Home Equity Loan Rates in New York

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Updated: November 20, 2024

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Tappable equity is the portion of your home’s value you can borrow. According to TransUnion, tappable equity averages $202,000 in New York. A home equity loan (HEL) lets you access this equity to fund home improvements or consolidate debt.

New York's home equity loan rates are below national averages — 7.3% APR for a 10-year term (7.7% nationally) and 7.6% APR for a 15-year term (7.9% nationally). We provide details on current rates in the state, including city-specific averages and top lenders, as well as tips on securing the best deal.

Key Takeaways

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Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a 15-year HEL in New York with an 80% LTV is 7.5%, compared to 7.8% for a 90% LTV.

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HEL rates vary by city in New York. For example, for 15-year loans, Whitehall has an average APR of 6%, while Loudonville's is 12.5%.

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Lenders offer different rates for the same loan types. ACMG Federal Credit Union's average APR is 5.3%, whereas Good Neighbors Federal Credit Union's is 13.8%.

MoneyGeek examined 104 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 loan rates.

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This data is accurate as of November 2024.

104Lenders Analyzed

Current Home Equity Loan Rates in New York

The current average APR for a 15-year home equity loan in New York is 7.6%, but several factors can influence lenders' rates. A higher credit score typically means a lower APR, while larger loan amounts may result in higher rates. Repayment terms also affect the APR. Use the table below to compare average APRs for home equity loans in the state by loan term.

10Year7.3%
15Year7.6%
5Year7.0%

New York HEL interest rates change daily. Tracking these changes can help you save money by paying less interest over the life of the loan. If you have high-interest debts, a home equity loan with a lower rate can help consolidate those debts and reduce your overall interest payments.

For example, a $50,000 home equity loan with a 15-year term at 7.6% APR has a $466 monthly payment and $33,943 in total interest. A 10-year loan at 7.3% APR has a $588 monthly payment and $20,596 in total interest.

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HOME EQUITY LOANS VS. HELOCS IN NEW YORK

Home equity loans (HELs) and home equity lines of credit (HELOCs) let homeowners access their property's equity. Home equity loans have fixed rates, averaging 7.3%, while HELOC rates in New York are variable, averaging 8.4%.

HELs offer predictable payments with fixed rates, making budgeting easier. HELOCs start with lower variable rates but may rise, leading to higher payments over time.

Home Equity Loan Rates by LTV Ratio

The rate you qualify for depends on your loan-to-value (LTV) ratio, which is calculated by dividing your current mortgage balance by your home's appraised value and multiplying by 100. For instance, if your home is valued at $300,000 and you owe $240,000, your LTV ratio is 80%.

Lenders view higher LTV ratios as riskier, leading to higher rates. In New York, the average APR for a 15-year equity loan with an 80% LTV is 7.5%, compared to 7.8% for a 90% LTV. Use the table below to compare average rates based on LTV ratios.

Data filtered by:Results filtered by:
Repayment Terms:
Repayment Terms:15Year
7.5%7.8%

Home Equity Loan Rates by City in New York

Average APRs vary by city due to lender competition and local costs. Larger, densely populated cities often have more lenders, leading to lower rates. Property taxes and local fees also impact borrowing costs.

In New York, Mayville's average APR for 15-year loans with an 80% LTV is 6.1%, while Ransomville's is 12.5%. The table below shows average home equity loan rates across cities in New York by loan term.

Data filtered by:Results filtered by:
City:
City:New York
10Year8.6%
15Year8.8%
5Year8.6%

Home Equity Loan Lenders in New York

Home equity loan rates in New York vary among lenders and are shaped by their policies and market strategies. ACMG Federal Credit Union offers the lowest average APR at 5.3%, while Good Neighbors Federal Credit Union has the highest at 13.8%.

Compare rates and terms from different lenders to find the best deal. Use the interactive table below to discover the most competitive lenders in your city.

Data filtered by:Results filtered by:
City:
City:New York
ConnectOne Bank7.4%
XCEL Federal Credit Union7.5%
Financial Resources Federal Credit Union7.7%
Municipal Credit Union7.7%
Webster Bank, N.A.8.0%
Justice Federal Credit Union8.4%
Bethpage Federal Credit Union8.5%
United Nations Federal Credit Union8.8%
TD Bank8.8%
PNC Bank9.6%
KeyBank National Association12.4%
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COMPARING HOME EQUITY LOAN RATES: BANKS VS. CREDIT UNIONS

Credit unions often offer lower home equity loan rates than large banks. Commercial banks in New York have an average APR of 7.6%, while credit unions provide a lower rate of 7.2%. However, credit unions often have stricter membership requirements.

How to Get the Best Home Equity Loan Rate in New York

Getting the best home equity interest rates can reduce your monthly payments and overall costs, freeing up funds for other financial goals. To secure the best rates, consider these strategies:

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    Compare lenders

    Lenders may offer different APRs for the same loan amount and credit profile. For instance, Advantage Financial Federal Credit Union has an average APR of 5.5%, while KeyBank National Association offers 12.4%. Compare home equity loan providers to find better rates.

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    Increase your home's equity

    Having more equity in your home can result in more competitive rates from lenders. New York homeowners can increase their home's equity through kitchen or bathroom remodels.

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    Improve your credit score

    Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in New York is 721, according to Experian.

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    Decrease your debt-to-income ratio

    A lower debt-to-income (DTI) ratio — the percentage of your monthly income used to pay debts — can lead to better rates as lenders see you as a less risky borrower.

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FAQ About Home Equity Loan Rates in New York

MoneyGeek addresses common questions about home equity loan rates for New York homeowners, offering precise and reliable information.

What is the interest rate on a home equity loan in New York?
How do you calculate your home equity in New York?
Do home equity loan rates vary between cities in New York?
Does a home equity loan in New York have tax benefits?
What are possible drawbacks of securing a home equity loan in New York?
How long does it take to get a home equity loan in New York?
How do you get a home equity loan in New York?
What can I use my funds for? Are there any home equity loan use restrictions in New York?
Can you take out a home equity loan in New York only on your primary residence?
What other home equity products can you consider if you want to tap into your home's equity in New York?
What's the difference between a HELOC and a home equity loan?

About Zachary Romeo, CBCA

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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.

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