The Best HELOC Rates and Lenders in New York

A home equity line of credit, HELOC, is a revolving line of credit that uses your home’s equity as collateral. Instead of a lump sum amount, a HELOC allows you to borrow as needed within a set limit for purposes such as home renovations, debt consolidation and other large expenses.

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Most people use a home equity line of credit loan as a low-interest and flexible way to cover costs, such as home renovations, debt consolidations and large expenses. In New York, home equity line of credit rates range from 0.99% to 18%.

MoneyGeek’s analysis found that overall, Bank of America offers the best HELOC in New York. However, shopping around and comparing rates will help you find the best lender and HELOC rates for your needs.

Home Equity Line of Credit (HELOC) Rates for 2023

If you want to compare HELOC lenders in New York, the table below outlines equity rates and other pertinent information for different lenders.

MoneyGeek updated the data in this table in May 2022. We do our best to stay up to date with the current information, but rates and other features may change over time.

  • Lender
    APR
    Loan Amount
    Min. Credit Score Requirement
    Repayment Terms
    Annual Fees
    Pre-Approval Time
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 1.99% special
    introductory variable
    APR for 6 months,
    then as low as
    4.35% variable

    $25,000 to $1,000,000

    Not specified

    10-year draw period,
    20-year repayment period

    Not specified

    Not specified

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 3.49% for 6 months
    (4.08% thereafter)

    Starting at $5,000

    Not specified

    15-year draw period
    with 15-year repayment period

    None

    24 hours

  • 3.75% to 10.63% variable

    $10,000 to $500,000

    Not specified

    10-year draw period,
    and then 20 years for repayment

    None

    Not specified

MoneyGeek’s Picks for Best HELOC Lenders in New York

At MoneyGeek, we value you, the consumer, and have made it our mission to help you find the best HELOC lenders in New York for your needs. In most cases, national banks are the lenders offering HELOCs. However, if your application is declined, check whether your local credit union provides HELOC loans.

Best Overall HELOC Lender in New York: Bank of America


  • Bank of America

    Low introductory APRs and no annual fees.


    • 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • Not specifiedPre-Approval Time

    on Bank of America Website

Best HELOC Lender for Good Credit in New York: U.S. Bank


  • U.S. Bank

    Fixed-rate APR option for borrowers with good to excellent credit.


    • 4.20% to 9.35%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 10-year draw period; unspecified repayment periodRepayment Terms
    • $90Annual Fees
    • Not specifiedPre-Approval Time

    on U.S. Bank Website

Best HELOC Lender for Bad Credit in New York: Figure


  • Figure

    Extended repayment terms of up to 30 years.


    • From 6.55% to 15.54%APR Range
    • $15,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    on Figure Website

Best HELOC Lender for Competitive Rates in New York: PenFed


  • PenFed Credit Union

    Lowest APRs for borrowers who qualify.


    • 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • N/APre-Approval Time

    on PenFed Credit Union Website

HELOC vs. Home Equity Loans

Home equity loans and HELOC loans are both given against the equity of your home, but they differ in significant ways, including:

  • A home equity loan is disbursed as a lump sum, while a HELOC acts as a credit card where the borrower can borrow up to a specific amount as needed.
  • A home equity loan has a fixed repayment schedule over a defined period, while with a HELOC loan, the borrower only needs to make the minimum payment required every month until the draw period is complete.
  • A home equity loan typically has a fixed interest rate, while HELOC loans have variable APRs that can change depending on the prevailing market rates.

You can learn more about how HELOC loans and home equity loans differ in the table below.

  • HELOC
    Home Equity Loan
  • Interest Rate

    Adjustable interest rate,
    but fixed-rate options are available

    Fixed interest rate

  • Monthly Payment

    Changes depending on
    the amount of money borrowed

    Fixed monthly payments

  • Repayment Terms

    During the draw period, borrowers pay interest
    on the money they borrowed;
    after the draw period, they repay any
    principal owed in addition to interest

    Repayment starts as soon as
    the money is given to the borrower

  • Fund Disbursements

    Line of credit

    Lump sum delivery

How to Apply for a HELOC

Applying for a home equity line of credit is usually a straightforward process, with most lenders offering convenient online applications. The lender will typically require you to provide personal details and other information, such as income and mortgage statements. Once you submit your details online, the lender will get back to you with available options based on your profile.

When applying for a HELOC loan in New York, it is important to follow these steps.

1

Determine how much you need

Before applying, determine how much money you need to borrow. Ensure you do not apply for an amount that exceeds or does not meet your needs.

2

Assess your financial standing

A HELOC loan will impact your finances, so it’s important to first assess whether you are in a position to take on more debt. Some lenders may also require you to have a specified minimum income-to-debt ratio to qualify for a HELOC loan.

3

Shop around and compare lenders

Home equity line of credit rates can vary depending on the lender you choose. It’s important to compare rates and shop around if you want to identify the best home equity line of credit lender for your needs.

4

Apply

Most HELOC lenders accept online applications, and the process can take just a few minutes to complete. Go through the lender’s requirements to ensure that you submit your application with all the required information and supporting documentation.

5

Use funds wisely

Ensure you use funds for the intended purpose. Keep up with your payment schedule since defaulting on your HELOC loan may cause you to lose your home.

Frequently Asked Questions About HELOCs

To help you learn more about home equity line of credit loans in New York, MoneyGeek answered the most commonly asked questions below.

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