Updated: December 21, 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, followed by Synovus Bank, which has a score of 95 out of 100.
The average HELOC limit in Georgia is $108,695. How much you can borrow depends on factors like home equity, mortgage balance and credit score.
Comparing rates can help you find suitable lenders. 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. 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 shows how much 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 because they offer flexibility and control over line amounts and repayment timelines. Here is a list of where you can use a HELOC.
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 changing budgets and unexpected expenses.
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.
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.
A HELOC can finance investment properties, offering potential returns. 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.
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.
Compare rates to secure the best HELOC deal. Consider other features like repayment terms, fees and fixed-rate HELOC options.
Preparing the necessary documents for a HELOC application can streamline the process. Commonly required documents include proof of income, recent tax returns, and mortgage and home value information.
Submit your HELOC application 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 an 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.
A HELOC 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.
The average HELOC limit in Georgia was $108,695, based on Experian data for the third quarter of 2023. The maximum amount you can borrow through a HELOC is usually tied to your home equity. 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 |
As with any line of credit, the lender can increase or decrease the limit at any time for any reason. With a HELOC, if the value of your home drops significantly, the lender can choose to decrease your line or even freeze it, making it unusable until you pay it down to the amount that aligns with their guidelines.
Truist Bank is the best HELOC lender in Georgia, with a MoneyGeek score of 96 out of 100. It stands out for customer service, education, a smooth application process and flexible loan terms.
When looking for the best HELOC lenders for bad credit, consider flexible terms, lower fees and willingness to work with lower credit scores.
Consider interest rates, fees, borrowing limits, repayment terms and lender reputation when choosing a HELOC lender.
Common fees to compare include origination fees, annual fees, application fees and early closure fees.
The typical draw period for HELOCs is 10 years, though 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. We allocated scores based on including or excluding certain desirable features in various critical categories.
Our analysis, completed in December 2024, 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.
