HELOC rates in New York have risen from around 4% in 2021 to 8.9% in 2024 for $50k loans, and 8.8% for $100k loans. With rates stabilizing at these higher levels, homeowners should consider securing a HELOC soon to avoid potential future increases.
Best HELOC Rates in New York
As of October 16, 2024, the best HELOC rate in New York is 7.0% from Community Resource Federal Credit Union in Rensselaer, notably lower than the state average of 8.6% and the national average of 8.7%.
Updated: November 2, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in New York with an 80% LTV is 8.5%, compared with 8.8% for a 90% LTV.
HELOC rates vary by city in New York. Altamont has an average APR of 7.5%, whereas Spencerport's is 12.6%.
Different lenders offer varying rates for the same loan types. Community Resource Federal Credit Union's average APR is 7.0%, whereas KeyBank National Association's is 12.6%.
Current HELOC Rates in New York
HELOC Rates in New York by LTV Ratio
HELOC rates in New York vary depending on your loan-to-value (LTV) ratio and line limit. A lower LTV ratio means more equity, making you less risky to lenders. For instance, an 80% LTV is less risky than a 90% LTV, reducing the likelihood of default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
- $100,000
- $50,000
8.5% | 8.8% |
HELOC Rates in New York by City
HELOC rates in New York vary by city due to local housing markets and lender competition. For instance, cities with strong real estate markets might offer lower rates.
Use the table below to filter by your city and view average APRs for $50K and $100K HELOCs.
- Adams
- Addison
- Airmont
- Akron
- Alachua
- Albany
- Albertson
- Albion
- Alfred
- Allegany
- Altamont
- Altamonte Springs
- Amelia Island
- Amherst
- Amityville
- Amsterdam
- Andes
- Angola
- Apalachicola
- Apalachin
- Apollo Beach
- Apopka
- Arcade
- Arcadia
- Ardsley
- Argyle
- Astoria
- Atlantic Beach
- Atlantis
- Attica
- Auburn
- Auburndale
- Aventura
- Avon
- Avon Park
- Babcock Ranch
- Babylon
- Bainbridge
- Baker
- Bal Harbour
- Baldwin
- Baldwin Place
- Baldwinsville
- Ballston Lake
- Ballston Spa
- Bardonia
- Barefoot Bay
- Barneveld
- Bartow
- Batavia
- Bath
- Bay Harbor Islands
- Bay Lake
- Bay Shore
- Bayonet Point
- Bayside
- Bayville
- Beacon
- Bedford Hills
- Belle Glade
- Belleair Bluffs
- Belleview
- Bellmore
- Bemus Point
- Bethpage
- Beverly Hills
- Big Flats
- Big Pine Key
- Binghamton
- Blasdell
- Blauvelt
- Bloomingburg
- Blountstown
- Boca Raton
- Bohemia
- Bolton Landing
- Bonifay
- Bonita Springs
- Boynton Beach
- Bradenton
- Brandon
- Brentwood
- Brewerton
- Brewster
- Brockport
- Bronson
- Bronx
- Bronxville
- Brooklyn
- Brooksville
- Brunswick
- Brushton
- Buffalo
- Bushnell
- Cairo
- Caledonia
- Callahan
- Callaway
- Callicoon
- Camden
- Camillus
- Canajoharie
- Canandaigua
- Canastota
- Canton
- Cape Canaveral
- Cape Coral
- Carmel
- Carthage
- Casselberry
- Castile
- Castleton-on-Hudson
- Catskill
- Cazenovia
- Cedar Key
- Celebration
- Center Moriches
- Centereach
- Central Islip
- Central Square
- Central Valley
- Century
- Champions Gate
- Champlain
- Chappaqua
- Chatham
- Chattahoochee
- Chazy
- Cheektowaga
- Cherry Creek
- Cherry Valley
- Chester
- Chestnut Ridge
- Chiefland
- Chipley
- Chittenango
- Cicero
- Cincinnatus
- City of Westlake
- Clarence
- Clearwater
- Clermont
- Clewiston
- Clifton Park
- Clinton
- Clyde
- Clymer
- Cobleskill
- Cocoa
- Cocoa Beach
- Coconut Creek
- Coconut Grove
- Cohoes
- College Point
- Colonie
- Commack
- Congers
- Cooper City
- Cooperstown
- Copake
- Copiague
- Coral Gables
- Coral Springs
- Corinth
- Corning
- Corona
- Cortland
- Cortlandt Manor
- Crawfordville
- Crescent City
- Crestview
- Croghan
- Cross City
- Crystal River
- Cutler Bay
- Dade City
- Dania
- Dansville
- Davenport
- Davie
- Daytona Beach
- De Witt
- DeFuniak Springs
- DeLand
- Deer Park
- Deerfield Beach
- Delhi
- Delmar
- Delray Beach
- Deltona
- Depew
- Deruyter
- Destin
- Dolgeville
- Doral
- Dover Plains
- Dryden
- Duanesburg
- Dundee
- Dunedin
- Dunkirk
- Dunnellon
- East Amherst
- East Aurora
- East Greenbush
- East Hampton
- East Islip
- East Meadow
- East Northport
- East Norwich
- East Rochester
- East Setauket
- East Syracuse
- Eastchester
- Eastport
- Eden
- Edgewater
- Edmeston
- Eglin AFB
- Ellenton
- Ellenville
- Ellicottville
- Elma
- Elmhurst
- Elmira
- Elmira Heights
- Elmont
- Endicott
- Endwell
- Englewood
- Estero
- Eustis
- Evans Mills
- Fairport
- Far Rockaway
- Farmingdale
- Farmington
- Farmingville
- Fayetteville
- Fellsmere
- Fern Park
- Fernandina Beach
- Ferndale
- Fishkill
- Fleming Island
- Floral Park
- Florida
- Florida City
- Flushing
- Fonda
- Forest City
- Forest Hills
- Forestville
- Fort Covington
- Fort Drum
- Fort Lauderdale
- Fort Myers
- Fort Pierce
- Fort Plain
- Fort Walton Beach
- Frankfort
- Franklin
- Franklin Square
- Fredonia
- Freeport
- Fresh Meadows
- Frewsburg
- Fruit Cove
- Fruitland Park
- Fulton
- Gainesville
- Garden City
- Garden City Park
- Garden City South
- Geneseo
- Geneva
- Getzville
- Glen Cove
- Glen Head
- Glen Oaks
- Glenmont
- Glens Falls
- Glenville
- Gloversville
- Goshen
- Gouverneur
- Grahamsville
- Grand Island
- Granville
- Great Neck
- Greece
- Green Cove Springs
- Green Island
- Greenacres
- Greene
- Greenlawn
- Greenvale
- Greenville
- Greenwich
- Greenwood
- Groveland
- Guilderland
- Gulf Breeze
- Gulfport
- Haines City
- Halfmoon
- Hallandale Beach
- Hamburg
- Hamilton
- Hammondsport
- Hampton Bays
- Hancock
- Harpursville
- Hauppauge
- Haverhill
- Haverstraw
- Hawthorne
- Heathrow
- Hempstead
- Herkimer
- Hermon
- Hernando
- Heuvelton
- Hewlett
- Hialeah
- Hialeah Gardens
- Hicksville
- Highland
- Highland Falls
- Hilton
- Hobart
- Holbrook
- Holiday
- Holland Patent
- Hollis
- Hollywood
- Holmes Beach
- Homer
- Homestead
- Homosassa Springs
- Honeoye Falls
- Hopewell Junction
- Hornell
- Horseheads
- Howard Beach
- Hudson
- Hudson Falls
- Huntington
- Huntington Station
- Hurlburt Field
- Hyde Park
- Ilion
- Immokalee
- Indialantic
- Indian Harbour Beach
- Indian Shores
- Interlachen
- Inverness
- Irving
- Islamorada
- Islandia
- Islip
- Ithaca
- Jackson Heights
- Jacksonville
- Jacksonville Beach
- Jamaica
- Jamestown
- Jefferson Valley
- Jensen Beach
- Jericho
- Johnson City
- Johnstown
- Jonesville
- Jordan
- Juno Beach
- Jupiter
- Katonah
- Kenmore
- Kennedy Space Center
- Kew Gardens
- Kew Gardens Hills
- Key Biscayne
- Key Largo
- Key West
- Keystone Heights
- Kings Park
- Kings Point
- Kingston
- Kirkwood
- Kissimmee
- Labelle
- Lackawanna
- Lacona
- Lady Lake
- Lagrangeville
- Lake Buena Vista
- Lake City
- Lake George
- Lake Grove
- Lake Katrine
- Lake Mary
- Lake Placid
- Lake Ronkonkoma
- Lake Success
- Lake Wales
- Lake Worth
- Lakeland
- Lakeville
- Lakewood
- Lakewood Ranch
- Lancaster
- Land O' Lakes
- Lansing
- Lantana
- Larchmont
- Largo
- Latham
- Lauderdale Lakes
- Lauderdale-by-the-Sea
- Lauderhill
- Lawrence
- Le Roy
- Leesburg
- Lehigh Acres
- Levittown
- Liberty
- Lighthouse Point
- Lindenhurst
- Lithia
- Little Falls
- Little Neck
- Live Oak
- Liverpool
- Lockport
- Locust Valley
- Long Beach
- Long Island City
- Longboat Key
- Longwood
- Loudonville
- Lowville
- Loxahatchee
- Lutz
- Lynbrook
- Lynn Haven
- MacClenny
- Macedon
- Mahopac
- Mahopac Falls
- Maitland
- Malone
- Malta
- Malverne
- Mamaroneck
- Manhasset
- Manlius
- Manorville
- Marathon
- Marco Island
- Marcy
- Margate
- Marianna
- Mary Esther
- Maspeth
- Massapequa
- Massapequa Park
- Massena
- Mayport
- Mechanicville
- Medford
- Medina
- Melbourne
- Melville
- Merrick
- Merritt Island
- Mexico
- Miami
- Miami Beach
- Miami Gardens
- Miami Lakes
- Miami Shores
- Miami Springs
- Middle Village
- Middleburg
- Middleburgh
- Middleport
- Middleton
- Middletown
- Miller Place
- Millerton
- Milton
- Mims
- Mineola
- Miramar
- Miramar Beach
- Mohawk
- Mohegan Lake
- Monroe
- Monsey
- Montebello
- Montgomery
- Monticello
- Mount Dora
- Mount Kisco
- Mount Morris
- Mount Sinai
- Mount Vernon
- Mulberry
- Nanuet
- Napanoch
- Naples
- Narrowsburg
- Navarre
- Neptune Beach
- Nesconset
- New City
- New Hartford
- New Hyde Park
- New Lebanon
- New Paltz
- New Port Richey
- New Rochelle
- New Smyrna Beach
- New Windsor
- New York
- Newark
- Newark Valley
- Newberry
- Newburgh
- Newport
- Niagara Falls
- Niceville
- Niskayuna
- Nokomis
- North Babylon
- North Baldwin
- North Boston
- North Creek
- North Fort Myers
- North Greenbush
- North Massapequa
- North Miami
- North Miami Beach
- North Palm Beach
- North Port
- North Syracuse
- North Tonawanda
- Northport
- Northville
- Norwich
- Nyack
- Oakdale
- Oakland Park
- Ocala
- Oceanside
- Ocoee
- Odessa
- Ogdensburg
- Okeechobee
- Old Town
- Oldsmar
- Olean
- Oneida
- Oneonta
- Orange City
- Orange Park
- Orangeburg
- Orchard Park
- Orlando
- Ormond Beach
- Ossining
- Oswego
- Ovid
- Oviedo
- Owego
- Oyster Bay
- Ozone Park
- Pace
- Pahokee
- Painted Post
- Palatine Bridge
- Palatka
- Palm Bay
- Palm Beach
- Palm Beach Gardens
- Palm City
- Palm Coast
- Palm Harbor
- Palm Springs
- Palmetto
- Palmetto Bay
- Panama City
- Panama City Beach
- Parker
- Parrish
- Patchogue
- Patrick AFB
- Pawling
- Pearl River
- Peekskill
- Pelham
- Pembroke Park
- Pembroke Pines
- Penfield
- Penn Yan
- Pensacola
- Perry
- Peru
- Phelps
- Phoenix
- Pine Bush
- Pinecrest
- Pinellas Park
- Pittsford
- Plainview
- Plant City
- Plantation
- Plattsburgh
- Pleasant Valley
- Pleasantville
- Pompano Beach
- Ponte Vedra
- Ponte Vedra Beach
- Port Charlotte
- Port Chester
- Port Ewen
- Port Jefferson
- Port Jefferson Station
- Port Jervis
- Port Orange
- Port Richey
- Port Saint Joe
- Port Saint John
- Port Saint Lucie
- Port Washington
- Portville
- Potsdam
- Poughkeepsie
- Pulaski
- Punta Gorda
- Purchase
- Putnam Valley
- Queens Village
- Queensbury
- Quincy
- Raiford
- Ransomville
- Red Hook
- Rego Park
- Rensselaer
- Rhinebeck
- Richfield Springs
- Ridge
- Ridgewood
- Riverhead
- Riverview
- Riviera Beach
- Rochester
- Rock Hill
- Rockledge
- Rockville Centre
- Rocky Point
- Rome
- Ronkonkoma
- Roosevelt
- Roscoe
- Rosedale
- Rosemary Beach
- Roslyn Heights
- Rotterdam
- Rouses Point
- Roxbury
- Royal Palm Beach
- Ruskin
- Rye
- Rye Brook
- Safety Harbor
- Saint Albans
- Saint Augustine
- Saint Cloud
- Saint James
- Saint James City
- Saint Johns
- Saint Johnsville
- Saint Petersburg
- Salem
- Sanborn
- Sanford
- Santa Rosa Beach
- Saranac Lake
- Sarasota
- Saratoga Springs
- Satellite Beach
- Saugerties
- Sayville
- Scarsdale
- Schenectady
- Schoharie
- Scotia
- Seaford
- Sebastian
- Sebring
- Seffner
- Selden
- Seminole
- Seneca Falls
- Shalimar
- Sharon Springs
- Sherrill
- Shirley
- Sidney
- Silver Creek
- Silver Springs
- Skaneateles
- Sleepy Hollow
- Slingerlands
- Smithtown
- Sneads
- Snyder
- Sodus
- Somers
- South Dayton
- South Daytona
- South Fallsburg
- South Glens Falls
- South Hempstead
- South Miami
- South Pasadena
- South Richmond Hill
- South Setauket
- Southampton
- Southold
- Southport
- Speculator
- Spencer
- Spencerport
- Spring Hill
- Spring Valley
- Springfield Gardens
- Stamford
- Starke
- Staten Island
- Steinhatchee
- Stony Brook
- Stony Point
- Strykersville
- Stuart
- Suffern
- Summerfield
- Sun City Center
- Sunny Isles Beach
- Sunnyside
- Sunrise
- Sylvan Beach
- Syosset
- Syracuse
- Tallahassee
- Tamarac
- Tampa
- Tarpon Springs
- Tarrytown
- Tavernier
- Temple Terrace
- Tequesta
- The Villages
- Thornwood
- Tierra Verde
- Titusville
- Tonawanda
- Treasure Island
- Trenton
- Trinity
- Troy
- Tully
- Tyndall AFB
- Union Springs
- Uniondale
- University Park
- Upton
- Utica
- Vails Gate
- Valatie
- Valley Stream
- Valrico
- Venice
- Vero Beach
- Vestal
- Victor
- Viera
- Virginia Gardens
- Voorheesville
- Wading River
- Wallkill
- Walton
- Wantagh
- Wappingers Falls
- Warrensburg
- Warsaw
- Warwick
- Washingtonville
- Waterford
- Waterloo
- Watertown
- Watervliet
- Watkins Glen
- Wauchula
- Wayland
- Webster
- Weedsport
- Wellington
- Wellsville
- Wesley Chapel
- West Babylon
- West Coxsackie
- West Harrison
- West Haverstraw
- West Islip
- West Melbourne
- West Miami
- West Palm Beach
- West Point
- West Seneca
- West Winfield
- Westbury
- Westhampton Beach
- Weston
- White Lake
- White Plains
- Whitehall
- Whitesboro
- Whitestone
- Whitney Point
- Wildwood
- Williamsville
- Williston
- Williston Park
- Wilson
- Wilton
- Wilton Manors
- Wimauma
- Windermere
- Windham
- Windsor
- Winter Garden
- Winter Haven
- Winter Park
- Winter Springs
- Woodbourne
- Woodbury
- Woodside
- Woodstock
- Wurtsboro
- Wynantskill
- Yonkers
- Yorkshire
- Yorktown Heights
- Yorkville
- Yulee
- Zephyrhills
$100,000 | 8.9% |
$50,000 | 9.0% |
HELOC Rates in New York by Lender
HELOC interest rates in New York vary among lenders based on pricing strategies and risk assessments. Comparing these rates helps find competitive options.
The table below highlights the five lenders in New York offering the lowest average APRs, making it easier for you to compare rates.
Community Resource Federal Credit Union | 7.0% |
UFirst Federal Credit Union | 7.5% |
Orange Bank & Trust Company | 7.5% |
Broadview Federal Credit Union | 7.5% |
Finger Lakes Federal Credit Union | 7.8% |
HELOC rates today can vary between lenders in the same city. Use the table below to filter by city and compare APRs to find the best rate available.
This approach can help you make an informed decision and potentially save money on your home equity line of credit.
- Adams
- Addison
- Airmont
- Akron
- Alachua
- Albany
- Albertson
- Albion
- Alfred
- Allegany
- Altamont
- Altamonte Springs
- Amelia Island
- Amherst
- Amityville
- Amsterdam
- Andes
- Angola
- Apalachicola
- Apalachin
- Apollo Beach
- Apopka
- Arcade
- Arcadia
- Ardsley
- Argyle
- Astoria
- Atlantic Beach
- Atlantis
- Attica
- Auburn
- Auburndale
- Aventura
- Avon
- Avon Park
- Babcock Ranch
- Babylon
- Bainbridge
- Baker
- Bal Harbour
- Baldwin
- Baldwin Place
- Baldwinsville
- Ballston Lake
- Ballston Spa
- Bardonia
- Barefoot Bay
- Barneveld
- Bartow
- Batavia
- Bath
- Bay Harbor Islands
- Bay Lake
- Bay Shore
- Bayonet Point
- Bayside
- Bayville
- Beacon
- Bedford Hills
- Belle Glade
- Belleair Bluffs
- Belleview
- Bellmore
- Bemus Point
- Bethpage
- Beverly Hills
- Big Flats
- Big Pine Key
- Binghamton
- Blasdell
- Blauvelt
- Bloomingburg
- Blountstown
- Boca Raton
- Bohemia
- Bolton Landing
- Bonifay
- Bonita Springs
- Boynton Beach
- Bradenton
- Brandon
- Brentwood
- Brewerton
- Brewster
- Brockport
- Bronson
- Bronx
- Bronxville
- Brooklyn
- Brooksville
- Brunswick
- Brushton
- Buffalo
- Bushnell
- Cairo
- Caledonia
- Callahan
- Callaway
- Callicoon
- Camden
- Camillus
- Canajoharie
- Canandaigua
- Canastota
- Canton
- Cape Canaveral
- Cape Coral
- Carmel
- Carthage
- Casselberry
- Castile
- Castleton-on-Hudson
- Catskill
- Cazenovia
- Cedar Key
- Celebration
- Center Moriches
- Centereach
- Central Islip
- Central Square
- Central Valley
- Century
- Champions Gate
- Champlain
- Chappaqua
- Chatham
- Chattahoochee
- Chazy
- Cheektowaga
- Cherry Creek
- Cherry Valley
- Chester
- Chestnut Ridge
- Chiefland
- Chipley
- Chittenango
- Cicero
- Cincinnatus
- City of Westlake
- Clarence
- Clearwater
- Clermont
- Clewiston
- Clifton Park
- Clinton
- Clyde
- Clymer
- Cobleskill
- Cocoa
- Cocoa Beach
- Coconut Creek
- Coconut Grove
- Cohoes
- College Point
- Colonie
- Commack
- Congers
- Cooper City
- Cooperstown
- Copake
- Copiague
- Coral Gables
- Coral Springs
- Corinth
- Corning
- Corona
- Cortland
- Cortlandt Manor
- Crawfordville
- Crescent City
- Crestview
- Croghan
- Cross City
- Crystal River
- Cutler Bay
- Dade City
- Dania
- Dansville
- Davenport
- Davie
- Daytona Beach
- De Witt
- DeFuniak Springs
- DeLand
- Deer Park
- Deerfield Beach
- Delhi
- Delmar
- Delray Beach
- Deltona
- Depew
- Deruyter
- Destin
- Dolgeville
- Doral
- Dover Plains
- Dryden
- Duanesburg
- Dundee
- Dunedin
- Dunkirk
- Dunnellon
- East Amherst
- East Aurora
- East Greenbush
- East Hampton
- East Islip
- East Meadow
- East Northport
- East Norwich
- East Rochester
- East Setauket
- East Syracuse
- Eastchester
- Eastport
- Eden
- Edgewater
- Edmeston
- Eglin AFB
- Ellenton
- Ellenville
- Ellicottville
- Elma
- Elmhurst
- Elmira
- Elmira Heights
- Elmont
- Endicott
- Endwell
- Englewood
- Estero
- Eustis
- Evans Mills
- Fairport
- Far Rockaway
- Farmingdale
- Farmington
- Farmingville
- Fayetteville
- Fellsmere
- Fern Park
- Fernandina Beach
- Ferndale
- Fishkill
- Fleming Island
- Floral Park
- Florida
- Florida City
- Flushing
- Fonda
- Forest City
- Forest Hills
- Forestville
- Fort Covington
- Fort Drum
- Fort Lauderdale
- Fort Myers
- Fort Pierce
- Fort Plain
- Fort Walton Beach
- Frankfort
- Franklin
- Franklin Square
- Fredonia
- Freeport
- Fresh Meadows
- Frewsburg
- Fruit Cove
- Fruitland Park
- Fulton
- Gainesville
- Garden City
- Garden City Park
- Garden City South
- Geneseo
- Geneva
- Getzville
- Glen Cove
- Glen Head
- Glen Oaks
- Glenmont
- Glens Falls
- Glenville
- Gloversville
- Goshen
- Gouverneur
- Grahamsville
- Grand Island
- Granville
- Great Neck
- Greece
- Green Cove Springs
- Green Island
- Greenacres
- Greene
- Greenlawn
- Greenvale
- Greenville
- Greenwich
- Greenwood
- Groveland
- Guilderland
- Gulf Breeze
- Gulfport
- Haines City
- Halfmoon
- Hallandale Beach
- Hamburg
- Hamilton
- Hammondsport
- Hampton Bays
- Hancock
- Harpursville
- Hauppauge
- Haverhill
- Haverstraw
- Hawthorne
- Heathrow
- Hempstead
- Herkimer
- Hermon
- Hernando
- Heuvelton
- Hewlett
- Hialeah
- Hialeah Gardens
- Hicksville
- Highland
- Highland Falls
- Hilton
- Hobart
- Holbrook
- Holiday
- Holland Patent
- Hollis
- Hollywood
- Holmes Beach
- Homer
- Homestead
- Homosassa Springs
- Honeoye Falls
- Hopewell Junction
- Hornell
- Horseheads
- Howard Beach
- Hudson
- Hudson Falls
- Huntington
- Huntington Station
- Hurlburt Field
- Hyde Park
- Ilion
- Immokalee
- Indialantic
- Indian Harbour Beach
- Indian Shores
- Interlachen
- Inverness
- Irving
- Islamorada
- Islandia
- Islip
- Ithaca
- Jackson Heights
- Jacksonville
- Jacksonville Beach
- Jamaica
- Jamestown
- Jefferson Valley
- Jensen Beach
- Jericho
- Johnson City
- Johnstown
- Jonesville
- Jordan
- Juno Beach
- Jupiter
- Katonah
- Kenmore
- Kennedy Space Center
- Kew Gardens
- Kew Gardens Hills
- Key Biscayne
- Key Largo
- Key West
- Keystone Heights
- Kings Park
- Kings Point
- Kingston
- Kirkwood
- Kissimmee
- Labelle
- Lackawanna
- Lacona
- Lady Lake
- Lagrangeville
- Lake Buena Vista
- Lake City
- Lake George
- Lake Grove
- Lake Katrine
- Lake Mary
- Lake Placid
- Lake Ronkonkoma
- Lake Success
- Lake Wales
- Lake Worth
- Lakeland
- Lakeville
- Lakewood
- Lakewood Ranch
- Lancaster
- Land O' Lakes
- Lansing
- Lantana
- Larchmont
- Largo
- Latham
- Lauderdale Lakes
- Lauderdale-by-the-Sea
- Lauderhill
- Lawrence
- Le Roy
- Leesburg
- Lehigh Acres
- Levittown
- Liberty
- Lighthouse Point
- Lindenhurst
- Lithia
- Little Falls
- Little Neck
- Live Oak
- Liverpool
- Lockport
- Locust Valley
- Long Beach
- Long Island City
- Longboat Key
- Longwood
- Loudonville
- Lowville
- Loxahatchee
- Lutz
- Lynbrook
- Lynn Haven
- MacClenny
- Macedon
- Mahopac
- Mahopac Falls
- Maitland
- Malone
- Malta
- Malverne
- Mamaroneck
- Manhasset
- Manlius
- Manorville
- Marathon
- Marco Island
- Marcy
- Margate
- Marianna
- Mary Esther
- Maspeth
- Massapequa
- Massapequa Park
- Massena
- Mayport
- Mechanicville
- Medford
- Medina
- Melbourne
- Melville
- Merrick
- Merritt Island
- Mexico
- Miami
- Miami Beach
- Miami Gardens
- Miami Lakes
- Miami Shores
- Miami Springs
- Middle Village
- Middleburg
- Middleburgh
- Middleport
- Middleton
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Orange Bank & Trust Company | Commercial Bank | 7.5% |
Webster Bank, N.A. | Commercial Bank | 8.0% |
Valley National Bank | Commercial Bank | 8.0% |
Pentagon Federal Credit Union | Credit Union | 8.0% |
Justice Federal Credit Union | Credit Union | 8.3% |
Bethpage Federal Credit Union | Credit Union | 8.5% |
Citizens Bank | Commercial Bank | 8.5% |
ConnectOne Bank | Commercial Bank | 8.5% |
Customers Bank | Commercial Bank | 8.5% |
First Horizon Bank | Commercial Bank | 8.5% |
Flushing Bank | Commercial Bank | 8.5% |
United Nations Federal Credit Union | Credit Union | 8.5% |
Western Alliance Bank | Commercial Bank | 8.5% |
XCEL Federal Credit Union | Credit Union | 8.5% |
Municipal Credit Union | Credit Union | 8.8% |
Financial Resources Federal Credit Union | Credit Union | 8.8% |
HSBC Bank USA | Commercial Bank | 9.6% |
TD Bank | Commercial Bank | 9.7% |
Bank of America | Commercial Bank | 10.7% |
PNC Bank | Commercial Bank | 10.8% |
KeyBank National Association | Commercial Bank | 12.6% |
HELOC rates in New York vary between banks and credit unions. Commercial banks typically have higher rates, with the best HELOC rate in New York averaging 8.8%. In contrast, credit unions, which are not-for-profit institutions, offer a slightly lower average APR of 8.5%.
When choosing between banks and credit unions, consider more than just rates. Banks may offer more convenience, while credit unions often provide better customer service and lower fees. Be sure to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
How do HELOC rates compare to other borrowing options like personal loans or home equity loans, and when should a homeowner choose a HELOC over these alternatives?
Ramsey Coulter has worked in the mortgage and credit industry for over 10 years. Currently a mortgage loan originator with CMG Home Loans, he specializes in helping first-time homebuyers navigate...
Typically, a HELOC will have a lower interest rate than a personal loan from a bank or credit union. However, HELOCs often have a variable rate, so they can go up or down depending on the current Federal Funds rate. Home equity loans are a fixed rate, so when the Fed increases rates or they remain the same, that is a good time to get a home equity loan.
Personal loans are a solid option despite their higher rates because they are unsecured, meaning there is no collateral (like your home). If you come on hard times and can’t repay a personal loan, you are not at risk of losing your home like you are with a HELOC or home equity loan.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our New York HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR, and loan terms.
Our calculator also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC more effectively and plan for future payments.
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.
Credit Line Information
Draw Period Payment
$0
Repayment Period Payment
$0
- Graph view
- Table view
- Amortization
Credit Payoff Schedule for Home Equity Line
YEAR
How to Get the Best HELOC Rates in New York
Finding the best HELOC rates in New York can save you thousands over your loan's term. For example, a 1% rate difference on a $100,000 loan could save you $1,000 annually. To secure the most competitive rate, consider these five strategies:
Maintain a strong credit score
The average credit score in New York is 721. Improving it can help you secure more competitive rates from lenders.
Compare offers from multiple lenders
By comparing offers, you can find competitive rates and use them to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show financial stability. Paying off debt can improve your chances for a lower rate.
Increase your home equity
More equity reduces lender risk, leading to lower rates. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Closing costs affect loan expenses. Understanding rate caps helps manage costs as rates adjust.
HELOC Loan Rates vs. Home Equity Loan Rates in New York
HELOC interest rates in New York average 8.6%, compared to 7.4% for home equity loans. The difference arises from HELOCs' variable rate structure, which makes them more susceptible to market fluctuations.
- HELOCs are flexible, revolving credit lines with variable rates that can increase in rising interest rate environments, potentially raising costs for homeowners over time.
- Home equity loans offer a lump sum with a fixed rate, providing stable repayments. They're ideal for borrowers seeking predictability and certainty in their financial planning.
If you value flexibility and can manage potential rate increases, a HELOC might suit you. If you prefer consistent payments and financial stability, a home equity loan could be the better choice. Assess your financial goals and the potential impact on your home's equity to make the best choice.
A cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a new, larger loan, granting you access to cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, with a Federal Housing Administration (FHA) loan on a $300K home and a $150K mortgage balance, an FHA cash-out refinance for $200K provides $50K in cash, with payments on $200K.
FAQ: Best HELOC Rates in New York
New York's HELOC rates average 8.6%, which is slightly lower than the national average of 8.7%.
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
HELOC rates in New York average 8.6%, while home equity loan rates are lower at 7.4%, even for those with bad credit.
Commercial banks in New York offer HELOC rates averaging 8.8%, while credit unions offer lower rates at 8.5%.
There is no specific data available for New York City's rates, but the overall state rate is 8.6%.
MoneyGeek examined 137 different banks and credit unions in New York using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of October 16, 2024.
About Zachary Romeo, CBCA
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.