Uses for a home equity line of credit can include home improvement, emergency funding, education and more. The ideal candidate for this type of loan is someone who has a good credit standing and a home that has a high market value.
The overall best HELOC lender is the Bank of America. It offers a minimum APR of 4.35% after the introductory period. When applying for a HELOC, rates depend on the lender that you choose. Average rates in Georgia range from 0.99% to 18%. Compare all of your options in order to find the best deals.
Home Equity Line of Credit (HELOC) Rates for 2023
MoneyGeek gathered data on different lenders to help you select the best home equity line of credit. The table below shows pertinent information about HELOCs, such as equity rates, loan amounts, repayment terms, etc.
This table was updated in May 2022. Rates and other features of these loans may have changed. MoneyGeek regularly updates the information that we share so that you can get the latest information.
Lender | APR | Loan Amount | Min. Credit Score Requirement | Repayment Terms | Annual Fees | Pre-Approval Time |
|---|---|---|---|---|---|---|
3.75% to 18% | $25,000 to $1,000,000 | 660 | 10-year draw period | None | N/A | |
Not specified | Not specified | Not specified | Not specified | Not specified | Not specified | |
1.99% special | $25,000 to $1,000,000 | Not specified | 10-year draw period, | Not specified | Not specified | |
3.65% to 8.80% | $15,000 to $750,000 | 730 | 10-year draw period, | $90 | Not specified | |
4.65% to 9.99% | $35,000 to $300,000 | 620 | 10 to 30 years | None | 1 to 2 weeks | |
Starting at 3.99% | $10,000 to $500,000 | Not specified | 10-year draw period | $75 | Not specified | |
Starting at 4.64% | $10,000 to $500,000 | Not specified | 10-year draw period | None | 24 hours | |
Starting at 3.50% | $15,000 to $400,000 | 620 | 5 to 30 years | 3% to 4.99% | 24 hours | |
Starting at Prime - 0.50% | Starting at $17,500 | Not specified | 10-year draw period, | $50 | Not specified | |
Starting at 3.34% | Starting at $25,000 | 740 | Not specified | $50 | Not specified | |
3.49% for 6 months | Starting at $5,000 | Not specified | 15-year draw period | None | 24 hours | |
3.75% to 10.63% variable | $10,000 to $500,000 | Not specified | 10-year draw period, | None | Not specified |
MoneyGeek’s Picks for Best HELOC Lenders in Georgia
MoneyGeek cares about consumers, and our goal is to help you find the best HELOC lender for your needs. As a result, we evaluated different lenders to find the ones that stood out.
HELOC loans aren't available from many lenders. It is mostly national banks that offer HELOC loans. If a national bank turns down your application, consider getting in touch with a local credit union to check if they offer HELOC loans.
Best Overall HELOC Lender in Georgia: Bank of America
- Bank of America
Bank of America has no fees and offers discounts to help customers save money.
- 6.740% for 6 months, then 9.550%APR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
- Not specifiedPre-Approval Time
on Bank of America Website
Best HELOC Lender for Good Credit in Georgia: U.S. Bank
- U.S. Bank
U.S. Bank offers a fixed-rate option to help borrowers better manage their payments.
- 4.20% to 9.35%APR Range
- $15,000 to $750,000Loan Amount Range
- 10-year draw period; unspecified repayment periodRepayment Terms
- $90Annual Fees
- Not specifiedPre-Approval Time
on U.S. Bank Website
Best HELOC Lender for Bad Credit in Georgia: Figure
- Figure
Figure does not have account opening fees, maintenance fees and prepayment penalties.
- From 6.55% to 15.54%APR Range
- $15,000 to $400,000Loan Amount Range
- 5 to 30 yearsRepayment Terms
- NoneAnnual Fees
- 24 hoursPre-Approval Time
on Figure Website
Best HELOC Lender for Competitive Rates in Georgia: PenFed
- PenFed Credit Union
PenFed Credit Union has an introductory APR of 0.99%.
- 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- $99Annual Fees
- Not SpecifiedPre-Approval Time
on PenFed Credit Union Website
HELOC vs. Home Equity Loans
When it comes to HELOCs and home equity loans, there are some differences.
A HELOC functions similarly to a credit card. A person can borrow up to a certain amount during the draw period. The funds from a HELOC are withdrawn depending on the financial needs of a borrower. It has a variable interest rate, which means the borrower is not bound to a fixed monthly payment.
A home equity loan, on the other hand, has a fixed interest rate, a fixed repayment term and a fixed amount due per month. Additionally, the funds are released to the borrower as a lump sum.
The table below provides a more extensive comparison of HELOCs and home equity loans for your reference.
HELOC | Home Equity Loan | |
|---|---|---|
Interest Rate | Adjustable interest rate, | Fixed interest rate |
Monthly Payment | Changes depending | Fixed monthly payments |
Repayment Terms | During the draw period, borrowers pay | Repayment starts as soon as |
Fund Disbursements | Line of credit | Lump sum delivery |
How to Apply for a HELOC
The majority of home equity line of credit lenders accept online applications, making it simple to apply for a HELOC. If you’re still deciding which lender to choose, the following steps can guide you in finding the lender that best fits your needs.
Determine how much you need
The best candidates for a HELOC know the amount that they need for any financial obligations they have. To determine how much of a credit line you need, consider paying attention to the reason you’re getting the HELOC in the first place.
Assess your financial standing
Your credit history has a significant influence on the approval of your application, the rates you’ll get and the loan amount you’re allowed to borrow. Therefore, it’s important to check your financial standing to know if you can repay the loan.
Shop around and compare lenders
Take your time when exploring your options. Do as much research as you can on every lender so you can compare their rates and features. This process lets you find the best rates for your financial situation.
Apply
Most lenders allow online applications for HELOCs. Borrowers must present documentation to prove their identity and other pertinent information in the application. Make sure to answer the questions honestly so that you get an accurate rate.
Use funds wisely
Since funds can be used for a wide range of purposes, be sure not to lose track of your expenses. This way, you won’t be easily carried away with your line of credit and be taken aback by the bill at the end of the month. You can track your expenses via a mobile app, a simple Excel sheet or even just a notebook.
Frequently Asked Questions About HELOCs
MoneyGeek answered frequently asked questions about home equity lines of credit in Georgia to help you understand how HELOCs work, their purposes, rates and more.
sources
- Bank of America. "Home Equity." Accessed June 7, 2022.
- Bank of America. "Home Equity Assumptions." Accessed June 7, 2022.
- U.S. Bank. "Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
- U.S. Bank. "Home Equity FAQs." Accessed June 7, 2022.
- Figure. "Home Equity Line." Accessed June 13, 2022.
- Figure. "Figure Home Equity Line FAQs." Accessed June 13, 2022.
- PenFed Credit Union. "HELOC." Accessed June 7, 2022.
- PenFed Credit Union. "HELOC Disclosures." Accessed June 21, 2022.