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