man using drill in background with all-weather decking and screws in foreground man using drill in background with all-weather decking and screws in foreground

Home Equity Line of Credit

explore the potential of your own back yard.

Your home is your haven. It’s also a significant financial asset. As a homeowner, you can borrow against the equity in your home to consolidate debt, finance one-time expenses or keep a lower-interest line of credit open for emergencies. At Allegacy, you have options.

Fixed-Rate Home Equity Loan

Finance a one-time purchase with a low rate and predictable payments

FlexLoan

An open-ended line offering a fixed rate on all or part of the balance

Interest-Only Line of Credit

Pay interest only for your first 15 years with this home equity line

What others are saying

Dad and kids take travel selfie by car
Frantz S.
member since 1998

I have been a member for over 20 years and service beats the banks hands down

surfer on a large ocean swell with yellow helicopter hovering nearby
Ephraim H.
member from Germantown, NC

You can never over-state the importance of business support that truly makes an impact. Since the inception of FILMCOVE, Allegacy has been there every step of the way. I’m sure their positive impact will continue to be felt by us and others for many years to come. We are grateful.

Boy hugging grandmother outdoors
Deborah B.
member since 2002

There are many advantages to being an Allegacy member. Allegacy membership was recommended to me by a friend, and I will very likely “pay it forward”.

Two young women hiking take selfie portrait at mountain top
Jessica G.
member since 2009

My experience felt personal and was handled in a timely fashion.

Tourist senior couple taking a selfie
Edmond W.
member since 2013

Excellent service and great location for service and convenient ATMs.

2020 Volunteer of the Year Award

Allegacy received the IFB Solutions Kathryn W. Garner Volunteer of the Year Award. For more than 20 years, Allegacy and our team of dedicated employees have supported the mission of IFB Solutions by providing vital volunteer support for community events and fundraisers.

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Disclosures

  • APR = Annual Percentage Rate. All loans are subject to credit and property approval. Rates are based on your credit history and profile. Rates and terms are subject to change without notice.

  • Fixed-Rate Equity Loan: Rate that is based on your credit history and profile and, like terms, are subject to change without notice. Member can obtain credit advances up to 5 years (the draw period). After the draw period ends, the loan is setup on a repayment schedule not to exceed 15 years. During the draw period, the payment is equal to the finance charge (interest) that accrued on the outstanding balance during the preceding month. (For example, a $125,000 loan financed for 180 months at 7.99% APR would result in an approximate monthly payment of $1,194.25. Taxes and insurance not included, your actual payment obligation will be higher.) The total maximum line of credit amount for the loan is $350,000 up to 100% LTV on primary residence and up to $100,000 on secondary residence. Appraisals are required on loan amounts of $100,000 or greater. There is no annual fee or prepayment penalty fee. Allegacy will pay up to $500 towards the closing costs. Homeowner’s insurance and, if applicable, flood insurance is required. Interest may be tax deductible; consult tax advisor for details.

  • FlexLoan: Rates are based on as low as the Prime Rate minus 0.25%. Rate is also affected by your credit history and profile and, like terms, are subject to change without notice. For FlexLoan segments, which can be exercised up to 5 times, a portion of your balance will have a fixed rate. Minimum amount for each option is $5,000. The FlexLoan Line of Credit is a variable rate with a 15-year draw period. The total maximum line of credit amount for the loan is $350,000 up to 100% LTV on primary residence. Using the Line of Credit option at a variable rate, if you made only the minimum monthly payment and took no other credit advances it would take 13 years to pay off a credit advance of $10,000 at 5.75% APR. During that period, you would make 60 payments of $73.49 to $100.00 followed by 95 payments of $95.21 and one (1) final payment of $94.43. For the fixed rate option, if you took no other credit advances it would take 10 years to pay off a credit advance of $10,000 at 7.74% APR. During that period, you would make 119 payments of $120.00 and one (1) final payment of $118.33. Appraisals are required on loan amounts of $100,000 or greater. Closings costs are paid up to $500. There is no annual fee or prepayment penalty fee. Homeowner’s insurance and, if applicable, flood insurance is required. Interest may be tax deductible; consult tax advisor for details.

  • Interest Only Line of Credit: Rates are based on the Prime Rate plus 0.50%. The maximum rate is 18.00% and the lowest could never be below the floor rate of 4.0%. Rate is also affected by your credit history and profile and, like terms, are subject to change without notice. Member can obtain credit advances up to 15 years (the draw period). After the draw period ends, the loan is setup on a repayment schedule not to exceed 15 years. During the draw period, the payment is equal to the finance charge (interest) that accrued on the outstanding balance during the preceding month. The total maximum line of credit amount for the loan is $350,000 up to 90% LTV on primary residence. Appraisals are required on loan amounts of $100,000 or greater. There is no annual fee, activity charge or prepayment penalty fee. Allegacy will pay up to $500 towards the closing costs. Homeowner’s insurance and, if applicable, flood insurance is required. Interest may be tax deductible; consult tax advisor for details.