Home Loan Toolkit
    • Pricing Guide

    Learn with Banzai

    • Article: What Is A HELOC?
    • Owning A Home
    • Coach: Financial Wellness Assessment
    • Article: Working With A Mortgage Lender
    • Article: Using Credit
  • Rates
    Spirit of Alaska’s Mortgage Department does not publish our home loan program rates online. Please call 907-459-5974 for a rate quote.
  • Calculator

    This calculator does not include taxes and insurance, which will be added to your final mortgage payment.

    This calculator is not supported for Internet Explorer. Please use an alternate browser, such as Edge, Firefox or Chrome. Alternatively, try this simple HELOC Payment Calculator.


    Early Mortgage Payoff Calculator

    The quicker you payoff your mortgage, the less you’ll pay in interest.

    Mortgage Refinance Calculator

    Figure out the true cost of refinancing including total costs, total savings, and the break even point.

    Calculate Your Payment

  • FAQ

    Frequently Asked Questions

    • Do I need to have a lot of equity in my home?

      Not necessarily. Every homeowner’s situation is different, and we may have a program that is just right for you.

    • Can I apply online?

      Yes! Apply Now.

      We will be in touch within 1 – 3 business days once you submit the application.

      Applying online will save processing time for your application. We also provide the option to save and complete the online application at your convenience.

    • What do I need to bring with me to my first appointment?

      Here is a list of items that we typically need from you to get started with your application**:

      1. Social security numbers for all borrowers on the loan application
      2. Most recent 30 days of pay stubs / awards letters for all income
      3. Most recent 2 years federal tax returns – this includes all schedules and W2, 1099-R, & K-1 attachments
      4. Most recent 3 months consecutive statements (or most recent quarterly statement) for all asset accounts listed on the loan application (such as checking, savings, retirement, stocks & bonds, etc.)
      5. If you are applying to refinance: copy of your mortgage statement—if not financed with us at Spirit of Alaska FCU—to help us verify the full housing expense (taxes & other maintenance fees are not always reported to the credit bureaus or may not be included in your current payment)

      (**certain items such as bankruptcy + discharge papers, divorce decrees, child support agreements, self-employment, and/or rental investments may also require documentation, when applicable)

    • How long is my pre-qualification appointment?

      Generally, appointments take from 1 to 1.5 hours.

    • How long does the loan process take?

      This process will typically take about 30-45 days, depending on the type of loan. Please contact our Mortgage Department for more details at 907-459-5974.

  • Start Your Application
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Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

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I need help with Home Equity Line of Credit

We’d love to help! Just give us your name, phone number, and email address and we’ll contact you as soon as possible!

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  • * Required
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    For your security, do not include sensitive information, such as Social Security numbers or account numbers, in your message. If you need to communicate with us about sensitive information please use the Message Center in e-Teller, your online banking application, or call us during regular business hours so we can verify your identity. For other inquiries, send us a message here and we're happy to help!

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Letter from our Mortgage Lending Department

A Message From Spirit of Alaska Federal Credit Union Mortgage Department About The COVID-19 Outbreak

As you know, the spread of COVID-19 has touched just about every aspect of our daily lives — from our families and schools to our places of work and worship.

We understand the uncertainty during this unprecedented time and want to let you know about some of the proactive measures our mortgage department has in place to continue to support and serve our customers.

Payment concerns:

All payments are due on the first of the month. If you anticipate that it will be difficult or impossible for you to make your mortgage payment, there are options available.

If you become ill, are quarantined, your employment status changes or another hardship arises as a result of the COVID-19 outbreak, you may be eligible for short-term relief.

Please email us or call (907) 459-5974. We will work with our borrowers on a case-by-case basis to assist in any way possible.

If you have questions:

If you have any questions, please don’t hesitate to reach out to our team. Please stay safe and healthy during this unprecedented time.

Email: homeloans@spiritofak.com
Phone: (907) 459-5974