Updated: December 21, 2024
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Synovus Bank is the best home equity line of credit (HELOC) lender in South Carolina, with a MoneyGeek score of 95 out of 100. Truist Bank is the runner-up, with a MoneyGeek 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, outstanding mortgage balance and credit score.
Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in South Carolina, which are updated weekly to assist you in your journey.
The average HELOC balance in South Carolina for the third quarter of 2023 was $34,334, according to Experian. Understanding this figure can help 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 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) 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.
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.
With the average 2023 consumer debt in South Carolina at $93,167, using a HELOC for debt consolidation can streamline payments and lower interest rates.
Using a HELOC for education expenses is smarter than other debts. It covers tuition, books and fees, offering a flexible, lower-interest option.
A HELOC can fund investment properties, providing capital for growth. Shop around for the best HELOC lenders for investment properties to secure favorable rates and terms.
Understanding the steps to apply for a HELOC in South Carolina can help you confidently navigate the process. We've broken down this journey into six steps below.
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 was 699 based on Experian data for the third quarter of 2023. A higher score can improve your chances of HELOC approval.
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.
Preparing the necessary documents for a HELOC application can save time. Commonly required documents include proof of income, recent tax returns and mortgage and home value information. Having these ready can streamline the application process.
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.
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.
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.
The average HELOC limit in South Carolina for the third quarter of 2023 was $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 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 |
Most lenders will allow you to take out up to 90% of your home's equity. For example, if your home is appraised at $400,000 and you owe $200,000 on your mortgage, you could potentially take out up to $160,000 on a HELOC if you meet the requirements of that lender.
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 credibility and offers competitive interest rates.
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 credit requirements, competitive interest rates and transparent fee structures.
Consider interest rates, fees, borrowing limits, repayment terms and lender reputation when selecting a HELOC lender.
Common fees include origination, annual, application and early closure fees.
The typical draw period for HELOCs is usually 10 years, but some lenders may offer more flexible options.
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 December 2024 and considered different banks and credit unions in South Carolina 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.
