Frequently asked questions
What makes a HELOC unique?
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 will my monthly payments look like?
Advantis offers two options to make it easy to budget and plan.
- Our 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.
