Interest-Only Home Equity Line of Credit

take advantage of what you've earned.

If you have a small-to-moderate balance on your mortgage, and you’d like to borrow against your home at a lower rate, consider an Interest-Only Home Equity Line of Credit. Pay interest only during the 15-year draw period; get up to 15 years to repay it afterward.

Apply for a line of credit

Find out if you're eligible for an Interest-Only Home Equity Line of Credit.

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Interest-Only Period

Pay interest only for the first 15 years of this variable-rate home equity line of credit

Repay Afterward

After the interest-only period, you have up to 15 years to repay the balance

Revolving Loan

During the initial draw period, you can make advances, repay and advance again as needed + the ability in Online Banking to transfer funds to your Allegacy Checking Account. That means no office visits or waiting in line

What others are saying

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”.

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

Excellent service and great location for service and convenient ATMs.

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.

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

Apply for a line of credit

Find out if you're eligible for an Interest-Only Home Equity Line of Credit.

apply now

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  • APR=Annual Percentage Rate. 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.