Introductory 2.74% APR* for 12 months, as low as 4.25% APR (PRIME+0) thereafter1
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home, allowing you to access the available equity you have in your home.3 The amount you borrow is based on the difference between the debt secured by your home and its market value.
With an equity line, you can borrow as much or as little as you need, whenever you need it, up to a credit limit established at closing. As you repay your outstanding balance, the amount of available credit is replenished, which means you can borrow against it again, if needed.
In addition local decision making and personalized service, you also receive:
As a homeowner, you can tap into the equity you’ve built with a revolving line of credit to finance home renovations. We provide easy access to your account online, through convenience checks and transfers, and automatic payments can be deducted from your checking account.
If you are working to pay off multiple debts, using the equity in your home could be a good option to help you consolidate your payments. Especially if your other debts – like student loans and credit cards – have a higher interest rate. Using a Home Equity Line of Credit to consolidate your debt could help you save on the amount of interest you pay and help you simplify your payments into one.
If you have built up equity in your home, you can use it to help you with life’s big purchases, like new cars, vacations, or an unexpected emergency. With a Home Equity Line of Credit, you can use the equity you’ve built in your home to help you.
*APR means Annual Percentage Rate
1. Introductory rate is 2.74% APR for the first 12 Months and is the lowest rate available which includes a discount for auto debit from a South State Bank checking account and then reverts to a Prime Rate of 4.25% for the remaining term. This loan includes a Floor of 4.25% APR and Maximum APR of 16.00%. Prime Rate is The Wall Street Journal Prime (4.25% as of June 15, 2017). Prime Rate is variable and subject to change. This offer applies to loan amounts of at least $10,000, and not to exceed $250,000. A minimum advance of $10,000 is required at the time of closing. Estimated closing costs on a $10,000 home equity line of credit are $700.00 and are applied to appraisal, flood determination and attorney fees. Property insurance required. Promotional rate effective as of July 10, 2017. Maximum term 120 Months (35 month maturity option available in the state of Georgia). Payment options include interest only or interest plus 1.00% of principal balance with a final balloon payment due at maturity.
2. Please consult your tax advisor about the deductibility of interest.
3. Loans are subject to credit approval.