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 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.
