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HOME EQUITY LINE OF CREDIT

A smarter way to borrow for whatever you need

Home Equity Line of Credit

Use the equity in your home to pay for what matters most

With low rates and fees, and a fast funding process, you’ll save time and money when you choose an Advantis home equity line of credit (HELOC). A HELOC can be a great funding choice for expenses as they arise. Although HELOCs are often used to finance a home remodel, you can use the line for other big purchases—and it's easy to draw from at any time.

With our Home Equity Line of Credit you can:

Enjoy a low cost way to borrow with rates as low as 8.40 % APR*
Borrow up to 80% of your appraised home value (for qualified borrowers)
Borrow more for larger projects, with loan limits from $10,000 to $250,000 (for qualified borrowers)
Use your funds for whatever matters most to you
Draw easily and immediately from your line of credit whenever you wish
Enjoy affordable monthly payments

APPLY ONLINE CONTACT A HELOC LENDING SPECIALIST

Let’s dig a little deeper.

What makes an Advantis home equity line of credit (HELOC) unique?
A HELOC is like a credit card in that it’s an “open-end loan” that lets you draw as little or as much as you need from the equity loan (up to your established limit). This is especially helpful if your expenses suddenly increase, as they often do with projects like a home remodel.

A HELOC is unlike a credit card in that it offers lower rates, and is structured with a “draw period” (during which you can “draw” from borrowed funds) and a subsequent “payment” period (during which you pay down your outstanding balance). Also unlike a credit card, you may be able to deduct the HELOC interest you pay from your taxes!

Potential tax advantages.
Many consumers are able to deduct the interest paid on their HELOC from their income when it comes to tax time. This can result in significant tax advantages, especially if you have a larger HELOC balance. Everyone’s situation is different, so be sure to consult your professional tax advisor to see if you would qualify for any tax advantages.

Get convenient access to your HELOC funds whenever you wish.
It’s incredibly easy to borrow from your line of credit (during the draw period), anytime you like through Advantis Mobile and Online Banking, in-branch, and through our telephone teller.

Convert your balance to a fixed rate loan at any time.*
Although your HELOC features an adjustable rate, you can choose to convert your outstanding balance to a fixed-rate, fixed-term home equity loan at any time – and your first conversion is free! So, if a fixed loan is more to your liking, just send us a request to “fix it” and we’ll take care of the rest.

Affordable monthly payments.
The Advantis HELOC offers two options that are easy on your budget: Standard HELOC, your minimum payment is just 1% of the balance (during the draw period), or $100, whichever is greater. For example, if you draw $15,000 from your line of credit, your minimum payment would be $150. For Interest‐Only HELOC, payments are interest-only based upon outstanding balance or $100, whichever is greater.

Imagine what you can do with your HELOC

You can use your HELOC funds for whatever is most important to you. Imagine what you can do:

Remodel your home
Fund a big project
Pay for a vacation
Cover wedding expenses
Consolidate higher interest debt to pay it off faster
Setup a safety net for unexpected expenses
Pay for medical expenses
And any other need you may have!

Learn more about borrowing from your home's equity

Home Equity Rates:

View Home Equity Rates

Home Equity Line of Credit¹			Rates Effective 02/11/2020
Loan Type	Term	Interest Rate	Annual Percentage Rate (APR)
Home Equity Line of Credit	n/a	8.40% to 11.40% Variable	8.40% to 11.40% Variable
¹All home equity rates are based on your credit history, current credit report and loan to value ratio. The HELOC is a variable rate loan. All loans are subject to underwriting approval. For all real estate loans property insurance is required and flood insurance may be required. APR is based on Wall Street Journal Prime Rate plus or minus a margin. As of 05/05/2023 the Prime rate is 8.25%. Maximum APR is 12%. Floor APR is 3.99%.Closing costs range from $603.00 to $3,376.00, depending on loan amount, loan position and appraisal costs. This loan has a fixed rate conversion option. You may convert all or part of the outstanding balance up to 2 times during the draw period. First loan conversion is free; the fee for the second conversion is $50.00. The fee to reconvert back to a variable rate credit line is $100.00. Should you choose to convert to a fixed rate, your rate will be determined at the time of conversion based upon Prime Rate plus a margin, and will be higher than your current rate.

Banks are for-profit. Advantis is for you.

Our home equity loans get you closer to your goals, because we’ve got your back.

Advantis is a not-for-profit financial cooperative, locally owned by our members. Which means instead of giving our earnings to corporate stockholders (like banks do), we return them to our members in the form of better rates, lower fees, and more free services.

Learn about our cooperative difference

*All home equity rates are based on your credit history, current credit report and loan to value ratio. The HELOC is a variable rate loan. All loans are subject to underwriting approval. For all real estate loans property insurance is required and flood insurance may be required. APR is based on Wall Street Journal Prime Rate plus or minus a margin. As of 05/05/2023 the Prime rate is 8.25%. Maximum APR is 12%. Floor APR is 3.99%.Closing costs range from $603.00 to $3,376.00, depending on loan amount, loan position and appraisal costs. This loan has a fixed rate conversion option. You may convert all or part of the outstanding balance up to 2 times during the draw period. First loan conversion is free; the fee for the second conversion is $50.00. The fee to reconvert back to a variable rate credit line is $100.00. Should you choose to convert to a fixed rate, your rate will be determined at the time of conversion based upon Prime Rate plus a margin, and will be higher than your current rate.