Low‑Rate Home Equity Line of Credit (HELOC)

If you've built equity in your home, a HELOC can provide flexible access to funds when you need them, with rates as low as 6.50% APR.1

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HELOC features you can use:

  • As low as 6.50% APR1
  • Low to no closing costs2
  • $0 annual or pre-payment fee
  • Interest-only payment for 10 years
  • Principal and interest payments during 10-year repayment term

See all current HELOC rates

HELOC benefits you'll love:

There are so many ways to use your home's equity with a HELOC:

  • Tackle renovation projects you've been putting off
  • Consolidate debt into one easy-to-make payment
  • Take that long-awaited family vacation or anniversary trip
  • Invest in educational opportunities or career development
  • Use it as a safety net for life's unexpected expenses

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Estimate your Home Equity Line of Credit payment.

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What is a Home Equity Line of Credit and how does it work?

Learn more about what home equity is and how you can tap into it with a Home Equity Line of Credit from Advia.

Home Equity Line of Credit FAQs

Yes, you can refinance an external HELOC from another lender to Advia. However, this will depend on your equity, credit score, and other applicable criteria.

The credit limit is generally based on your home’s equity and your creditworthiness. Lenders often allow you to borrow a percentage of your home’s appraised value minus your current mortgage balance.

During the first 10 years of your Home Equity Line of Credit (HELOC), known as the Open/Draw Period, your monthly payments are only for the interest amount due. As the outstanding principal balance increases, so does the interest owed, leading to higher monthly payments. However, if you choose to pay more than just the interest due, you'll be reducing your principal balance, which in turn lowers your future interest payments. Plus, during this period, you have the flexibility to continue borrowing up to your credit limit.

When you enter the Closed/Repayment Period, starting 10 years after you close on your HELOC, the payment structure changes. Now, your monthly payments will include both interest and principal, calculated to ensure your HELOC is fully paid off by the end of the 20-year term. Remember, in this second phase, additional borrowing is not an option as the focus shifts to paying back what you've borrowed.

  • A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows you to borrow as needed up to a set limit, similar to a credit card.
  • A Home Equity Loan provides a one-time payment to you with a fixed interest rate and fixed repayment term.

When you first open a Home Equity Line of Credit (HELOC) with us, your payments during the initial period primarily cover the interest on the amount you've borrowed. This means your initial payments will be lower, giving you the flexibility to manage your finances more easily. You'll make these payments monthly, and you can do so through various convenient methods, such as online banking, direct debit, or in-branch payments. It's important to remember that your HELOC has a variable interest rate, which means your payment amounts could change over time based on rate fluctuations. This flexible structure is designed to help you make the most of your home's equity right from the start, with manageable payments tailored to your evolving financial needs.

Understanding estimated monthly payments can be a challenge. To make things a little easier, we have provided a Payment Calculator to quickly see what your potential payment would be. Additionally, this information is provided on your monthly statement.

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  1. Rates as low as 6.50% Annual Percentage Rate (APR). APR is variable and may change quarterly based the Wall Street Journal Prime Rate. Your APR is equal to as low as the Prime index + or - a margin. An increase in the index will result in an increase to your APR (includes a lifetime interest rate cap of 8% over initial non-promotional loan rate). Advertised rate available to well-qualified borrowers and subject to creditworthiness, combined loan-to-value (CLTV), and underwriting criteria.
  2. Most HELOC transactions have no standard closing costs. However, members may be responsible for certain third-party fees when required, including appraisal fees, title-related fees, recording fees, government charges, and applicable taxes, depending on the property and loan request. Homeowner’s insurance and flood insurance, if applicable, are required.
  3. Consult a tax advisor regarding tax deductibility as tax laws are subject to change.

Additional fees may apply. Some products and services may vary based on geographical region. Offer and rates subject to change at any time. Rates and terms may vary based on creditworthiness of borrower and term of loan. Floor rates and restrictions apply. All loans subject to credit approval.