HELOC in Columbia, SC

[Ben Hutto]

Hey BP,

I own a property free and clear of debt in Columbia, SC. I'd like to look into a HELOC/home equity loan. Does anyone have a go-to local bank or credit union for this? Do they typically loan 70-80%? Just trying to get a lay of the land.

Thanks!

[Mark Lynn]

If the property is your primary residence you can get a HELOC. I have been using First Citizens Bank for all of my needs since they were local here (they recently merged with their NC sister bank and are expanding nationally). They recently had a program where they give you a $500 closing costs credit. If I remember correctly they lend up to 75% LTV at one rate and up to 80% at a different rate slightly higher rate to cover the insurance if I remember correctly.