Best HELOC Rates and Lenders in Georgia (2024)
Updated: April 23, 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.
- 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
Best HELOC Lender Overall
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.
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?
In Georgia, TransUnion's report shows homeowners have, on average, access to $132,000 in tappable home equity. With high equity, you may be able to borrow more with a HELOC. The average credit score in the state is 695, according to Experian. If yours is near this mark, securing a Georgia HELOC could be within reach.
Your eligibility for a HELOC hinges on multiple factors, including but not limited to equity and credit score. The HELOC calculator aids in figuring out your qualifications by adjusting variables like equity and credit score. Using this tool, you can navigate the HELOC landscape with an informed perspective.
- 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
Best HELOC Lender for Affordability
- 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
Best HELOC Lender for Bad Credit
- 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
Best HELOC Lender for Large Loans
- 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
Best HELOC Lender 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.
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.
A good HELOC rate in Georgia is around 6.66%. Ideal rates are typically available to borrowers with a loan-to-value ratio of 80% or lower and a credit score between 680 and 740. However, rates can fluctuate based on individual creditworthiness and the lender chosen.
Lower is considered the best overall HELOC lender in Georgia. It stands out due to competitive factors like 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.
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.
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.
Yes, homeowners can leverage a HELOC for debt consolidation. 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.
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.