Best HELOC Lenders and Best HELOC Rates in Georgia (September 2024)

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Updated: September 9, 2024

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The best home equity line of credit (HELOC) lender in Georgia is Lower. It stands out with an APR range of 8.75% to 13.5% and offers amounts from $15,000 to $500,000 without annual fees. Acting as an online-only institution, it simplifies the process for a broad spectrum of homeowners with a minimum credit score requirement of 580. MoneyGeek didn’t just consider cost but also factors like product availability and lender reliability to find this top pick.

MoneyGeek's study reviewed 15 HELOC lenders in Georgia. While this list is comprehensive, other lenders in Georgia were not included. Besides these, homeowners have local alternatives, such as Georgia's Own Credit Union, Credit Union of Georgia and Georgia United Credit Union, which might present distinct advantages based on individual needs.

A Summary of the Best HELOC Lenders in Georgia

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

We evaluated each lender in our research against a rubric, including APR ranges, annual fees and affordability, among others.

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Our analysis was completed in September 2024 and includes lenders that do business in Georgia.

15Lenders Analyzed

    Best HELOC Lender Overall

  • Lower
    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower stands out as the best HELOC lender in Georgia. It offers homeowners in Georgia competitive APRs from 8.75% to 13.5%, with loan amounts ranging from $15,000 to $500,000. Homeowners with credit scores starting at 580 can apply, making it accessible to a broad audience. Lower ensures details like APR ranges, loan amounts and credit qualifications are easy to find and understand on its website. With no annual fees and a positive A+ BBB rating, it demonstrates commitment to customer satisfaction.

    Pros

    • Accepts credit scores as low as 580
    • A+ rating from the BBB
    • Personalized support post-application

    Cons

    • No option to convert to a HELOC
    • Length of repayment undisclosed
    • No financial hardship assistance
    Lower

HELOC Rates in Georgia by Credit Score

Your HELOC's APR depends on multiple variables. In Georgia, even borrowers boasting strong credit histories and an LTV ratio below 80% may see varied rates influenced by their chosen repayment terms. Use the provided table to observe shifts in rates tied to different parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.55%
HELOC (15 year)APR6.55%
HELOC (20 year)APR6.55%

Where does this data come from?

When you hunt for a HELOC in Georgia, comparing APRs can save you bucks over time. Different lenders offer varied rates and fees. Lower APRs mean less money paid on what you borrow. This comparison can lead to more wiggle room in your budget and a smoother borrowing experience.

HELOC Calculator: Do You Qualify in Georgia?

Tappable equity is how much of your home's value you can borrow against. For homeowners in Georgia, the average tappable equity sits at $132,000, according to TransUnion's report for the fourth quarter of 2023. If your home equity is high, you might secure a higher loan amount.

Eligibility for a HELOC in Georgia is influenced by factors such as equity and credit score, among others. The state's average credit score is 695, as noted by Experian. Near this average, your chances to get a HELOC look good. Use the HELOC calculator to assess your eligibility, factoring in various variables to support your search.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender for Affordability

  • Aven
    • 7.99% to 15.49%APR Range
    • Up to $250,000Loan Amount Range
    • 620Minimum Credit Score
    • Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
    • NoneAnnual Fees

    Aven is the go-to HELOC lender for homeowners in Georgia focused on affordability. With Aven, you get the advantage of a hybrid HELOC product, functioning as a credit card but secured by your home's equity and reported as a HELOC. It offers competitive APRs ranging from 7.99% to 15.49%. This range caters to various credit profiles, starting with a minimum credit score of 620. With no annual fees and an autopay discount of 0.25%, Aven provides an opportunity for cost savings. Such features make it a strong choice for cost-conscious homeowners.

    Pros

    • Credit card backed by home equity
    • Unlimited 2% cashback on purchases
    • One-time 2.5% fee for bank cashouts

    Cons

    • Line limit up to $250,000 only
    • 2.5% fee for direct bank transfers
    • Card delivery takes 10 days
    Aven

How does MoneyGeek create this recommendation?


    Best HELOC Lender for Bad Credit

  • U.S. Bank
    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    If you're a homeowner in Georgia with bad credit, getting a HELOC can seem tricky, but U.S. Bank could be your ally. Its minimum credit score requirement is 660, and it promises an APR range from 8.95% to 13.1%. You’ll also find a chance for a rate discount of 0.5% with autopay enrollment. With the possibility of interest-only payments during the draw period and a low minimum line amount starting at $15,000, U.S. Bank may help manage your borrowing costs.

    Pros

    • No closing costs
    • Offers a fixed-rate option
    • Allows for interest-only payment during the draw period

    Cons

    • Closing must be done in person
    • Early closure fee up to $500
    • No financial hardship assistance
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender for Large Loans

  • Bank of America
    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Bank of America is the best option for homeowners in Georgia looking for a HELOC for big expenses like home renovations or college tuition. With its hybrid product, it functions like a credit card backed by home equity and appears as a HELOC on credit reports. Homeowners benefit from a maximum loan amount of $1 million and a repayment period extending up to 20 years after a 10-year draw period. This gives plenty of time to manage repayments. Additionally, having no annual fees reduces the overall cost of borrowing.

    Pros

    • Maximum loan amount of up to $1 million
    • Competitive 6.99% introductory rate
    • No fees on application, annual or closing

    Cons

    • Closing must be done in person
    • Undisclosed HELOC minimum requirements
    • $450 early closure fee charges
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender for Debt Consolidation

  • PNC Bank
    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    PNC Bank is the top lender for Georgians seeking to consolidate high-interest debt like credit card balances and personal loans. A HELOC, being a secured loan type, typically offers lower rates than these unsecured debts. Homeowners benefit by swapping out various high-rate balances for one with a lower interest rate. PNC Bank offers variable APRs from 8.22% to 14.5% and makes funds available three days after closing — a fast turnaround that's handy when managing multiple debts. With loan amounts up to $1 million, it accommodates sizable debt, and it reimburses fees, easing the cost of setting up the HELOC.

    Pros

    • Offers assistance during financial hardship
    • Online tracker for application progress
    • Borrow up to $1 million

    Cons

    • Charges a $50 annual fee
    • Charges a late fee
    • Does not disclose most info
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Georgia

MoneyGeek has spotlighted top HELOC lenders in Georgia. These strategies will guide you to find a lender that aligns with your specific needs, ensuring your financial journey is as seamless as possible. Let’s navigate your options together.

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    Define Your HELOC Purpose

    Knowing why you need a HELOC can guide you to the right Georgia lender. If you're funding home renovations, a lender specializing in construction-related loans might be your best match. Need to consolidate debt? A lender focused on debt consolidation could offer more suitable terms.

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    Check Lender Reputation

    Always research a lender through the Better Business Bureau and the Georgia Department of Banking and Finance to verify their credibility. A clean track record means a more trustworthy lending experience.

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    Compare Rates and Fees

    Take time to compare loan features, including closing costs. Don't just look at interest rates — fees can add up. In Georgia, some lenders offer better terms, so shopping around pays off. Always read the fine print.

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    Assess Community Standing

    A lender's local awards or community recognition in Georgia can signify excellent service. Talk to neighbors and read local reviews to gauge its reputation in your area.

    loanReview icon

    Evaluate Flexibility

    Choose a lender that can adapt to your needs. Options like interest-only payments, converting from variable rates to a fixed-rate HELOC or easy online prequalification matter. Flexibility is key in a lender.

FAQ: HELOC Lenders and Rates in Georgia

Navigating the decision for a home equity line of credit in Georgia can feel overwhelming. These frequently asked questions compile practical advice, clarify options and shed light on lender specifics to equip you with the knowledge needed for a sound financial choice.

What's a good HELOC rate in Georgia? What are the best HELOC rates in Atlanta?

A good HELOC rate in Georgia hovers around 6.26%, given an LTV ratio of 80% or less and a credit score of 680 to 740. Homeowners should note that rates may vary by creditworthiness and lender. The best HELOC rates in Atlanta are likely to mirror the competitive rates found throughout Georgia.

Which HELOC lender is best overall in Georgia?

Lower is considered the best overall HELOC lender in Georgia. It stands out due to competitive factors like having one of the best HELOC rates in Georgia with an APR range of 8.75% to 13.5%, loan amounts ranging from $15,000 to $500,000 and the comparatively low minimum credit score requirement of 580, making it a significant choice for many homeowners.

Can I still qualify for a HELOC in Georgia if I have bad credit?

Yes, even with bad credit, you can qualify for a HELOC in Georgia. U.S. Bank, for example, offers HELOCs with a minimum credit score requirement of 660. The best HELOC rates in Georgia for you will largely depend on your credit score and other factors mentioned above.

Which HELOC lender in Georgia is best for large loans?

Bank of America is recommended for large loan amounts in Georgia, providing loan ranges up to $1 million. Homeowners might seek large loans for significant expenses, such as home renovation or to cover the cost of purchasing additional property. More about this can be read through home renovation financing.

Can I use a HELOC to consolidate debt?

Homeowners can leverage a HELOC for debt consolidation, but it’s essential to understand the HELOC pros and cons. PNC Bank is a good option with its APR ranging from 8.22% to 14.5%, loan amounts up to $1 million and you could receive funds as soon as three days after closing.

How can I ensure I find the right HELOC lender in Georgia for me?

To find the right HELOC lender in Georgia for your needs, understand your financial situation and what you want to use the HELOC for. Different financial goals and priorities, such as debt consolidation, home improvements or large purchases, will lead to different lenders being a better match for you.

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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