HELOC rates in Georgia rose from 4.2% in 2021 to 9.0% by late 2023, with a slight decrease to 8.8% in 2024. If this trend persists, homeowners may encounter higher borrowing costs, making it wise to consider locking in current rates.
HELOC
Best HELOC Rates in Georgia (December 2024)
Updated: December 21, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Georgia with an 80% LTV is 8.2%, compared with 8.7% for a 90% LTV.
HELOC rates vary by city in Georgia. Dallas has an average APR of 6.8%, whereas Cochran's is 11.5%.
Different lenders offer varying rates for the same loan types. Empeople Credit Union's average APR is 6.6%, whereas Pinnacle Bank's is 11.8%.
Current HELOC Rates in Georgia
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HELOC Rates in Georgia by LTV Ratio
HELOC rates in Georgia vary depending on your loan-to-value (LTV) ratio and line limit. Lenders consider a lower LTV less risky because it means you have more equity in your home, reducing the chance of default on your HELOC. For example, an 80% LTV indicates you've borrowed less against your home's value than a 90% LTV.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
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Line Limit:$100,000
| 8.3% | 8.8% |
HELOC Rates in Georgia by City
HELOC rates in Georgia vary by city due to local housing markets and lender competition. For instance, a city with a stable real estate market might offer lower rates due to reduced lender risk.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
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City:Atlanta
| $100,000 | 8.6% |
| $50,000 | 8.7% |
HELOC Rates in Georgia by Lender
HELOC interest rates in Georgia vary among lenders, influenced by their pricing strategies and risk assessments. The table below highlights the five lenders in Georgia offering the lowest average APRs, helping you compare competitive rates.
| Empeople Credit Union | 6.6% |
| Go Energy Financial Credit Union | 6.8% |
| LGE Community Credit Union | 6.8% |
| United Community Bank | 6.8% |
| First National Bank of Griffin | 7.0% |
HELOC rates today can differ between lenders in the same city. Use the table below to filter by city and compare APRs, helping you find the best rate available in your area.
Explore the options to ensure you make an informed decision.
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City:Atlanta
| LGE Community Credit Union | Credit Union | 6.8% |
| United Community Bank | Commercial Bank | 6.8% |
| MembersFirst Credit Union | Credit Union | 7.0% |
| Peach State Federal Credit Union | Credit Union | 7.8% |
| Justice Federal Credit Union | Credit Union | 7.9% |
| Excel Federal Credit Union | Credit Union | 8.0% |
| CDC Federal Credit Union | Credit Union | 8.0% |
| Credit Union of Atlanta | Credit Union | 8.0% |
| Georgia United Credit Union | Credit Union | 8.0% |
| Regions Bank | Commercial Bank | 8.5% |
| iTHINK Financial Credit Union | Credit Union | 8.5% |
| First Horizon Bank | Commercial Bank | 8.5% |
| Delta Community Credit Union | Credit Union | 8.5% |
| Colony Bank | Commercial Bank | 8.5% |
| Associated Credit Union | Credit Union | 8.5% |
| Coastal States Bank | Commercial Bank | 8.8% |
| Apco Employees Credit Union | Credit Union | 8.8% |
| Georgia's Own Credit Union | Credit Union | 8.8% |
| Coca-Cola Federal Credit Union | Credit Union | 8.9% |
| Truist Bank | Commercial Bank | 8.9% |
| 1st Choice Credit Union | Credit Union | 9.0% |
| Self-Help Credit Union | Credit Union | 9.0% |
| SouthState Bank | Commercial Bank | 9.0% |
| Navy Federal Credit Union | Credit Union | 9.1% |
| PNC Bank | Commercial Bank | 9.6% |
| Bank of America | Commercial Bank | 9.7% |
| Fifth Third Bank | Commercial Bank | 10.5% |
| Atlanta Postal Credit Union | Credit Union | 10.5% |
| Pinnacle Bank | Commercial Bank | 11.8% |
COMPARING HELOC RATES IN GEORGIA: BANKS VS. CREDIT UNIONS
HELOC rates in Georgia vary between banks and credit unions, with commercial banks typically offering higher rates. Currently, the best HELOC rate in Georgia for commercial banks averages 8.7%, while credit unions offer a slightly lower average APR of 8.2%. Credit unions are not-for-profit institutions that provide financial services to their members, often resulting in more favorable rates.
Consider more than just rates when choosing between banks and credit unions. Banks may offer more convenience, such as a wider range of services and locations, while credit unions often provide better customer service and lower fees. Before deciding, check membership requirements for credit unions and be aware of any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
How do changes in the Federal Reserve’s interest rates impact HELOC rates, and what should homeowners expect if rates rise or fall?
Credit & Mortgage Expert
The current Federal Fund rate has a direct impact on the rate you get or have on a HELOC. So if rates increase or decrease, your HELOC rate will follow. Recently the Federal Reserve decreased the Federal Fund rate by 0.5%, and about a week or two later, the rate on my HELOC decreased by 0.5%.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity.
Use our Georgia HELOC payment calculator to determine your monthly payments based on the amount drawn, APR and loan terms.
Our calculator also provides an amortization schedule, detailing the division of payments between principal and interest over time. Understanding these details can help you manage your HELOC and your finances more effectively.
Georgia 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.
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How to Get the Best HELOC Rates in Georgia
Finding the best HELOC rates in Georgia can lead to substantial savings over your loan's duration.
Consider these five strategies to secure the most competitive rate:
Maintain a strong credit score
The average credit score in Georgia is 695. Improving it can help secure better rates from lenders.
Compare offers from multiple lenders
Shopping around can reveal competitive rates and help you negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show financial stability. Paying off credit card debt can help.
Increase your home equity
More equity reduces lender risk. Paying down your mortgage or making home improvements can help.
Review closing costs and rate caps
Closing costs affect expenses. Understanding rate caps helps manage HELOC adjustments.
HELOC Loan Rates vs. Home Equity Loan Rates in Georgia
HELOC interest rates in Georgia average 8.4%, while the best home equity loan rates are slightly lower at 8.1%. This difference arises from the variable rate structure of HELOCs, which can increase in rising interest rate environments.
- HELOCs operate as revolving credit lines with variable rates, making them susceptible to market fluctuations. In rising interest rate environments, this can lead to higher costs for homeowners over time.
- Home equity loans provide a lump sum at a fixed rate, offering stability and predictability, which can be advantageous for long-term financial planning.
When deciding between these options, consider your financial goals, risk tolerance, and the current economic climate. Assess whether you prefer the flexibility of a HELOC or the certainty of a fixed-rate loan, and evaluate how borrowing against your home's equity fits into your overall financial strategy.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
A cash-out refinance is a HELOC alternative that replaces your existing mortgage with a new, larger loan, allowing you to access cash. Unlike HELOCs or home equity loans, cash-out refinances create a new primary mortgage.
For instance, if you have a loan backed by the Federal Housing Administration (FHA) and your home is valued at $300K with a $150K mortgage balance, an FHA cash-out refinance for $200K could give you $50K in cash, but your new loan payments will be based on $200K.
FAQ: Best HELOC Rates in Georgia
What are the current HELOC rates in Georgia and how do they compare to national rates?
Georgia's HELOC rates average 8.4%, which is slightly higher than the national average of 8.3%.
What fees are commonly associated with HELOCs in Georgia?
Common fees include application, appraisal, annual, and early closure fees, though specifics vary by lender.
How do HELOC rates in Georgia compare to home equity loan rates?
Georgia's HELOC rates average 8.4%, while home equity loan rates are lower at 8.1%, which may benefit those with bad credit.
How do HELOC Rates in Georgia vary between banks and credit unions?
Commercial banks in Georgia offer HELOC rates averaging 8.7%, while credit unions offer lower rates at 8.2%.
What's the best HELOC rate in Atlanta? How does it compare to the current HELOC rate in Georgia?
Atlanta's rates average 8.6%, slightly higher than Georgia's overall average of 8.4%.
MoneyGeek examined 82 different banks and credit unions in Georgia using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of December 13, 2024.
82Lenders 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.