With competitive rates, low fees, and a quick funding process, you’ll save time and money with an Advantis home equity line of credit (HELOC).
Using your home’s equity can be a terrific way to pay for expenses as they arise. From a remodel to a major purchase, or if you’re just building an emergency fund, tap into the power of your home for what you need, when you need it.
The power of equity
Our HELOC is an “open-end loan” that lets you draw as little or as much as you need — up to your established limit. That can be especially helpful when you’re hit with an unexpected or emergency expense. Plus, HELOC funds are easy to access and draw from at any time.
A HELOC is similar to a credit card, in that you can draw as little or as much as you need from the equity line of credit, up to your established limit. But a HELOC offers lower rates than a credit card, and has a “draw period” when you can borrow (or draw) against your line of credit. It has a subsequent “payment period” during which you pay down your outstanding balance.
Are there any tax advantages with a HELOC?
Many consumers are able to deduct the interest paid on their HELOC when it comes to tax time. This can result in significant tax savings, especially if you have a larger HELOC balance. Consult a tax adviser for further information regarding the deductibility of interest and charges.
How do I access my HELOC funds?
It’s simple and convenient to borrow from your line of credit during the draw period. Access your funds any time you like through Advantis Online & Mobile Banking, or drop by your nearest Advantis branch.
What if I prefer not to have a variable rate?
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 that’s more to your liking, just let us know and we’ll take care of the rest.
What will my monthly payments look like?
Advantis offers two options to make it easy to budget and plan.
Our standard HELOC has a minimum payment of 1% of the balance (during the draw period), or $100, whichever is greater. So if you draw $15,000 from your line of credit, your minimum payment would be $150.
With an interest-only HELOC, you pay just the interest on the outstanding balance, or $100, whichever is greater.
Open your Advantis HELOC today
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*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 07/26/2023 the Prime rate is 8.50%. 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.