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.
Pay interest only for the first 15 years of this variable-rate home equity line of credit
After the interest-only period, you have up to 15 years to repay the balance
During the initial draw period, you can make advances, repay and advance again as needed
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Apply for a line of creditFind out if you're eligible for an Interest-Only Home Equity Line of Credit.
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APR=Annual Percentage Rate. The Allegacy Interest Only Line of Credit is variable and based on the Prime Rate minus 0.25%. 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 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. 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, 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.