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 4.40% APR*
- Borrow up to 90% 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
Let’s dig a little deeper.
What make 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 can potentially 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 before claiming this as deduction on your taxes.
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 your outstanding balance, plus interest (during the draw period). For example, if you draw $15,000 from your line of credit, your minimum payment would be $150, plus interest (and reduce each month as you pay down your balance). Interest‐Only HELOC, payments are interest only based upon outstanding balance or a $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!