Updated: November 23, 2024
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Truist Bank is the best home equity line of credit (HELOC) lender in Georgia, with a MoneyGeek score of 96 out of 100. Synovus Bank is the runner-up, with a MoneyGeek score of 95 out of 100.
The average HELOC limit in Georgia is $108,695. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.
Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in Georgia, updated weekly, to assist you.
The average HELOC balance in Georgia in the third quarter of 2023 was $42,338, according to Experian. It's important to calculate your HELOC payments to manage this type of debt effectively and plan for any adjustments in your financial obligations.
Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule provided shows how much of your payments go toward interest and principal over time.
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
Draw Period Payment
Repayment Period Payment
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Home equity lines of credit (HELOCs) have gained popularity in Georgia due to their flexibility and the control they offer over line amounts and repayment timelines. These features make HELOCs an attractive option for homeowners looking to manage their finances effectively.
Here is a list of where you can use a HELOC.
Home improvements or renovations
A HELOC is ideal for home improvements, offering flexibility as costs aren't final. It allows you to access funds as needed, making it perfect for projects with evolving budgets and unexpected expenses.
Consolidating high-interest debt
The average 2023 consumer debt in Georgia was $94,927, based on Experian data. A HELOC for debt consolidation merges multiple debts into one payment, potentially lowering interest rates and easing financial stress.
Funding education expenses
Using a HELOC for education expenses is cost-effective compared to other debts. It can cover tuition, books and housing, offering a flexible repayment plan that aligns with your financial situation.
Investment properties
A HELOC can finance investment properties, offering potential returns. It's crucial to shop around for the best HELOC lenders for investment property to secure favorable rates and terms.
Understanding the steps to apply for a HELOC in Georgia can help you navigate the process with confidence. We've broken down this journey into six steps below.
Reviewing your current financial situation is key when considering a HELOC. Check your credit score, debt-to-income ratio and home equity. The average credit score in Georgia was 695, based on Experian data for the third quarter of 2023. This score can enhance your chances of HELOC approval.
Comparing rates in Georgia can help you secure the best HELOC deal. Look beyond rates and consider other lender features like repayment terms, fees and the option for a fixed-rate HELOC. These factors can significantly impact your overall borrowing experience.
Preparing the necessary documents for a HELOC application can streamline the process. Commonly required documents include proof of income, recent tax returns and information on your mortgage and home value. Having these ready can save time and reduce stress during the application.
Your HELOC application can be submitted online or in person if your lender has a branch. Ensure all information is accurate to avoid delays. Double-check for any errors or omissions before submission to keep the process smooth and efficient.
Some lenders may require a home appraisal to determine your home's current market value. A home appraisal is an assessment conducted by a professional to provide an unbiased estimate of your property's worth, which is crucial for HELOC approval.
After applying, the approval process can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, easing the financial burden.
The average HELOC limit in Georgia was $108,695, based on Experian data from the third quarter of 2023. The maximum amount you can borrow through a HELOC is usually tied to the equity you have in your home. The higher your equity, the higher your potential credit limit.
Check out the table below to see the range of credit lines offered by Georgia lenders in our database that disclose their line amount range.
| Bank of America | $15,000 to $1,000,000 |
| Fifth Third Bank | $10,000 to $500,000 |
| PNC Bank | $10,000 to $1,000,000 |
| Regions Bank | $10,000 to $500,000 |
| Truist Bank | Up to $500,000 |
When shopping for a HELOC, most people focus only on the interest rate. Instead, you should focus on the annual percentage rate (APR) as that is the true cost of what you are paying back. Also consider any fees the lender may be charging you. A lower rate with higher fees can be deceptive.
Truist Bank is the best HELOC lender in Georgia, with a MoneyGeek score of 96 out of 100. It excels in customer service and education, offers an efficient application process and quick approval, and is credible and transparent about its HELOC terms and process.
A bad credit score is generally below 580 for FICO scores and between 300 and 600 for VantageScore. When looking for the best HELOC lenders for bad credit, consider factors like flexible eligibility criteria, willingness to work with lower credit scores and competitive interest rates.
When choosing a HELOC lender in Georgia, consider factors like interest rates, fees, borrowing limits, repayment terms and lender reputation.
Common fees associated with HELOCs include origination fees, annual fees, application fees and early closure fees.
The typical draw period for HELOCs usually lasts 10 years, but some lenders may offer more flexible options.
To find flexible repayment options in Georgia, look for lenders that offer fixed-rate HELOC options or allow interest-only payments during the draw period.
MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.
Our analysis was completed in October 2024 and considered different banks and credit unions in Georgia from S&P Global's SNL Depository Rates dataset.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
