Best HELOC Lenders in South Carolina (November 2024)

Name: Best HELOC Lenders in South Carolina (November 2024)
Item: Best HELOC Lenders in South Carolina (November 2024)
Author: Zachary Romeo, CBCA

Synovus Bank is the best HELOC lender in South Carolina with a MoneyGeek score of 95 out of 100. It offers excellent customer service, is credible and transparent about its HELOC terms and process.

By Zachary Romeo, CBCA

Reviewed by Ramsey Coulter

Edited by Rae Osborn

Updated: November 16, 2024

Advertising & Editorial Disclosure

Key Takeaways

Synovus Bank is the best HELOC lender in South Carolina with a MoneyGeek score of 95 out of 100. The runner-up is Truist Bank with a score of 95 out of 100.

The average HELOC limit in South Carolina is $103,173. How much you can borrow often depends on your home's equity, mortgage balance and credit score.

Comparing rates can help find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in South Carolina, updated weekly to assist your journey.

Overall Best HELOC Lender in South Carolina

Synovus Bank

MoneyGeek Score:

95/ of 100

Minimum Credit ScoreUndisclosed

Average HELOC APR8.00%

Draw Period10 years

Repayment Period20 years

Time to Receive FundsUndisclosed

PROS

Offers a 0.25% rate discount for auto-deduct
Pays up to $1,000 in closing costs
Allows interest-only payments during the draw period

CONS

Charges a $50 fee to lock in interest rate
Third-party origination expenses added to HELOC balance
No online applications

HELOC

Best HELOC Lenders in Alabama

HELOC

Best HELOC Lenders in Georgia

Runner-Up for Best HELOC Lender in South Carolina

Truist Bank

MoneyGeek Score:

95/ of 100

Minimum Credit ScoreUndisclosed

Average HELOC APR9.80%

Draw Period10 years

Repayment Period20 years

Time to Receive FundsUndisclosed

PROS

Offers a fixed-rate HELOC option
Can advance your closing costs and waive reimbursement
Provides payment relief options on qualifying HELOCs

CONS

HELOC can only be secured with primary or secondary home
Does not disclose minimum credit score requirement
Converting to a fixed-rate option has a $15 set up fee

Calculate Your Monthly Payment

The average HELOC balance in South Carolina for the third quarter of 2023 is $34,334, according to Experian. Understanding this figure can help you gauge how your HELOC compares to state averages.

Calculating your HELOC payments is key to managing this type of debt effectively. 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.

South Carolina HELOC Payoff Calculator

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.

Credit Line Information

Draw Period Payment

$0

Repayment Period Payment

$0

Graph view
Table view
Amortization

Credit Payoff Schedule for Home Equity Line

YEAR

Ending balance

Principal paid

Interest paid

Best HELOC Lender in South Carolina for Affordability

TD Bank

MoneyGeek Score:

92/ of 100

Minimum Credit ScoreUndisclosed

Average HELOC APR8.99%

Draw PeriodUndisclosed

Repayment PeriodUndisclosed

Time to Receive FundsUndisclosed

PROS

Option to lock your interest rate
Offers a 0.25% relationship discount
Provides assistance during financial hardship

CONS

Minimum line amount is $25,000
Charges an annual fee of $50
Charges a $99 origination fee

Best HELOC Lender in South Carolina for Service Quality

PNC Bank

MoneyGeek Score:

100/ of 100

Minimum Credit ScoreUndisclosed

Average HELOC APR11.30%

Draw PeriodUndisclosed

Repayment Period5 to 30 years

Time to Receive FundsNext Day After Closing

PROS

Borrow up to $1 million
Provides a 0.25% interest rate discount
Allows switching between variable and fixed rates

CONS

Charges a $50 annual fee
Has a $100 fee for interest rate changes
Late fees apply

What You Can Use a HELOC for in South Carolina

Home Equity Lines of Credit (HELOCs) are a popular financial tool in South Carolina, primarily because they offer flexibility and control over borrowing amounts and repayment timelines. This makes them an appealing option for homeowners looking to manage their finances effectively.

Below, we'll explore various ways you can utilize a HELOC to suit your financial needs.

Home improvements or renovations

A HELOC is ideal for home improvements, offering flexibility as costs aren't final. It allows you to enhance your home while managing expenses efficiently.

Consolidating high-interest debt

With average 2023 consumer debt in South Carolina at $93,167, using a HELOC for debt consolidation can streamline payments and lower interest rates.

Funding education expenses

Using a HELOC for education expenses is smarter than other debts. It covers tuition, books, and fees, offering a flexible, lower-interest option.

Investment properties

A HELOC can fund investment properties, providing capital for growth. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms.

How to Apply for a HELOC in South Carolina

Understanding the steps to apply for a HELOC in South Carolina can help you navigate the process with confidence. We've broken down this journey into six steps below.

1
Review your financial health
Reviewing your credit score, debt-to-income ratio, and home equity is essential for understanding your financial health. In South Carolina, the average credit score is 699 based on Experian data for the third quarter of 2023. A higher score can improve your chances of HELOC approval.
2
Compare rates in South Carolina
Comparing rates in South Carolina can help you secure the best HELOC deal. Look into lenders' features like repayment terms, fees, and the option for a fixed-rate HELOC. These factors can significantly impact your overall loan experience.
3
Prepare required documentation
Preparing the necessary documents for a HELOC application can save time. Commonly required documents include proof of income, recent tax returns, and information on your mortgage and home value. Having these ready can streamline the application process.
4
Submit an application
Most lenders offer online applications, but you can also apply in person if a branch is available. Ensure all information is accurate to avoid delays. Double-check for errors or omissions before submitting your application.
5
Undergo a home appraisal
Some lenders may require a home appraisal to determine your home's current market value. This process involves a professional assessment of your property's worth, which can affect your HELOC terms.
6
Wait for approval and closing
The approval process for a HELOC can take two to six weeks. After approval, you'll go through the closing process, which may involve signing documents and paying closing costs. Some lenders might cover part of these costs.

Know How Much You Can Borrow in South Carolina

The average HELOC limit in South Carolina for the third quarter of 2023 is $103,173, according to Experian. The maximum HELOC amount you can borrow is usually tied to the equity you have in your home, meaning the higher your equity, the higher your potential credit limit.

Check out the table below to see the range of credit lines offered by South Carolina lenders in our database.


Bank of America	$15,000 to $1,000,000
PNC Bank	$10,000 to $1,000,000
Regions Bank	$10,000 to $500,000
TD Bank	From $25,000
Truist Bank	Up to $500,000

Ask the experts:

What factors should homeowners prioritize when comparing HELOC lenders?

Credit & Mortgage Expert

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.

FAQ: Best HELOC Lenders in South Carolina

Who is the best HELOC lender in South Carolina?

Synovus Bank is the best HELOC lender in South Carolina, with a MoneyGeek score of 95 out of 100. It excels in customer service and education, offers competitive interest rates, and is known for its credibility and transparency.

How to find the best HELOC lenders for bad credit in South Carolina?

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 qualification criteria, willingness to work with lower credit scores, and transparent fee structures.

What factors should I consider when choosing a HELOC lender in South Carolina?

Consider factors like interest rates, fees, borrowing limits, repayment terms and lender reputation when choosing a HELOC lender in South Carolina.

What are common fees associated with HELOCs that I should compare in South Carolina?

Common fees associated with HELOCs include origination fees, annual fees, application fees and early closure fees. Comparing these can help you find the most cost-effective option.

What is the typical draw period for HELOCs, and does it vary between lenders in South Carolina?

The typical draw period for HELOCs usually lasts 10 years, but some lenders may offer more flexible options.

How can I find a lender with flexible repayment options in South Carolina?

Look for lenders that offer fixed-rate HELOC options or allow interest-only payments during the draw period for more flexible repayment options.

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 South Carolina from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

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.

Read Full Bio »

sources

Experian. "Average HELOC Balances up 2.7% in 2023." Accessed November 13, 2024.
Experian. "Average U.S. Consumer Debt and Statistics." Accessed November 13, 2024.
Experian. "What Is the Average Credit Score in the US?." Accessed November 13, 2024.

Best HELOC Lenders in South Carolina (November 2024)

Key Takeaways

Overall Best HELOC Lender in South Carolina

Runner-Up for Best HELOC Lender in South Carolina

Calculate Your Monthly Payment

South Carolina HELOC Payoff Calculator

Credit Line Information

$0

$0

Credit Payoff Schedule for Home Equity Line

Best HELOC Lender in South Carolina for Affordability

Best HELOC Lender in South Carolina for Service Quality

What You Can Use a HELOC for in South Carolina

How to Apply for a HELOC in South Carolina

Review your financial health

Compare rates in South Carolina

Prepare required documentation

Submit an application

Undergo a home appraisal

Wait for approval and closing

Know How Much You Can Borrow in South Carolina

What factors should homeowners prioritize when comparing HELOC lenders?

FAQ: Best HELOC Lenders in South Carolina

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