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.
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
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.
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”.
Excellent service and great location for service and convenient ATMs.
My experience felt personal and was handled in a timely fashion.
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.You might like ...
Here are a few other resources, pages and articles you might enjoy.
Smart Ways to Use the Equity in Your Home
At Allegacy Federal Credit Union, we believe in doing the right thing for your wellbeing and that includes making sure that…
Ten tips to help you prepare your home for winter.
Before the weather outside becomes frightful, make sure your winter will be delightful by preparing your home for the drop…
We make homeownership more affordable.
At Allegacy Federal Credit Union, we believe in helping you be your best by offering products and services unique to…Let's be our best, together
When you become an Allegacy member, the benefits aren’t just individual. When you invest with us, we invest in arts, education, health and community service organizations throughout the Triad. It brings us joy to help our community thrive. It’s also the right thing to do.
Don’t Wait Golf Tournament
Every year, golfers gather at the Bermuda Run Country Club to enjoy 18 holes of championship golf – while raising funds and awareness to prevent breast and ovarian cancers.
Trellis Supportive Care
Allegacy began supporting Trellis Supportive Care after losing members and employees to cancer.
Our Art Gallery
Our headquarters is also a home for the arts: it contains the W.K. “Ike” Keener, Jr. Art Gallery, which displays work from local artists and non-profit galleries across our region.
Become a member
Have joy. Do the right thing.Disclosures
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.
