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.

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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

What others are saying

Three generations female playing on the beach
Lodemia L.
Hamptonville, NC

It was nice to finally find someone to go above and beyond to help them.

dad and son being silly selfie
Ken M.
member since 2005

As always you are very helpful, courteous, and professional. You and people like you are the reason I am with Allegacy and will never go back to a bank.

couple in car selfie
Laura G.
member from Kernersville, NC

We had heard very positive comments regarding Allegacy so we applied for membership and a vehicle loan. Selina made the whole experience seamless and enjoyable. We will certainly consider Allegacy for any future financial needs.

family selfie with dog
David T.
member from Anaheim, CA

At 1st, I was weary of the thought an out of state bank. Brandi and your team made the process so easy. She was very responsive informative and helpful. I am very thankful i found you guys.

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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  • 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.