Allegacy's interest-only home
equity lines of credit have a "draw" period of up to
15 years, which is followed by a repayment period of up to 15 years.
This is a revolving loan, which means that, during the draw period, you may make
advances, repay the advances, and advance the line of credit again.
These
home equity lines of credit require a minimum payment of only the monthly interest
due.
Regardless
of how long you've lived in your house, you may have enough equity to access
and make your home work for you.
An equity loan may reduce your tax liability (consult a tax advisor),
reduce your interest payments on other high-interest debt, and
pay for college tuition, home improvements, and other major purchases.
Our rates are lower than most banks' rates and may be lower than
your credit cards or other loans.
Apply
Online!
Special Features: During the interest-only
period, members may repay as much or as little of their principal
balance each month as they choose.
Accessing your home equity line of credit has never been
easier!
- Equity checks are provided at no charge.
- Use our online WebBanking™ service
to transfer funds.
- Call Mia 24® PhoneBanking to transfer funds.
- Call or stop by any of our financial
centers or fax your equity line request to us
at (800) 533-5432.
- Call Member Services at
(800) 782-4670.
Features |
Primary Residence
Only |
| Maximum Line of Credit Amount: |
$350,000 |
| Maximum Loan-to-Value: |
90% |
| Acceptable Property Valuation Methods: |
Appraisal, tax assessment, automated valuation
model. An appraisal is required
for credit limits over $100,000 |
| Interest Rate: |
Range from Prime to Prime + .50%. 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. |
| Term of Interest-Only Period: |
Your payment will only be the amount of interest
due on the loan. |
| Payment Frequency: |
Monthly |
| Fees: |
Allegacy pays typical closing costs up to $500. |
*Prime Rate as published in The Wall Street Journal, adjusted quarterly.
All Allegacy mortgage loans are subject to the legal requirements in the state
where the subject property is located. Mortgage Loans are available nationwide
and Equity Lines of Credit are available to all members in the following states
and the District of Columbia: California, Connecticut, Delaware, Florida, Georgia,
Illinois, Indiana, Maryland, New Jersey, New York, North Carolina, Pennsylvania,
South Carolina, Virginia and West Virginia.
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