Updated: November 23, 2024
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Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in New York with an 80% LTV is 8.2%, compared with 8.5% for a 90% LTV.
HELOC rates vary by city in New York. Fredonia has an average APR of 7.3%, whereas De Witt's is 11.8%.
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 11.8%.
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.
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:
| 8.2% | 8.5% |
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.
| $100,000 | 8.6% |
| $50,000 | 8.7% |
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% |
| Advantage Federal Credit Union | 7.3% |
| Inner Lakes Federal Credit Union | 7.3% |
| ACMG Federal Credit Union | 7.5% |
| Broadview Federal Credit Union | 7.5% |
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.
| Orange Bank & Trust Company | Commercial Bank | 7.5% |
| Pentagon Federal Credit Union | Credit Union | 7.6% |
| Flushing Bank | Commercial Bank | 7.8% |
| Bethpage Federal Credit Union | Credit Union | 8.0% |
| Justice Federal Credit Union | Credit Union | 8.0% |
| United Nations Federal Credit Union | Credit Union | 8.0% |
| Valley National Bank | Commercial Bank | 8.0% |
| Webster Bank, N.A. | Commercial Bank | 8.0% |
| Western Alliance Bank | Commercial Bank | 8.0% |
| Financial Resources Federal Credit Union | Credit Union | 8.1% |
| XCEL Federal Credit Union | Credit Union | 8.5% |
| First Horizon Bank | Commercial Bank | 8.5% |
| Customers Bank | Commercial Bank | 8.5% |
| ConnectOne Bank | Commercial Bank | 8.5% |
| Citizens Bank | Commercial Bank | 8.5% |
| Municipal Credit Union | Credit Union | 8.8% |
| HSBC Bank USA | Commercial Bank | 9.6% |
| TD Bank | Commercial Bank | 9.7% |
| PNC Bank | Commercial Bank | 10.1% |
| Bank of America | Commercial Bank | 10.9% |
| KeyBank National Association | Commercial Bank | 11.8% |
HELOC rates in New York vary between banks and credit unions. Commercial banks often have higher rates, with the best HELOC rate in New York averaging 8.6%. In contrast, credit unions offer slightly lower rates, averaging 8.2%, as they operate as not-for-profit institutions.
When choosing between the two, consider more than just rates. Banks may offer more convenience, while credit unions often provide better customer service and lower fees. It's important to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
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.
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.
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.
Draw Period Payment
Repayment Period Payment
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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 interest rates in New York average 8.3%, while home equity loans have an average rate of 7.3%. The difference arises from HELOCs' variable rate structure, which can lead to higher rates in rising interest rate environments.
- HELOCs are flexible, revolving credit lines with variable interest rates that can increase over time, impacting homeowners' long-term finances in rising rate scenarios.
- Home equity loans provide a lump sum at a fixed rate, offering stability and predictability, ideal for situations where financial certainty is preferred over flexibility.
When deciding between these options, consider your need for flexibility versus predictability. Assess your risk tolerance for fluctuating rates and how they align with your financial goals and the equity in your home. Understanding your home's equity can guide your decision.
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.
New York's HELOC rates average 8.3%, slightly below the national average of 8.4%.
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
HELOC rates in New York average 8.3%, while home equity loan rates are lower at around 7.3%, even for those with bad credit.
Commercial banks in New York offer HELOC rates averaging 8.6%, while credit unions offer lower rates at 8.2%.
New York City's rates are currently unavailable, but the state average is 8.3%.
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 November 15, 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.
