Convenient HELOCs. From Helpful People.

Home Equity Loans

At AllCom, we get it: Life is a series of unexpected events, good or bad. Our Home Equity Lines of Credit can make sure you’re financially ready for any surprises that come your way. From funding home improvements to taking that big family vacation, planning a wedding or paying off student loans, an AllCom HELOC could be the answer.

Two Great Options, On Your Terms.

Home Equity Line of Credit

Best for ongoing or unpredictable expenses. Borrow as needed, and pay interest only on what you use.

No closing costs
Lines start at $20,000
10-year draw period, 10-year repayment period*
Rate of Prime minus 0.25% for the life of the loan*
Borrow up to 80% combined loan-to-value
Interest may be tax deductible

Fixed Rate Home Equity Loan

Best for one-time, known expenses. Borrow a set amount, pay it back on a fixed schedule.

Get Started

Let’s put your equity to work.

Renovate. Consolidate. Celebrate. You’ve built the equity, and we’ll help you put it to use—from kitchen remodels to weddings, paying off higher-interest debt, college costs, or simply having a financial safety net ready to go.

Applying for a Home Equity Loan or HELOC with AllCom is straightforward, and we’ll help you figure out which option actually fits what you’re trying to do—not just sell you whichever one’s easiest for us. Reach out today.

Educational Resources

You Don't Need a Money Crisis to Open a HELOC. Here’s Why.

Most people wait until they have an urgent need for extra funds. That might not be the smartest move—plus, there’s little to no risk in tapping your equity sooner…

Frequently Asked Questions

A few things our members ask us:

What's the real difference between a HELOC and a home equity loan?

A HELOC (Home Equity Line of Credit) is a revolving line of credit. You open it, draw from it as you need it, and only pay interest on what you use. It works a bit like a credit card backed by your home. A home equity loan is a one-time lump sum with a fixed rate and fixed monthly payments. If your expense is ongoing or unpredictable, a HELOC gives you flexibility. If you have a specific cost and want predictability, the fixed loan is simpler to plan around.

How much equity do I actually need?

AllCom lends up to 80% of your home’s appraised value combined with your existing mortgage balance (this is called combined loan-to-value, or CLTV). So if your home is worth $300,000 and you owe $200,000, you have up to $40,000 in accessible equity. The more your home has appreciated and the more of your mortgage you’ve paid down, the more you can typically borrow.

How much could I realistically borrow against my home?

Use this formula: (home’s appraised value × 80%) minus what you still owe on your mortgage. So on a $400,000 home with a $250,000 mortgage balance: $320,000 − $250,000 = $70,000 available. Our calculators can run this for your numbers, or just call us.

What can I actually use the money for? Is anything off-limits?

No restrictions. Home improvements, debt consolidation, a major purchase, education costs, medical bills, a wedding… whatever you need it for, that’s between you and your plans. We’re not here to audit how you spend it.

How is this different from refinancing my mortgage?

Refinancing replaces your existing mortgage with a new one. A home equity loan or HELOC is a second loan layered on top of your mortgage; you keep your existing mortgage as-is and borrow against the equity separately. Refinancing makes sense if you want to change your mortgage rate or term. Home equity works better when you want access to cash without touching your primary mortgage.

Is the rate fixed, or can it change on me?

Depends on which product you choose. The Fixed Rate Home Equity Loan has a rate that’s locked for the entire term so your payment is predictable from day one. The HELOC rate is variable, tied to the Prime Rate minus 0.25% for the life of the loan. It can move with Prime, but you’re not paying for an introductory period that resets to a higher rate later—the discount holds.

Are there closing costs I should plan for?

Our HELOC comes with no closing costs, with one caveat: If you pay off or refinance the line within the first 36 months, you’ll be responsible for the closing costs we covered upfront. As long as you use the line for longer than that, you pay nothing to open it.

Could the interest be tax-deductible? (Talk to your tax advisor, but here's the general idea.)

Potentially, yes—but it depends on how you use the money. Generally speaking, interest on home equity debt used to buy, build, or substantially improve your home may be deductible. Interest used for other purposes (like paying off credit cards or taking a vacation) typically isn’t. Tax rules here are specific to your situation, so check with a tax professional before assuming any deductibility.

What if I open a line and don't end up using all of it?

No problem. With a HELOC, you only pay interest on what you’ve actually drawn—not on the full available line. Having an open line you don’t use costs you nothing. Many members open a HELOC as a financial safety net and never tap it.

Can I use my home's equity to consolidate other debt?

Yes, and it’s a common reason members use home equity products. If you’re carrying high-interest credit card debt, the rate on a home equity loan or HELOC is almost certainly lower, which means you pay less in interest and potentially get to a payoff date faster. The tradeoff is that you’re securing the debt against your home, so it’s worth thinking through before you do it.

How long does the whole process take, start to finish?

Generally speaking, home equity loans take 2–4 weeks from application to closing, depending on appraisal scheduling and document turnaround. We’ll give you a clear timeline when you apply.

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