Home Equity Loan Rates in Georgia

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.

Key Takeaways

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Higher LTV ratios lead to higher rates. The average APR for a 15-year HEL in Georgia with an 80% LTV is 8.0%, compared to 8.2% for a 90% LTV.

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HEL rates vary by city in Georgia. For example, for 15-year loans, Grovetown has an average APR of 7.0%, whereas Kathleen's is 10.5%.

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Different lenders offer varying rates for the same loan types. United Community Bank's average APR is 5.6%, whereas Robins Financial Credit Union is 11.0%.

MoneyGeek examined 35 different banks and credit unions in Georgia using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.

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This data is accurate as of November 2024.

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Current Home Equity Loan Rates in Georgia

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.

10Year8.3%
15Year8.1%
5Year7.9%

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.

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HOME EQUITY LOANS VS. HELOCS IN GEORGIA

Home equity loans and home equity lines of credit (HELOC) are popular options for homeowners to tap into their home's equity. In Georgia, home equity loan rates average 8.1%, while HELOC rates in Georgia average 8.5%. Home equity loans have fixed rates, providing stability, whereas HELOCs have variable rates, which can fluctuate over time.

Fixed rates mean your monthly payments remain consistent, offering financial predictability. In contrast, variable rates can start lower but may increase, leading to higher costs over time. Understanding the differences between home equity loans and HELOCs can help you decide which option aligns with your financial goals.

Home Equity Loan Rates by LTV Ratio

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.

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Repayment Terms:
Repayment Terms:10Year
8.0%8.7%

Home Equity Loan Rates by City in Georgia

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.

Data filtered by:Results filtered by:
City:
City:Atlanta
10Year8.2%
15Year8.4%
5Year7.9%

Home Equity Loan Lenders in Georgia

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.

Data filtered by:Results filtered by:
City:
City:Atlanta
United Community Bank5.6%
Credit Union of Atlanta7.1%
Regions Bank7.3%
CDC Federal Credit Union7.5%
Delta Community Credit Union7.6%
Navy Federal Credit Union7.6%
LGE Community Credit Union7.9%
Associated Credit Union8.0%
iTHINK Financial Credit Union8.4%
Justice Federal Credit Union8.4%
Coca-Cola Federal Credit Union8.4%
Peach State Federal Credit Union8.5%
1st Choice Credit Union9.0%
Fifth Third Bank9.1%
Atlanta Postal Credit Union9.8%
PNC Bank10.0%
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COMPARING HOME EQUITY LOAN RATES: BANKS VS. CREDIT UNIONS

Including credit unions in your lender options can be beneficial, especially when considering home equity loan rates in Georgia. While commercial banks in Georgia have an average APR of 8.5%, credit unions offer a lower rate of 8.1%. Keep in mind that credit unions typically offer lower rates but may have stricter membership requirements.

How to Get the Best Home Equity Loan Rate in Georgia

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:

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    Compare lenders

    Lenders may offer different APRs for the same loan amount and credit profile. For example, CORE Credit Union has an average APR of 5.8%, while North Georgia Credit Union offers 8.5%. Comparing home equity loan lenders in Georgia can help you find better rates.

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    Increase your home's equity

    Having more equity in your home can result in more competitive rates from lenders. Georgia homeowners can increase their home's equity by remodeling the kitchen or adding porches.

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    Improve your credit score

    Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in Georgia is 695, according to Experian.

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    Decrease debt-to-income ratio

    A lower debt-to-income (DTI) ratio — the percentage of your monthly income that goes toward paying debts — can lead to better rates as lenders see you as a less risky borrower.

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Debt-to-Income Ratio Calculator

Provide your income and recurring payments to calculate your DTI.

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FAQ About Home Equity Loan Rates in Georgia

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.

What is the interest rate on a home equity loan in Georgia?

How do you calculate your home equity in Georgia?

Do home equity loan rates vary between cities in Georgia?

Does a home equity loan in Georgia have tax benefits?

What are the possible drawbacks of securing a home equity loan in Georgia?

How long does it take to get a home equity loan in Georgia?

How do you get a home equity loan in Georgia?

What can I use my funds for? Are there any home equity loan use restrictions in Georgia?

Can you only take out a home equity loan in Georgia on your primary residence?

What other home equity products can you consider if you want to tap into your home's equity in Georgia?

What's the difference between a HELOC and a home equity loan?

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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