Best HELOC Lenders and Best HELOC Rates in New York (2024)

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Reviewed byTimothy Manni
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Reviewed byTimothy Manni
Edited byBenjamar Gabawa
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Updated: June 21, 2024

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The best home equity line of credit (HELOC) lender in New York is U.S. Bank, offering one of the best HELOC rates in NY and a substantial range of loan amounts. U.S. Bank's APR ranges from 8.95% to 13.1%, and loans from $15,000 to $750,000. With a minimum credit score requirement of 660, it provides easy access to borrowers.

MoneyGeek reviewed 11 HELOC lenders. Not all lenders in New York were included in this review. Alternatives like First New York Federal Credit Union, Island Federal Credit Union and Suffolk Credit Union provide local services that may offer unique benefits to New York homeowners. Credit union HELOC rates will depend on a number of factors, including your credit score and LTV. Our comparison tools and calculators can help you find the best credit union for HELOC loans.

Best HELOC Lenders in New York

Best Overall: U.S. Bank

Best for Affordability: Connexus

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

MoneyGeek evaluated New York HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

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Our analysis was completed in April 2024 and includes lenders that do business in New York.

11Lenders Analyzed

    Overall Best HELOC Lender in New York

  • U.S. Bank

    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    U.S. Bank is the top HELOC lender in New York. It offers APRs from 8.95% to 13.1%, loan amounts from $15,000 to $750,000, and a minimum credit score requirement of 660, making it accessible for many homeowners. With the draw period lasting 10 years and a repayment phase of up to 20 years, borrowers get flexibility in managing their funds. U.S. Bank allows online prequalification, making it straightforward for applicants to start the process. It is accredited by the BBB.


    • Offers a fixed-rate option
    • No closing costs
    • Minimum line amount is $15,000


    • Closing requires in-person visit
    • Charges early closure fee
    • Undisclosed customer service hours
    U.S. Bank

HELOC Rates in New York by Credit Score

The home equity line of credit (HELOC) APR for New York homeowners can shift based on credit scores, loan-to-value ratios and chosen repayment terms. Even with robust credit and an LTV at 80% or less, rates may vary. Homeowners can reference the provided table to observe how rate adjustments correlate with different parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.96%
HELOC (15 year)APR6.96%
HELOC (20 year)APR6.96%

Where does this data come from?

When selecting a HELOC lender in New York, comparing APRs is key to managing costs. Lower APRs mean less paid in interest over the loan's life, making borrowing more budget-friendly. Diverse APRs reflect varying lender fees and terms, so a careful comparison could lead to significant savings and a smoother borrowing experience.

HELOC Calculator: Do You Qualify in New York?

Homeowners in New York can tap into a considerable amount of equity, with TransUnion's report indicating a total tappable equity of $209,000. High home equity can lead to borrowing more against your home. The state's average credit score is 721, per Experian data, suggesting that a score near this number should put you in a favorable position for a HELOC.

In New York, eligibility for a HELOC hinges on factors like equity and credit score, among others. Using a HELOC calculator assists in gauging your qualification by adjusting various parameters. It’s a useful step in your HELOC search, offering clarity on where you stand.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
Eligible to Borrow
Loan-to-Value Ratio
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender in New York for Affordability

  • Connexus Credit Union

    • 8.74% to 15.9%APR Range
    • $5,000 to $200,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 15-year draw period; 15-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Connexus Credit Union offers a HELOC with competitive features for New York homeowners seeking cost-effective options. Its APR ranges from 8.74% to 15.9%, providing flexibility based on creditworthiness. Without annual fees and with the possibility of rate discounts, it facilitates lower overall borrowing costs. The 15-year draw period allows extended access to funds, reinforcing affordability for those prioritizing budget management. With a minimum APR as low as 8.74%, homeowners can capitalize on lower interest expenses over the life of their loan.


    • Offers competitive introductory rates
    • Has a 15-year draw period
    • No annual fee


    • Requires membership
    • Shorter repayment period
    • Does not offer any rate discounts
    Connexus Credit Union

How does MoneyGeek create this recommendation?

    Best HELOC Lender in New York for Bad Credit

  • U.S. Bank

    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    For New York homeowners with less-than-perfect credit, finding the right HELOC lender can be a challenge. Yet, U.S. Bank offers options that make it easier to secure a loan. A minimum credit score of 660 might get you in the door, and with APRs ranging from 8.95% to 13.1%, it’s more manageable compared to the steeper rates you might face elsewhere.

    allows you to reduce your rate by 0.5% just for signing up for autopay, making it a helpful feature for those needing to keep costs down. You can borrow as little as $15,000 or as much as you need, up to $750,000, providing flexibility in how much you can draw from your equity. Plus, U.S. Bank is accredited by the BBB, which offers peace of mind, knowing you're working with a recognized institution.


    • Offers a fixed-rate option
    • Allows for interest-only payment
    • Minimum line amount $15,000


    • Early closure fee up to $500
    • $75 annual fee
    • Must close in person
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?

    Best HELOC Lender in New York for Large Loans

  • Bank of America

    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Bank of America is the top lender for significant home equity line of credit needs in New York. With a high loan limit of $1 million, it caters to funding large-scale projects or educational expenses. The repayment terms extend to a 20-year period, which gives flexibility in managing finances. A bonus is the absence of any annual fee, which adds up to cost savings over time. For New Yorkers seeking to leverage their home equity without the burden of extra fees or strict time constraints, this lender provides an adaptable and approachable financial tool.


    • Competitive introductory rate for six months
    • Multiple discounts available
    • No application or annual fees


    • Closing must be done in person
    • Charges a $450 early closure fee
    • Does not disclose HELOC minimums
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?

    Best HELOC Lender in New York for Debt Consolidation

  • PNC Bank

    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    PNC Bank is the top pick for homeowners in New York looking to use a HELOC for debt consolidation. A HELOC can streamline multiple high-interest debts, such as credit cards and personal loans, into one. The ideal lender offers lower interest rates than your existing debts. It should also provide quick access to funds and have a high enough loan limit to cover your balances.

    With PNC Bank, you'll find an APR range from 8.22% to 14.5% and the opportunity to borrow up to $1 million. It gets funds to you just three days after closing. This lender stands out because it reimburses certain fees and offers a rate discount for autopay enrollment. This flexibility makes PNC Bank a strong option for New Yorkers pursuing financial efficiency through a HELOC.


    • Switch between variable and fixed rates
    • Autopay discount from PNC checking accounts
    • Reimburses various fees and taxes


    • Charges a $50 annual fee
    • Charges a late fee
    • Does not disclose most information
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in New York

MoneyGeek has spotlighted top HELOC lenders in New York. The following strategies are designed to streamline your search for a lender that aligns perfectly with your financial situation.

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    Clarify Your HELOC Purpose

    Before you dive into a HELOC, know exactly why you need it. Whether for home renovations or consolidating debts, different lenders cater to varying needs. Some may offer special terms for your specific situation. Clear goals can steer you toward the right New York lender and the most beneficial HELOC for your plans.

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    Check Lender Reputations

    Trust is key when picking a HELOC lender. Always check with the Better Business Bureau and the New York State Department of Financial Services to ensure your potential lender is credible. These agencies can provide valuable insights into a lender’s track record.

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    Compare Rates and Fees

    Don’t rush. Take your time to shop around, scrutinizing different lenders’ interest rates and fee structures. Pay special attention to closing costs. Slight differences can have a big impact over time. A careful comparison helps you uncover the most cost-effective HELOC offer in New York.

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    Consider Community Standing

    A lender's local reputation speaks volumes. Research their presence in New York, including community accolades or special recognitions. Local awards may signal strong customer service and satisfaction, suggesting a valuable partnership for your HELOC journey.

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    Assess Lender Flexibility

    Flexibility can make a big financial difference. Look for New York lenders offering interest-only payments or the option to switch from variable rates to a fixed-rate HELOC. Easy HELOC application processes and online prequalification can further streamline your experience.

FAQ: HELOC Lenders and Rates in New York

Diving straight into the mix, the questions gathered here shed light on how to navigate HELOC lender selection in New York with clarity. They aim to equip you with practical insights to confidently find a HELOC lender that aligns with your unique financial needs.

What's a good HELOC rate in New York?
Which HELOC lender is best overall in New York?
Can I still qualify for a HELOC in New York if I have bad credit?
Which HELOC lender in New York is best for large loans?
Can I use a HELOC to consolidate debt?
How can I ensure I find the right HELOC lender in New York for me?