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Home Equity

Best HELOC Rates in Georgia

If you’re in the Peach State and considering a home equity line of credit (HELOC), securing the best rate can save you money. 

A HELOC lets you use your home’s value to accomplish other financial goals, like completing a remodel, paying off credit card debt, or covering unexpected expenses. Below, we’ll guide you through how to find the best HELOC rates in Georgia.

The best HELOC rates in Georgia

The APR is just one factor to consider when evaluating HELOC lenders and rates in Georgia.

“HELOC borrowers, regardless of their home state, should pay close attention to the terms and conditions, especially around how the interest rate adjusts,” says Jim McCarthy, CFP. 

Based on our research, here are five of the best HELOC lenders in Georgia.

ProductAPR in Georgia
FigureHELOC8.20%16.40%
Spring EQHome equity loan; HELOCVaries
HitchHELOCStarts at 8.75%
Bethpage FCUHELOCStarts at 6.99%
Bank of AmericaHELOCStarts at 7.49%

Figure: Best overall HELOC

LendEDU rating: 4.9 / 5 

  • Fast online application with funding in as few as five days.
  • No need for an in-person appraisal; approval can be done in just five minutes.
  • If approved, you can redraw up to 100% of your HELOC credit.

For Georgians considering a HELOC, Figure stands out as a premier option with its fully digital and quick application process. The lender distinguishes itself by allowing homeowners to unlock equity in their homes without leaving their doorstep. 

Say goodbye to traditional in-person appraisals. Figure harnesses advanced algorithms and machine learning to estimate property value and determine offers. This makes the approval process remarkably swift, often within a five-minute window. 

Once approved, homeowners can get their hands on the funds in just five days—a pace almost unheard of in the financial world. Figure also offers the option to redraw up to 100% of your HELOC limit and a 0.25% APR discount for autopay.

  • APR: 8.20%16.40%
  • Loan amount: $20,000 – $400,000
  • Minimum credit score: 640
  • Repayment terms: 5, 10, 15, and 30 years
  • Fees: One-time origination fee up to 4.99%

Spring EQ: Best multi-product application

LendEDU rating: 4.3 / 5 

  • Spring EQ offers a hybrid application that showcases options for both HELOC and home equity loans.
  • Access 95% of your home’s equity with loans up to $500,000.
  • Enjoy interest-only payments for up to a decade with Spring EQ’s HELOC option.

For Georgians mulling over the best way to leverage their home’s equity, Spring EQ provides a unique offering. Its multi-product application means you get to see offers from both HELOC and home equity loan products—a feature that gives you the power to choose what suits you best. This versatility is especially useful if you’re uncertain about the product that aligns with your financial needs.

Spring EQ pushes the envelope with how much equity you can tap into. With the ability to access up to 95% of your home’s value, capped at $500,000, it’s a substantial amount of capital at your fingertips. 

Its HELOC option is especially noteworthy, offering interest-only payments for up to 10 years—a feature that can greatly aid cash flow management in the initial phase of the loan. On average, it takes about 21 days to receive HELOC funds from Spring EQ, although sometimes it can be as soon as 14 days.

  • APR: Varies; variable or fixed
  • Loan amount: $50,000 to $500,000
  • Minimum credit score: 680
  • Repayment terms: 5 to 30 years
  • Fees: $99 renewal fee; $399 admin fee

Hitch: Best for fast funding

LendEDU rating: 4.4 / 5 

  • Digital application process lets you review your equity and rates in minutes.
  • Streamlined funding is much faster compared to traditional banks.
  • Offers human-to-human support.

If you’re from Georgia and are considering accessing your home’s equity, Hitch is shaping up as a top contender due to its speed. Its digital application promises to show you your available equity and potential rates in just a few minutes. 

On average, borrowers have cash in hand within 21 days. That’s swift compared to more traditional HELOC lenders. 

Hitch also offers flexibility. Loans can range from $25,000 to a whopping $500,000. Plus, its HELOCs provide the ability to tap into up to 95% of your home’s appraised value. 

And if any concerns or questions arise, you’re not left to deal with a faceless digital interface. Hitch emphasizes the importance of human support, assigning dedicated loan officers to ensure your journey is smooth.

  • APR: Start at 8.75%
  • Loan amount: $25,000 to $500,000
  • Minimum credit score: Not disclosed
  • Repayment terms: 10 to 30 years
  • Fees: 3% to 5% for closing costs

Bethpage Federal Credit Union: Best credit union

LendEDU rating: 4.2 / 5

  • Competitive fixed introductory rate for 12 months followed by a variable rate.
  • Flexible options available like converting variable-rate HELOC to fixed-rate loan option (FRLO) without additional costs.
  • No closing costs, application fees, or appraisal fees on loans up to $500,000.

Bethpage FCU offers one of the best HELOCs out there for Georgia residents. Its rates are competitive, especially with a fixed APR of 6.99% for the first year. 

Following that, the rate becomes variable, but it can be as low as 8.50%. If you’re worried about fluctuating rates, Bethpage FCU provides an option to convert parts of your HELOC to a fixed rate. 

Plus, if you opt for a HELOC with Bethpage and keep it open for at least three years, it’ll handle the closing costs on loans up to $500,000. With Bethpage, you not only get great terms but also the assurance of dealing with a top-rated credit union.

Since Bethpage is a credit union, membership is required. You can become a member by opening a minimum $5 share savings account before or during HELOC account opening.

  • APR: 6.99% fixed for 12 months, then as low as 8.50% variable APR.
  • Loan amount: $25,000 to $500,000
  • Minimum credit score: 720 (for best introductory rate)
  • Repayment terms: 5, 10, and 20 years
  • Fees: None for lines up to $500,000 (if HELOC is closed within the first 36 months, you must repay Bethpage-covered fees)

Bank of America: Best HELOC from a traditional bank

LendEDU rating: 4.0 / 5

  • Competitive introductory variable rate for the first six months.
  • There are no application fees, closing costs (up to $1,000,000), or annual fees.
  • Rate discounts available for setting up automatic payments and for larger initial withdrawals.

If you’re in Georgia and want to get your HELOC through a traditional bank, Bank of America should be on your radar. With 80 financial centers across the state, accessibility isn’t an issue. 

The bank is currently offering a special variable intro rate that’s quite competitive, making it an enticing choice if you’re looking to capitalize on your home’s equity. 

On top of that, Bank of America waives several fees, including application and closing costs (for HELOCs up to $1,000,000). And if you’re someone who appreciates rate discounts, you’re in luck. You can secure a reduced rate by setting up automatic payments or by taking out a larger initial withdrawal.

  • APR: 7.49% variable APR for the first 6 months, then 10.13% variable APR
  • Loan amount: Up to $1,000,000
  • Minimum credit score: Not disclosed
  • Repayment terms: 30 years
  • Fees: None

How your HELOC rate affects your overall loan cost

Your HELOC rate plays a pivotal role in determining how much your loan will ultimately cost. Most HELOCs have variable rates that fluctuate based on market conditions and can affect your monthly payments and total interest paid. 

However, some lenders may allow you to “lock in” your HELOC, so some or all of your balance has a fixed rate. With a fixed interest rate, your APR stays constant over time, which can help you better predict your loan costs. 

Suppose you secure a HELOC for $50,000 at a 7% interest rate versus a 9% rate. Over a 10-year draw period, just the 2% difference in rates can translate to thousands of dollars in extra interest costs. 

Interest rate7%9%
Total loan cost over 10 years~$20,000~$26,000

How to get the lowest HELOC rates in Georgia

Getting the lowest HELOC rates in Georgia starts with understanding eligibility. Key requirements often include property value, your equity in the home, and most crucially, your credit score. A higher credit score translates to better rates, as lenders see you as a lower risk borrower.

Here’s how to snag the lowest HELOC rates: 

  • Boost your credit score. Making your monthly payments on time, having a low debt-to-income ratio, and correcting credit report errors can all improve your score. To secure the best rates? “Get your credit score above 800,” says McCarthy.
  • Evaluate your equity. The more equity you have in your home, the more favorably lenders might view your application.
  • Don’t settle for the first offer. Different lenders have different criteria and special offers. By getting quotes from multiple places, you can compare and negotiate the best terms.
  • Consider special offers. Some lenders offer introductory rates or discounts for certain conditions like setting up auto payments.

How to apply for a HELOC in Georgia

Applying for a home equity line of credit in Georgia involves a few key steps:

  1. Research lenders. Start by identifying potential lenders—traditional banks, credit unions, or online financial institutions. Choose a reputable lender that offers some of the best HELOC rates in Georgia.
  2. Check eligibility. Each lender will have its criteria, typically centered around credit score, home equity, income, and existing debts. Try to get pre-qualified to make sure you meet the minimum requirements before applying.
  3. Gather your personal and financial documents. This typically includes proof of income (like pay stubs or tax returns), credit history, your home’s current value (often requiring an appraisal), and outstanding mortgage details.
  4. Submit application. Once you have all your documents ready, submit your application. Most lenders will offer an online application process, but some may require a face-to-face meeting.
  5. Await approval. The lender will review your application, assess the property’s value, and evaluate your credit profile. The approval process can take anywhere from a few days to a few weeks.
  6. Review terms. Upon approval, you’ll receive loan terms. Carefully review interest rates, fees, and repayment conditions before accepting.
  7. Access funds. Once everything is finalized, you can start drawing from your HELOC as needed, up to the approved limit.

FAQ

What is the lowest HELOC rate in Georgia?

Bank of America and Bethpage FCU offer some of the lowest HELOC rates in Georgia. Both lenders have introductory offers that last for six to 12 months. BoA’s HELOC rates start at 7.49% for six months, and Bethpage’s HELOC rates start at 6.99%. 

Getting your finances in order, and actively comparing lender offers, is the best strategy to secure the lowest HELOC rates in Georgia.

What HELOC has the highest rates in Georgia?

HELOC rates vary based on your individual circumstances and market conditions, so it’s difficult to pinpoint which specific lenders have the highest rates in Georgia. But traditionally, applicants with lower credit scores might have higher HELOC rates.

What is the current average HELOC rate in Georgia?

For lenders on our list, the current average starting HELOC rate in Georgia is in the mid-7% range. But actual average rates can vary based on lenders’ offers, your credit profile, and the current Prime rate. 

It’s crucial to shop around for the most accurate rate. Many lenders let you get pre-approved or prequalified without a hard credit pull, so you can view rates without it impacting your score.

Will my Georgia HELOC have insurance requirements?

Yes, most HELOCs in Georgia will have insurance requirements. Lenders typically require borrowers to maintain homeowners insurance to protect the property, which serves as collateral for the line of credit. Also, if your home is in a flood zone, you might also need flood insurance.

Do any lenders not offer HELOCs in Georgia, and why not?

Some lenders might not offer HELOCs in Georgia due to state-specific regulations, their internal policies, or a lack of infrastructure in the state. Check with individual lenders about their offerings and reasons for any restrictions in Georgia.