Best HELOC Lenders in Georgia (October 2024)

Key Takeaways

blueCheck icon

Truist Bank is the best home equity line of credit (HELOC) lender in Georgia, with a MoneyGeek score of 96 out of 100. Synovus Bank is the runner-up, with a MoneyGeek score of 95 out of 100.

blueCheck icon

The average HELOC limit in Georgia is $108,695. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.

blueCheck icon

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

Overall Best HELOC Lender in Georgia

Company logo for Truist Bank
Truist Bank
MoneyGeek Score:
96/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.90%
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
  • Charges a $50 annual fee
  • HELOC can only be secured with primary or secondary home
  • Does not disclose minimum credit score requirement

Runner-Up for Best HELOC Lender in Georgia

Company logo for Synovus Bank
Synovus Bank
MoneyGeek Score:
95/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.15%
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

Calculate Your Monthly Payment

The average HELOC balance in Georgia in the third quarter of 2023 was $42,338, according to Experian. It's important to 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 provided shows how much of your payments go toward interest and principal over time.

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.

$
%
years
years

Credit Line Information

Draw Period Payment

$0

Repayment Period Payment

$0

Credit Payoff Schedule for Home Equity Line

YEAR

Ending balance
Principal paid
Interest paid

Best HELOC Lender in Georgia for Affordability

Company logo for First Horizon Bank
First Horizon Bank
MoneyGeek Score:
91/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Allows interest-only payments during the draw period
  • Provides a mobile app for 24/7 account access
  • Has a payment assistance program for financial hardship
CONS
  • Charges a $50 annual fee
  • No online application
  • Does not disclose information about HELOC product

Best HELOC Lender in Georgia for Service Quality

Company logo for PNC Bank
PNC Bank
MoneyGeek Score:
100/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR10.93%
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 you to switch between variable and fixed rates
CONS
  • Charges a $50 annual fee
  • Has a $100 fee each time you lock or unlock
  • Late fees apply

What You Can Use a HELOC for in Georgia

Home equity lines of credit (HELOCs) have gained popularity in Georgia due to their flexibility and the control they offer over line amounts and repayment timelines. These features make HELOCs an attractive option for homeowners looking to manage their finances effectively.

Here is a list of where you can use a HELOC.

    paintingRoller icon

    Home improvements or renovations

    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 evolving budgets and unexpected expenses.

    debtConsolidation icon

    Consolidating high-interest debt

    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.

    graduationCap icon

    Funding education expenses

    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.

    money icon

    Investment properties

    A HELOC can finance investment properties, offering potential returns. It's crucial to shop around for the best HELOC lenders for investment property to secure favorable rates and terms.

How to Apply for a HELOC in Georgia

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.

1
Review your financial health

Reviewing your current financial situation is key when considering a HELOC. 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.

2
Compare rates in Georgia

Comparing rates in Georgia can help you secure the best HELOC deal. Look beyond rates and consider other lender features like repayment terms, fees and the option for a fixed-rate HELOC. These factors can significantly impact your overall borrowing experience.

3
Prepare required documentation

Preparing the necessary documents for a HELOC application can streamline the process. Commonly required documents include proof of income, recent tax returns and information on your mortgage and home value. Having these ready can save time and reduce stress during the application.

4
Submit an application

Your HELOC application can be submitted 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.

5
Undergo a home appraisal

Some lenders may require a home 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.

6
Wait for approval and closing

After applying, the 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, easing the financial burden.

Know How Much You Can Borrow in Georgia

The average HELOC limit in Georgia was $108,695, based on Experian data from the third quarter of 2023. The maximum amount you can borrow through a HELOC is usually tied to the equity you have in your home. 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 BankUp 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 Georgia

Who is the best HELOC lender in Georgia?
How to find the best HELOC lenders for bad credit in Georgia?
What factors should I consider when choosing a HELOC lender in Georgia?
What are common fees associated with HELOCs that I should compare in Georgia?
What is the typical draw period for HELOCs, and does it vary between lenders in Georgia?
How can I find a lender with flexible repayment options in Georgia?

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.

recency icon

Our analysis was completed in October 2024 and considered different banks and credit unions in Georgia from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

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.


sources