Variable or fixed rate loan? Now you can have the best of both worlds!
How great would it be to convert all or just a portion of your variable rate home equity into multiple fixed rate loans? Now with Allegacy’s Home Equity FlexLoan, you can. You choose the amounts, the payments, the terms and the due dates. Plus, as each loan is paid back, the principal automatically becomes available again on the line of credit.
FlexLoan qualifications are the same as the current Equity Line of Credit:
- Maximum loan amount of $350,000
- Primary residence only
- Up to 110% LTV (loan-to-value)
Apply Now for 1.99% Introductory Annual Percentage Rate for 3 months!*
Apply Online!
Special Features: The flexibility to lock in all or a portion of the balance to a fixed rate!
Accessing your FlexLoan has never been easier!
Features |
Primary Residence |
Secondary Residence* |
| Maximum Line of Credit Amount: |
$350,000 |
$100,000 |
| Maximum Loan-to-Value: |
110% of equity |
80% of equity |
| Acceptable Property Valuation Methods: |
Appraisal, tax assessment, automated valuation model. An appraisal is required for credit limits over $100,000 |
Appraisal only |
| Interest Rate: |
Range from Prime - .25% to Prime + 3.0% |
Range from Prime + .25% to Prime + .75% |
| Rate depends on loan-to-value ratio and credit qualifications. |
| Geographic Availability: |
CA, CT, DC, DE, FL, GA, IL, IN, MD, NC, NJ, NY, PA, SC, VA, WV |
| Term of Draw Period: |
Members may obtain and repay draws for an initial period of 5 years. Allegacy may renew draw periods at our option up to a total of 15 years. |
| Payment Frequency: |
Weekly, Bi-Weekly, Monthly |
| Payment Terms: |
1% of the balance with a $50 minimum payment.* |
| Fees: |
Allegacy pays typical closing costs up to $500. |
*Annual Percentage Rate. 1.99% APR applies for the first three months, then reverts to as low as Prime - ¼% (or 5.75% as of February 1, 2008). Payment must be drafted from an Allegacy checking account to qualify for the 1.99% APR. Maximum APR is 18%. APR may vary based on loan-to-value and credit qualifications. Allegacy will pay up to a maximum of $500 towards typical closing costs. These costs vary depending on the state.
Application required, approval based on criteria. Maximum Allegacy FlexLoan is $350,000. FlexLoan exceeding $100,000 require appraisals. 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. Prime Rate as published in The Wall Street Journal, adjusted quarterly. No penalty endured for higher than minimum payment amount.
AutoPay™ Automatic Transfer is a valid payment source but Payroll Deduction is not an option unless it is to a deposit account then automatically transferred to your loan.1.99% APR introductory for qualified buyers; requires payment drafted from Allegacy Checking account only to receive 1.99% APR. At least $10,000 borrowed paid to creditors for current Allegacy refinances only to receive 1.99% APR. Payments are 1% of the balance with a $50 minimum payment. Allegacy pays typical closing costs up to $500. You will be notified of any closing costs exceeding $500 prior to incurring any other possible fees.
The fixed rate is determined by the loan-to-value and credit qualifications determined at the time the line of credit is opened. These factors are then applied to the rate chart in effect at the time of the loan request. Members may obtain and repay draws for an initial period of 5 years. Allegacy may renew draw periods at our option up to a total of 15 years. After the 3 month introductory rate it automatically changes to Prime - 1/4 to Prime + 3.00% on Primary Residences and ranges from Prime + 1/4 to Prime + .75% on Secondary Residences. Rate depends on loan-to-value ratio and credit qualifications. Rates subject to change. Please visit AllegacyFCU.org for current rates. The maximum Annual Percentage Rate is 18% or the maximum permitted by law, whichever is less. Online application decisions usually apply in less than 60 seconds but circumstances or creditworthiness may delay approval or denial of application. If this occurs you will be notified via email or phone call.
All Allegacy mortgage loans are subject to the legal requirements in the state where the subject property is located. Mortgage Loans and FlexLoans are available to all members in the District of Columbia and the following states California, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas (Mortgage loans only), Virginia, and West Virginia.
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