Variable or fixed rate loan? Now you can have the best of both worlds!
How great would it be to convert all or just a portion of your variable rate home equity into multiple fixed rate loans? Now with Allegacy’s Home Equity FlexLoan, you can. You choose the amounts, the payments and the terms. Plus, as each loan is paid back, the principal automatically becomes available again on the line of credit.
FlexLoan qualifications are the same as the current Equity Line of Credit:
- Maximum loan amount of $350,000
- Primary residence only
- Up to 100% LTV (loan-to-value)
Apply Online!
Special Features: The flexibility to lock in all or a portion of the balance to a fixed rate!
Accessing your FlexLoan has never been easier!
Features |
Primary Residence Only |
| Maximum Line of Credit Amount: |
$350,000 |
| Maximum Loan-to-Value: |
100% of equity |
| Acceptable Property Valuation Methods: |
Appraisal, tax assessment, automated valuation model. An appraisal is required for credit limits over $100,000 |
| Interest Rate†: |
Range from Prime - .25% to Prime + 3.00%. Rate can never be below the floor rate. Rate depends on loan-to-value ratio and credit qualifications. |
| Geographic Availability: |
CA, CT, DC, DE, FL, GA, IL, IN, MD, NC, NJ, NY, PA, SC, VA, WV |
| Term of Draw Period: |
Members may obtain and repay draws for an initial period of 5 years. Allegacy may renew draw periods at our option up to a total of 15 years. |
| Payment Frequency: |
Monthly |
| Payment Terms: |
1% of the balance with a $50 minimum payment. |
| Fees: |
Allegacy pays typical closing costs up to $500. |
Application required, approval based on criteria. Maximum Allegacy FlexLoan is $350,000. FlexLoan exceeding $100,000 require appraisals. Home equity FlexLoans are available on Primary Residences only. Prime Rate as published in The Wall Street Journal, adjusted quarterly. No penalty endured for higher than minimum payment amount.
AutoPay™ Automatic Transfer is a valid payment source but Payroll Deduction is not an option unless it is to a deposit account then automatically transferred to your loan. At least $10,000 borrowed paid to creditors for current Allegacy refinances only. Payments are 1% of the balance with a $50 minimum payment. Allegacy pays typical closing costs up to $500. These costs vary depending on the state. You will be notified of any closing costs exceeding $500 prior to incurring any other possible fees.
Online application decisions usually apply in less than 60 seconds but circumstances or creditworthiness may delay approval or denial of application. If this occurs you will be notified via email or phone call.
All Allegacy mortgage loans are subject to the legal requirements in the state where the subject property is located. Mortgage Loans and FlexLoans are available to all members in the District of Columbia and the following states California, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas (Mortgage loans only), Virginia and West Virginia.
†The fixed rate is determined by the loan-to-value at the time the line of credit is opened and credit qualifications at the time of the new request. These factors are then applied to the rate chart in effect at the time of the loan request. Members may obtain and repay draws for an initial period of 5 years. Allegacy may renew draw periods at our option up to a total of 15 years. Annual Percentage Rate is Prime - .25 to Prime + 3.00% on Primary Residences. Rate can never be below the floor rate (Floor Rate is 4% as of 2/28/2009). Rates subject to change. Please visit AllegacyFCU.org for current rates. The maximum Annual Percentage Rate is 18% or the maximum permitted by law, whichever is less.
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