Best HELOC Lenders in South Carolina (October 2024)

Key Takeaways

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Synovus Bank is the best HELOC lender in South Carolina with a MoneyGeek score of 95 out of 100. The runner-up is Truist Bank with a score of 95 out of 100.

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The average HELOC limit in South Carolina is $103,173. How much you can borrow often depends on your home's equity, mortgage balance and credit score.

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

Overall Best HELOC Lender in South Carolina

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

Minimum Credit ScoreUndisclosed
Average HELOC APR8.00%
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

Runner-Up for Best HELOC Lender in South Carolina

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

Minimum Credit ScoreUndisclosed
Average HELOC APR9.80%
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
  • HELOC can only be secured with primary or secondary home
  • Does not disclose minimum credit score requirement
  • Converting to a fixed-rate option has a $15 set up fee

Calculate Your Monthly Payment

The average HELOC balance in South Carolina for the third quarter of 2023 is $34,334, according to Experian. Understanding this figure can help you 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 provided shows how much of your payments go toward interest and principal over time.

South Carolina 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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Best HELOC Lender in South Carolina for Affordability

Company logo for TD Bank
TD Bank
MoneyGeek Score:
92/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.99%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Option to lock your interest rate
  • Offers a 0.25% relationship discount
  • Provides assistance during financial hardship
CONS
  • Minimum line amount is $25,000
  • Charges an annual fee of $50
  • Charges a $99 origination fee

Best HELOC Lender in South Carolina for Service Quality

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

Minimum Credit ScoreUndisclosed
Average HELOC APR11.30%
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 switching between variable and fixed rates
CONS
  • Charges a $50 annual fee
  • Has a $100 fee for interest rate changes
  • Late fees apply

What You Can Use a HELOC for in South Carolina

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.

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    Home improvements or renovations

    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.

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    Consolidating high-interest debt

    With average 2023 consumer debt in South Carolina at $93,167, using a HELOC for debt consolidation can streamline payments and lower interest rates.

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    Funding education expenses

    Using a HELOC for education expenses is smarter than other debts. It covers tuition, books, and fees, offering a flexible, lower-interest option.

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    Investment properties

    A HELOC can fund investment properties, providing capital for growth. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms.

How to Apply for a HELOC in South Carolina

Understanding the steps to apply for a HELOC in South Carolina 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 credit score, debt-to-income ratio, and home equity is essential for understanding your financial health. In South Carolina, the average credit score is 699 based on Experian data for the third quarter of 2023. A higher score can improve your chances of HELOC approval.

2
Compare rates in South Carolina

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.

3
Prepare required documentation

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

4
Submit an application

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.

5
Undergo a home appraisal

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.

6
Wait for approval and closing

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.

Know How Much You Can Borrow in South Carolina

The average HELOC limit in South Carolina for the third quarter of 2023 is $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 out 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 BankFrom $25,000
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 South Carolina

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

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.

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Our analysis was completed in October 2024 and considered different banks and credit unions in South Carolina 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.


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