Allegacy's interest-only home equity lines of credit have a "draw" period of up to 15 years, which is followed by a repayment period of up to 15 years.
This is a revolving loan, which means that, during the draw period, you may make advances, repay the advances, and advance the line of credit again.
These home equity lines of credit require a minimum payment of only the monthly interest due.
Regardless of how long you've lived in your house, you may have enough equity to access and make your home work for you.
An equity loan may reduce your tax liability (consult a tax advisor), reduce your interest payments on other high-interest debt, and pay for college tuition, home improvements, and other major purchases.
Our rates are lower than most banks' rates and may be lower than your credit cards or other loans.
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Special Features: During the interest-only period, members may repay as much or as little of their principal balance each month as they choose.
Accessing your home equity line of credit has never been easier!
- Equity checks are provided at no charge.
- Use our online WebBanking™ service to transfer funds.
- Call PhoneBanking to transfer funds.
- Call or stop by any of our financial centers or fax your equity line request to us at (800) 533-5432.
- Call Member Services at (800) 782-4670.
Features |
Primary Residence Only |
| Maximum Line of Credit Amount: |
$350,000 |
| Maximum Loan-to-Value: |
90% |
| 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 to Prime + .50%. 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. |
| Term of Interest-Only Period: |
Your payment will only be the amount of interest due on the loan. |
| Payment Frequency: |
Monthly |
| Fees: |
Allegacy pays typical closing costs up to $500. |
†Prime Rate as published in The Wall Street Journal, adjusted quarterly. Rate can never be below the floor rate (Floor Rate is 4% as of 2/28/2009).
All Allegacy mortgage loans are subject to the legal requirements in the state where the subject property is located. Mortgage Loans are available nationwide and Equity Lines of Credit are available to all members in the following states and the District of Columbia: California, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Virginia and West Virginia.
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