Home Equity Line of Credit
Turn Your Home Equity Into Financial Flexibility
With a HELOC1, you can use the equity you've built in your home to fund home repairs, consolidate debt, or cover major expenses.
Leverage the Equity in Your Home
Leverage the Equity in Your Home
Benefits of a Home Equity Line of Credit
HELOCs can be helpful tools to maximize cash flow when you need it most. Although your home serves as collateral for your HELOC, you aren’t required to use the funds on home improvements. To access your HELOC, transfer the funds to your SouthState checking account through Online Banking or the SouthState Mobile App, or contact a branch to request checks.3
Here are a few key benefits to a HELOC:
How It Works
- You may draw on your HELOC as often or as little as you need, up to your approved credit limit, during your HELOC’s draw period. 1
- During the draw period, you will be required to make minimum payments of interest only.
- After the draw period ends, you will enter the repayment period. During that time, your monthly payments will include principal and interest and will be based on your outstanding balance, the current variable interest rate, and the remaining repayment term.
- If you'd like to extend the term of your HELOC, you may apply to renew or refinance your HELOC. Contact a banker to discuss available options.
HELOC Options & Terms | Promo Rate | Flex Fixed Rate | Variable Rate |
|---|---|---|---|
Draw Period Rate & Term | 10 Year Draw Period: + 9-year Variable Rate (Prime + 0%) | 5 Year Draw Period: + 1-year Variable Rate (Prime + 0%) | 10 Year Draw Period: (Prime + 0.50%) |
Repayment Period Rate & Term | 20-year Variable Rate (Prime + 0%) | 20-year Variable Rate (Prime + 0%) | 20-year Variable Rate (Prime + 0.50%) |
Repayment Requirements | Draw Period: Repayment Period:Fully Amortized Monthly Principal & Interest Payments |
The Loan Process
APPLY
You can apply for a Home Equity Line of Credit online or by visiting a SouthState branch. Closing typically takes 30 to 45 days.
SUBMIT YOUR DOCUMENTS
You may receive an email requesting additional financial information once your application has been received.
SIGN YOUR DOCUMENTS
Once approved, you will need to sign the loan documents with an attorney or at your nearest SouthState branch. We can arrange a time that works best with your schedule.
