Best HELOC Lenders in New York (December 2024)

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Key Takeaways

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The best home equity line of credit (HELOC) lender in New York is Bank of America, with a MoneyGeek score of 94 out of 100. The runner-up is Manufacturers and Traders Trust Company, with a MoneyGeek score of 94 out of 100.

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The average HELOC limit in New York is $127,579. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.

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Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in New York, updated weekly to assist you in your journey.

Overall Best HELOC Lender in New York

Company logo for Bank of America
Bank of America
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.67%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow up to $1 million
  • Accepts co-applicants
  • Provides rate discounts for autopay
CONS
  • Minimum line amount is $25,000 online
  • Charges an early closure fee of $450
  • Closing must be done in person

Runner-Up for Best HELOC Lender in New York

Company logo for Manufacturers and Traders Trust Company
Manufacturers and Traders Trust Company
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR10.69%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $15,000
  • Option to convert balance to fixed-rate loan
  • Allows interest-only payments during the draw period
CONS
  • Accounts closed within 36 months reimburse fees
  • Late payment fees apply
  • Charges $100 to lock in interest rate

Calculate Your Monthly Payment

The average HELOC balance in New York for the third quarter of 2023 was $50,388, according to Experian. Calculating your HELOC payments is key to managing this debt and planning for any changes in your financial obligations.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule also shows how much of your payments go toward interest and principal over time.

New York HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

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Credit Line Information

Draw Period Payment

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Repayment Period Payment

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Credit Payoff Schedule for Home Equity Line

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Best HELOC Lender in New York for Affordability

Company logo for TD Bank
TD Bank
MoneyGeek Score:
92/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.67%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Option to lock your interest rate
  • Offers a 0.25% relationship discount
  • Provides assistance during financial hardship
CONS
  • Minimum line amount is $25,000
  • Charges an annual fee of $50
  • Charges a $99 origination fee

Best HELOC Lender in New York for Service Quality

Company logo for PNC Bank
PNC Bank
MoneyGeek Score:
100/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR10.13%
Draw PeriodUndisclosed
Repayment Period5 to 30 years
Time to Receive FundsNext Day After Closing
PROS
  • Borrow up to $1 million
  • Provides a 0.25% interest rate discount
  • Allows switching between variable and fixed rates
CONS
  • Charges a $50 annual fee
  • Has a $100 fee for interest rate changes
  • Charges an origination fee between $199 and $499

What You Can Use a HELOC for in New York

Home equity lines of credit (HELOCs) are a popular financial tool in New York, largely because they offer homeowners flexibility in accessing funds tied to their property's value. Here are some common ways to use a HELOC to meet your financial needs.

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    Home improvements or renovations

    A HELOC is ideal for home improvements, offering flexibility as costs may change. It allows you to finance renovations without finalizing costs upfront, making it a smart choice for dynamic projects.

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    Consolidating high-interest debt

    The average 2023 consumer debt in New York was $93,361. A HELOC for debt consolidation can simplify payments and reduce interest rates, helping manage multiple debts efficiently.

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    Education expenses

    Using HELOC for education expenses offers lower interest rates than other debts. It can cover tuition, books and housing, making it a practical choice for funding education.

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    Investment properties

    A HELOC can finance investment properties, offering flexibility and potential tax benefits. Make sure to shop around to find the best HELOC lenders for investment property and secure the best rates and favorable terms.

How to Apply for a HELOC in New York

Understanding the steps to apply for a HELOC in New York can help you confidently navigate the process. We've simplified this journey into six steps below.

  1. 1
    Review your financial health

    Start by checking your credit score, which can influence your approval chances. The average credit score in New York was 721, based on Experian data for the third quarter of 2023. A higher score may improve your chances of approval. Additionally, evaluate your debt-to-income ratio and home equity to gauge your financial health and readiness for a HELOC.

  2. 2
    Compare rates in New York

    Comparing rates from different lenders in New York can help you secure the best HELOC deal. Look beyond interest rates and consider other features such as repayment terms, fees and the option to apply for a fixed-rate HELOC to ensure you choose a lender that aligns with your financial needs and goals.

  3. 3
    Prepare required documentation

    Preparing the necessary documents in advance can streamline your HELOC application process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information.

  4. 4
    Submit an application

    When you're ready to apply for a HELOC, most lenders offer the convenience of online applications. You can apply in person if your lender has a physical branch. Ensure all information is accurate and complete to avoid errors or omissions that could delay the process.

  5. 5
    Undergo a home appraisal

    Some lenders may require a home appraisal to determine your property's current market value. A home appraisal involves a professional assessment of your home's value, which helps the lender decide on the loan amount you qualify for.

  6. 6
    Wait for approval and closing

    The approval process for a HELOC can take anywhere from two to six weeks. Once approved, you'll proceed to the closing process, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, so it's worth inquiring about any available options.

Know How Much You Can Borrow in New York

According to Experian, the average HELOC limit in New York in the third quarter of 2023 was $127,579. The amount you can borrow with a HELOC is generally tied to the equity you have in your home, meaning the more equity you have, the higher your potential credit limit.

Check the table below to see the range of credit lines offered by New York lenders in our database.

Bank of America$15,000 to $1,000,000
Citizens BankFrom $17,500
HSBC Bank USAUp to $500,000
KeyBank$10,000 to $500,000
Manufacturers and Traders Trust Company$15,0​00 to $1,000,000
PNC Bank$10,000 to $1,000,000
TD BankFrom $25,000
Ask the experts:

What factors should homeowners prioritize when comparing HELOC lenders?

Credit & Mortgage Expert

When shopping for a HELOC, most people focus only on the interest rate. Instead, you should focus on the annual percentage rate (APR) as that is the true cost of what you are paying back. Also consider any fees the lender may be charging you. A lower rate with higher fees can be deceptive.

FAQ: Best HELOC Lenders in New York

Who is the best HELOC lender in New York?

How to find the best HELOC lenders for bad credit in New York?

What factors should I consider when choosing a HELOC lender in New York?

What are common fees associated with HELOCs that I should compare in New York?

What is the typical draw period for HELOCs, and does it vary between lenders in New York?

How can I find a lender with flexible repayment options in New York?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.

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Our analysis was completed in December 2024 and considered different banks and credit unions in New York from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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