Georgia HELOC:
Tap Your Equity When You Need It
Access funds on your terms. Pay interest only on what you use.
Get Pre-Qualified in Minutes
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home's equity. Think of it like a credit card backed by your home - you can draw funds as needed, pay them back, and draw again during the draw period.
With Georgia home values having increased significantly over the past few years, many homeowners have substantial equity available to tap into for renovations, debt consolidation, or other financial needs.
- 1.Get approved for a credit line based on your home's equity
- 2.Draw funds as needed during the 10-year draw period
- 3.Pay interest only on what you borrow
- 4.Repay over the 20-year repayment period
Why Choose a Georgia HELOC?
Access your home equity with flexibility and competitive rates
Flexible Access to Funds
Draw money as you need it during the draw period, up to your credit limit. Only pay interest on what you actually use.
Lower Rates Than Credit Cards
HELOC rates are typically much lower than credit cards or personal loans because your home secures the line of credit.
Potential Tax Benefits
Interest may be tax-deductible when used for home improvements. Consult your tax advisor for details on your specific situation.
Popular Ways to Use a HELOC
Your home equity can work for you in many ways
Home Renovations
Fund kitchen remodels, bathroom upgrades, additions, or other improvements that can increase your home value.
Debt Consolidation
Pay off high-interest credit cards and consolidate debt at a lower rate, potentially saving thousands in interest.
Emergency Fund
Have funds available for unexpected expenses like medical bills, car repairs, or other emergencies.
Education Expenses
Cover college tuition, private school costs, or other educational expenses at rates typically lower than student loans.
Investment Opportunities
Access capital for investment properties, business ventures, or other investment opportunities.
Major Purchases
Finance large purchases like a new vehicle, wedding, or vacation at lower rates than traditional financing.
HELOC vs. Home Equity Loan
Not sure which is right for you? Here's how they compare
| Feature | HELOC | Home Equity Loan |
|---|---|---|
| How You Receive Funds | Draw as needed, like a credit card | Lump sum upfront |
| Interest Rate | Variable (may change over time) | Fixed for life of loan |
| Monthly Payments | Interest-only during draw period | Fixed principal + interest |
| Best For | Ongoing expenses, flexible needs | One-time large expense |
| Repayment Period | 10-20 year draw + 10-20 year repayment | Typically 5-30 years fixed |
Choose a HELOC if you need flexible access to funds over time, like for ongoing renovations or as an emergency fund. Choose a Home Equity Loan if you need a specific amount for a one-time expense and prefer fixed monthly payments.
HELOC Requirements
Here's what you typically need to qualify for a HELOC in Georgia:
Quick HELOC Calculator
Estimate your available credit line:
($400K × 90%) - $250K = $110K available
Get Your Personalized QuoteServing All of Georgia
We offer HELOCs throughout the state, including Metro Atlanta
Don't see your area? We serve all of Georgia. Call us to confirm.
The HELOC Process
Get approved in as little as 2-3 weeks
Apply Online or By Phone
Complete our quick application with basic information about your home, mortgage, and financial situation. Takes about 15 minutes.
Get Pre-Approved
We'll review your application and provide a pre-approval with your estimated credit line and rate within 1-2 business days.
Home Appraisal
A local appraiser will determine your home's current market value to finalize your available credit line.
Close & Access Funds
Sign your documents and your credit line becomes available. Draw funds via checks, online transfer, or debit card (depending on program).
Georgia HELOC FAQs
What are current HELOC rates in Georgia?
HELOC rates in Georgia currently range from about 7% to 9% depending on credit score, LTV, and market conditions. HELOCs have variable rates tied to the Prime Rate. Contact us for your personalized rate quote.
How much can I borrow with a HELOC?
Most lenders allow up to 85-90% combined loan-to-value (CLTV). For example, if your home is worth $400,000 and you owe $250,000, you could potentially access up to $110,000 ($400K × 90% - $250K).
Are there closing costs on a HELOC?
Some HELOCs have closing costs including appraisal, title search, and origination fees. However, we offer no-closing-cost options on many programs. Ask about our current promotions.
What happens when the draw period ends?
After the draw period (typically 10 years), you enter the repayment period where you can no longer draw funds and must pay back the principal plus interest over 10-20 years. Some borrowers refinance into a new HELOC at this point.
Is HELOC interest tax-deductible?
HELOC interest may be tax-deductible if the funds are used to buy, build, or substantially improve your home. Interest on funds used for other purposes (debt consolidation, education, etc.) is generally not deductible. Consult your tax advisor for your specific situation.
Can I pay off my HELOC early?
Yes! Most HELOCs have no prepayment penalty. You can pay down or pay off your balance at any time without additional fees.
Ready to Access Your Home Equity?
Get a free HELOC quote from a licensed Georgia loan officer. See how much equity you can access.
Licensed in Georgia • NMLS #2043109