Home Equity Loan Rates in Georgia (November 2024)

The equity in your home that you can access and borrow is known as tappable equity. According to TransUnion, tappable equity averages $132,000 in Georgia. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Georgia's home equity loan rates are above national averages — 8.3% APR for a 10-year term (7.7% nationally) and 8.1% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on home equity loan rates in Georgia, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Georgia is 8.1%, but several factors might affect what lenders offer. For instance, a better credit score often results in a lower APR, while a larger loan amount may lead to a higher rate. Repayment terms also play a role in determining your rate. Check out the table below to compare the current home equity loan rates in Georgia across different loan terms.

Interest rates for a home equity loan change daily. Keeping track of these rates can help you pay less in interest over the life of the loan, saving you money. If you have high-interest debts, a home equity loan at a lower rate can help you consolidate those debts and reduce your overall interest payments.

For example, a 15-year home equity loan with an 8.1% APR results in a monthly payment of $481 and a total interest of $36,529. In contrast, a 10-year loan with an 8.3% APR has a monthly payment of $615 and a total interest of $23,751.

The rate you qualify for depends on your loan-to-value ratio, which measures how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio presents a greater risk to lenders, resulting in higher rates. Currently, the average APR of a 15-year equity loan in Georgia with an LTV ratio of 80% is 8.0%, while it is 8.2% for an LTV ratio of 90%. Refer to the table to see what average home equity loan rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities in Georgia. Cities with higher living costs may see slightly higher rates due to increased operational expenses. Additionally, differences in property taxes or local fees can influence rates, affecting overall borrowing costs.

In Georgia, Clarkesville has an average APR of 5.6%, while Warner Robins has an average APR of 11.0%. Explore the average home equity loan rates across cities in Georgia with different terms in the table below.

Home equity loan rates in Georgia vary significantly between lenders due to differences in policies, risk assessments and market strategies. For instance, United Community Bank offers the lowest average APR at 5.6%, while Robins Financial Credit Union has the highest at 11.0%.

Comparing rates and terms from different lenders is essential to finding the lowest home equity loan rates in your area. Explore our interactive table to see which lenders offer the best rates in your city.

Securing the best home equity interest rates can lead to lower monthly payments and reduced overall borrowing costs. For example, a homeowner in Georgia could save significantly on interest, freeing up funds for other financial goals. To achieve the best home equity loan rates in Georgia, consider these strategies:

MoneyGeek answers common questions about home equity loan rates for Georgia homeowners. Our resources offer clear and reliable information, helping you confidently navigate your options. Access our detailed insights to better understand how these rates impact your financial decisions.