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.
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.
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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.
The quicker you payoff your mortgage, the less you’ll pay in interest.
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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**:
- Social security numbers for all borrowers on the loan application
- Most recent 30 days of pay stubs / awards letters for all income
- Most recent 2 years federal tax returns – this includes all schedules and W2, 1099-R, & K-1 attachments
- 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.)
- 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.
- Do I need to have a lot of equity in my home?