Closed-end home equity loans have an attractive fixed rate. Many members prefer this type of loan because the payment amount remains the same throughout the term of the loan. While this loan may be used for any purpose, it is most commonly used for debt consolidation or for large purchases, because it is a "closed-end" loan with a one-time draw. Allegacy offers home equity loans on primary homes and on second homes*. Your rate will be determined by the amount of equity used and your creditworthiness.
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Please review our current rates by accessing our Current Rates page.
To determine the payment amount for a Fixed-Rate Equity loan, use our Loan Calculator.
Features |
Primary Residence |
Secondary Residence |
| Maximum Loan Amount: |
$350,000 |
$100,000 |
| Maximum Loan-to-Value: |
100% of equity |
80% of equity |
| Acceptable Property Valuation Methods: |
Appraisal, tax assessment, automated valuation model. An appraisal is required for loans amounts over $100,000 |
Appraisal only |
| Interest Rate: |
7.24% - 12.24% APR |
7.74% - 8.74% APR |
| (depending on loan-to-value and credit qualifications) |
| Geographic Availability: |
CA, CT, DC, DE, FL, GA, IL, IN, MD, NC, NJ, NY, PA, SC, TX, VA, WV |
| Payment Frequency: |
Monthly |
| Fees: |
Allegacy pays typical closing costs up to $500. |
*Home equity loans not available on second homes used as rental property; "second homes" are identified as beach, mountain, or lake homes used only by the Allegacy member. No penalty endured for higher than minimum payment amount. Automatic Transfer is a valid payment source but Payroll Deduction is not an option. Please ask for details.
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