Latest news with #AlliantCreditUnion
Yahoo
06-08-2025
- Business
- Yahoo
HELOC rates today, August 6, 2025: It pays to shop introductory rates for bargains
National HELOC variable rates remain in a range from 8% to 9.5%, with the average APR still under 8.75%. A common limited-time introductory rate for a home equity line of credit is near 6.5%. However, shopping for the best combination of an introductory rate followed by a reasonable variable rate can yield some surprising results. Yahoo Finance finds introductory rates from banks and credit unions as low as 3.99% at Alliant Credit Union, 4.99% at Regions Bank, and 5.99% at Truist. Let's check today's home equity line of credit rate. This embedded content is not available in your region. HELOC rates Wednesday, August 6, 2025 According to Bank of America, the largest HELOC lender in the country, today's average APR on a 10-year draw HELOC held firm at 8.72%. That is a variable rate that kicks in after a six-month introductory APR, which is 6.49% in most parts of the country. The lowest HELOC rate reported was 8.05%, with the maximum 9.59%. Homeowners have a sizable amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not likely to let go of their primary mortgage anytime soon, so selling the house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of the value locked into your house with a use-it-as-you-need-it HELOC can be an excellent alternative. How lenders determine HELOC interest rates HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. Lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan, so it pays to shop around. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. How a HELOC works You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. This embedded content is not available in your region. Look for introductory rates, but be aware of a rate adjustment later Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. HELOC rates today: FAQs What is a good interest rate on a HELOC right now? Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. Is it a good idea to get a HELOC right now? For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. What is the monthly payment on a $50,000 home equity line of credit? If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
31-07-2025
- Business
- Yahoo
Alliant's Mortgage Transformation Yields Record-Breaking First Half in 2025
New direct lending platform drives 158% year-over-year growth and the largest closing month in Alliant's history CHICAGO, July 31, 2025 /PRNewswire/ -- Alliant Credit Union is proud to announce exceptional mid-year results for its Residential Lending team, following the successful rollout of its mortgage transformation initiative. From January 1 through June 30, 2025, Alliant served 1,076 households and closed $628.8 million in 1-4 Family first mortgage production, more than doubling the direct lending performance from the same period last year. This 158% year-over-year increase reflects a strategic investment in modernizing Alliant's mortgage operations, including the launch of a new direct lending platform in December 2023. In June 2025 alone, Alliant served 236 households and closed $145.7 million in mortgage loans, representing the single largest monthly volume in the credit union's direct lending history. By comparison, during the same six-month period in 2024, Alliant served 533 households and closed $243.2 million in production. June 2024 totals included 127 households served and $63.7 million in loans originated. The performance surge stems from the completion of several key elements in Alliant's mortgage transformation strategy: Launch of a new direct lending platform designed to streamline new member onboarding, the loan application, approval and closing process. Implementation of a new loan origination system, enabling a single system of record for all 1-4 family loan originations. Formation of an in-house mortgage operations team to better support member service and speed to close. Product expansion, including FHA, VA, Doctor, and Construction loans, providing more customized financing options for members. Enhancements to the residential secondary marketing desk, creating new opportunities for credit unions, banks, and investors nationwide. Deployment of an end-to-end digital mortgage experience, making the process seamless from application to funding. "It is an honor to be part of a team that has embraced transformational change," said Dan Bauer, Head of Residential Lending at Alliant. "Our strong momentum will allow us to build upon the progress made unleashing new opportunities to wow our members and do good for the members, colleagues and communities we serve." As the second half of 2025 begins, Alliant remains focused on maintaining momentum by expanding its reach and refining its offerings to meet the evolving needs of members nationwide. For more information about Alliant's mortgage offerings, visit Credit Union Home Loans, Mortgages & Interest Rates | Alliant Credit Union. About Alliant Credit Union:Alliant Credit Union is a national digital financial institution with over 900,000 members and $20 billion in assets, focused on innovation and disrupting the traditional banking model. Alliant maintains some of the industry's best cost structures while delivering members the best products, rates, and value. Consistently recognized as one of the best financial institutions, Alliant was named one of CNBC's Top Credit Unions and Forbes Best Credit Union for Digital Banking. Headquartered in Chicago and founded in 1935, Alliant is one of the largest credit unions in the United States. Media Contact:Natalie Symonds nsymonds@ Media StrategistAlliant Credit Union View original content to download multimedia: SOURCE Alliant Credit Union
Yahoo
12-05-2025
- Business
- Yahoo
Suze Orman: 3 Best Cash Moves To Make Right Now
The economy has always been a mercurial beast capable of throwing out curveballs with no warning, but for many, life in the financial senses feels more precarious than usual. The implementation and continued uncertainty around tariffs have taken us into fairly unprecedented territory. It's difficult to get a clear picture of what we can expect. That said, many financial experts are pretty confident that we're on the brink of a recession. Find Out: Read Next: On her website, financial guru Suze Orman posted a blog on May 1, 2025, discussing the three best cash moves we can each make during this turbulent time. Here's what she recommended. Some financial experts say having a three- to six-month reserve of cash readily available is a sufficient emergency fund. Orman is more conservative, recommending that you have at least a year's worth of money set aside to get you through any pains a recession may bring. Don't set this money aside in any old bank account. Opt for a high-yield savings account (HYSA), so that your money makes some money just sitting there. Orman is a fan of the The Ultimate Opportunity Savings Account at Alliant Credit Union, and she's teamed up with Alliant to promote an incentive. 'Make 12 monthly deposits of at least $100 into your Ultimate Savings Opportunity account, and at the end of those 12 months you will be given a $100 bonus,' Orman said. 'That's on top of earning a solid 3.10% annual percentage yield (APY) right now.' Check Out: To access an even higher APY, put your cash in a certificate of deposit (CD) account. 'CDs come with higher yields because you are giving your money to the bank or credit union for a set period – CDs typically have maturities of 1 year, 18 months, 2 years, or 5 years – and you agree to pay a penalty if you want the money back earlier,' Orman wrote. Typically, the higher the APY, the longer the term of the CD. It's fine and sometimes beneficial to spread your savings out over a few CD accounts. This is called CD laddering. Finally, Orman recommended buying Treasuries, which can be best done via an account at a discount brokerage. You can take a laddering approach with Treasuries, too. 'For example, you could divide your 'safe' money across a 1-year, 3-year, 5-year, and maybe a 7-year Treasury,' Orman wrote. 'This way you have some money maturing at different times. Depending on your needs when a Treasury matures, and what is happening with interest rates, you can decide if you want to reinvest in another Treasury (and at what length) or if you want to move the money to cash or another investment.' More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 25 Places To Buy a Home If You Want It To Gain Value 7 Things You'll Be Happy You Downsized in Retirement Sources Suze Orman Blog, 'The Best Cash Moves Right Now' This article originally appeared on Suze Orman: 3 Best Cash Moves To Make Right Now
Yahoo
07-05-2025
- Business
- Yahoo
Approaching Retirement? Suze Orman's 2025 Plan For Safe, High-Earning Cash
As retirement approaches, many people start to shift their focus from growing their investments to protecting what they've built. Financial expert Suze Orman has a clear strategy for 2025 that focuses on helping near-retirees earn more on their cash while keeping it safe. Whether you're just a few years away from retirement or already there, Orman's recommendations offer a roadmap for where to park your money in today's higher-interest environment. Don't Miss: Start with a Strong Emergency Savings Account Before thinking about investing or even locking money into a longer-term product, Orman urges everyone to build a solid emergency fund. Her advice: aim to keep three to twelve months of living expenses in an easily accessible savings account. One option she recommends is the Ultimate Opportunity Savings Account at Alliant Credit Union. According to Orman's blog, this account currently earns a 3.10% annual percentage yield and comes with a $100 bonus for anyone who deposits at least $100 a month for 12 consecutive months. Orman wrote that this "remains my go-to advice for building up a savings account." The key benefit here is combining steady savings habits with one of the more competitive yields available for liquid cash. Trending: Many are using retirement income calculators to check if they're on pace — here's a breakdown on what's behind this formula. Use CDs to Lock in Higher Yields If you don't need immediate access to some of your money, Orman says certificates of deposit can offer even better returns. For example, in her blog, she states that Alliant's one-year CD is currently offering 4.00% APY. Longer-term CDs, like those with 17-month or two-year terms, may offer slightly more. CDs require you to commit your funds for a fixed period, and pulling money out early typically results in a small interest penalty. Still, they're considered low-risk and are insured up to the legal limits by the FDIC or NCUA. To balance access and earnings, Orman suggests a CD ladder. By dividing your money among CDs of different lengths — say, one-year and 18-month terms — you'll have cash maturing at staggered intervals. This approach can help you maintain flexibility while capturing today's high rates.
Yahoo
04-04-2025
- Business
- Yahoo
Suze Orman: 4 Smart Ways To Use Your Tax Refund
Millions of Americans are wrapping up filing their taxes and waiting on their tax refunds, which are typically issued within 21 days after electronic filing. The average tax refund in 2025 is $3,271, about 5.2% more than the average of $3,109 in 2024. Read Next: Learn More: A recent Attest survey of 1,000 working-age Americans found that 34% of filers plan to use tax refunds to pay off debt, while 40% plan to save or invest the money. Close to 25% of those planning to invest with their refunds — chiefly millennials — plan to buy cryptocurrency. What is the best move you can make with your tax refund? Financial guru Suze Orman recently published a blog on her website discussing four smart ways to use this money. You may be familiar with this worrisome statistic: Most Americans can't afford to cover a $1,000 emergency. Orman certainly doesn't want to see you go into credit card debt over a surprise vet bill or temporary job loss. Orman champions having a 12-month emergency fund on hand. She's a fan of the Ultimate Opportunity Savings Account at Alliant Credit Union, which will give you a $100 bonus if you complete a few steps. Find Out: The 34% of tax return filers from the Attest survey who said that they intend to use their refund to pay down debt are making the right move, according to Orman. But this is only a truly smart move if you don't fall back into credit card debt down the road. 'Are you ready to lean in harder to the idea of only using your credit card for true needs and not charge a penny for wants?' Orman asked. Orman wants to see you double down on saving for retirement. She recommended contributing to a Roth IRA — even if you already have a 401(k) plan you're contributing to through work. 'If you are single with a modified adjusted gross income below $150,000 in 2025 (or below $236,000 if you are married and file a joint tax return), you can contribute $7,000 to a Roth IRA. If you are at least 50 years old, the limit is $8,000,' Orman wrote. If you have an ample emergency fund, no credit card debt and are already aggressively saving for retirement, you can smartly use your tax refund by investing in a skill or hobby. 'Investing in you is always smart,' Orman wrote. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying The New Retirement Problem Boomers Are Facing 4 Things You Should Do if You Want To Retire Early 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on Suze Orman: 4 Smart Ways To Use Your Tax Refund Sign in to access your portfolio
