Home Equity Loans
Explore the potential of your own back yard.
Your home is your haven. It’s also a significant financial asset. Explore the potential of your own back yard. 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 (LOC) open for emergencies. At Allegacy, you have options.
Leverage what you've earned.
Fixed-Rate Home Equity Loan
Do you have a large, one-time expense that you’d like to finance? You may be able to capitalize on your home equity to make that happen. Borrow up to $350,000 and enjoy predictable monthly payments at a low, fixed rate.
FlexLoan + Line of Credit
With a FlexLoan or a Flex Line of Credit, you choose your own terms. You can use it to lock in a fixed interest rate on one or more portions of a variable-rate loan, or consolidate high-interest debt into one monthly payment. As a revolving loan, it also lets you borrow and repay as many times as you like.
Interest-Only Home Equity Line of Credit
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.
Explore your options.
At Allegacy, you have options. Compare the various benefits below and choose what’s right for you lifestyle.
-
Best for:
Best for:
-
How it works:
How it works:
-
Benefits:
Benefits:
-
Limitations:
Limitations:
-
Access:
Access:
-
Fees:
Fees:
-
Best for:
Financing a one-time purchase with a low rate and predictable payments.
-
How it works:
Borrow up to $350,000 on your primary residence. Maximum loan-to-value ratio of 100%.
-
Benefits:
Payments are predictable and affordable thanks to a low, fixed-rate due on a monthly basis. Allegacy will pay up to $500 towards the closing costs.
-
Limitations:
Appraisals are required on loan amounts of $100,000 or greater. Homeowner's insurance and, if applicable, flood insurance is required.
-
Access:
Make or schedule your loan payments through Allegacy's WebBanking or Mobile App. You can also access your statements online through eStatements.
-
Fees:
There is no annual fee or prepayment penalty fee.
-
Best for:
Converting all or part of your variable-rate home equity into multiple fixed-rate loans.
-
How it works:
Borrow up to $350,000 on your primary residence. Maximum loan-to-value ratio of 100%.
-
Benefits:
A revolving, open-ended loan that lets you borrow funds, repay and borrow again. Allegacy will pay up to $500 towards the closing costs. Ability to transfer funds to Allegacy Checking Account via Online Banking.
-
Limitations:
Appraisals are required on loan amounts of $100,000 or greater. Homeowner's insurance and, if applicable, flood insurance is required.
-
Access:
Make or schedule payments on your Allegacy Line of Credit through WebBanking or our Mobile App. You can also access your statements through eStatements.
-
Fees:
There is no annual fee or prepayment penalty fee.
-
Best for:
Borrowing against your home at a lower rate if you have a small-to-moderate balance on your mortgage.
-
How it works:
Borrow up to $350,000 on your primary residence. Maximum loan-to-value ratio of 90%.
-
Benefits:
During the initial draw period, you can make advances, repay and advance again as needed. Allegacy will pay up to $500 towards the closing costs. Ability to transfer funds to Allegacy Checking Account via Online Banking.
-
Limitations:
Appraisals are required on loan amounts of $100,000 or greater. Homeowner’s insurance and, if applicable, flood insurance is required.
-
Access:
Make or schedule payments on your Allegacy Line of Credit through WebBanking or our Mobile App. You can also access your statements through eStatements.
-
Fees:
There is no annual fee, activity charge or prepayment penalty fee.
What others are saying ...
JoyceI want a bank that respects me and my finances. Allegacy doesn’t take risks with my finances and I’m not pushed into accepting services that I don’t need or want.
— Bermuda Run, NC
View Our Rates
|
Balance |
APR* |
|---|---|
|
*APR=Annual Percentage Rate. 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. 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 greater than $100,000. 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. |
|
|
Balance Primary Residence up to $350,000 |
APR* as low as Prime - 0.25% |
|
Balance |
APR* |
|---|---|
|
*APR=Annual Percentage Rate. Interest-Only Line of Credit – Rates as low as Prime + 0.50%. Prime Rate as published in The Wall Street Journal and adjusted quarterly for equity. The maximum rate is 18.00% and the lowest could never be below the floor rate of 4.00%. 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 greater than $100,000. 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. |
|
|
Balance Primary Residence up to $350,000 |
APR* as low as Prime + 0.50% |
Get Started
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.
