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 | None | N/A | |
Not specified | Not specified | Not specified | Not specified | Not specified | Not specified | |
1.99% special | $25,000 to $1,000,000 | Not specified | 10-year draw period, | Not specified | Not specified | |
3.65% to 8.80% | $15,000 to $750,000 | 730 | 10-year draw 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 | $75 | Not specified | |
Starting at 4.64% | $10,000 to $500,000 | Not specified | 10-year draw 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, | $50 | Not specified | |
Starting at 3.34% | Starting at $25,000 | 740 | Not specified | $50 | Not specified | |
3.49% for 6 months | Starting at $5,000 | Not specified | 15-year draw period | None | 24 hours | |
3.75% to 10.63% variable | $10,000 to $500,000 | Not specified | 10-year draw period, | 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.
- 6.740% for 6 months, then 9.550%APR 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
- Not SpecifiedPre-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, | Fixed interest rate |
Monthly Payment | Changes depending on | Fixed monthly payments |
Repayment Terms | During the draw period, borrowers pay interest | Repayment starts as soon as |
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.
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.
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.
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.
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.
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.
sources
- Bank of America. "Home Equity." Accessed June 7, 2022.
- Bank of America. "Home Equity Line of Credit Application." Accessed June 7, 2022.
- U.S. Bank. "Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
- U.S. Bank. "Home Equity FAQs." Accessed June 7, 2022.
- Figure. "Figure Home Equity Line FAQs." Accessed June 13, 2022.
- PenFed. "PenFed Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.