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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!
- Complete an application
 , or phone us at (888) 817-2002 to obtain one.
- Provide Alabama Credit Union with a copy of:
» Deed to property
» Last two years' tax returns and current pay stub, or two years' tax returns if self-employed
» Recent tax appraisal
- 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.
- Let us know if you'd like to have checks that you can write to access your new HELOC line of credit; we'll print them for you at no charge.
- Tell us when you need the funds from your loan, so that we can set up an in-office closing for you.
- 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;
- 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.
- Sign the documents, and you're good to go!
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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