Home Equity Loan Rates in New York (January 2024)

The equity in your home that you can access and borrow is known as tappable equity. According to TransUnion, tappable equity averages $221,000 in New York. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

New York's home equity loan rates are slightly 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've compiled detailed insights on current home equity loan rates in New York, including city-specific rates, top lenders, and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in New York is 7.6%, but several factors might affect what lenders offer. For instance, a higher credit score can often secure a lower APR, while a larger loan amount might result in a higher rate. Repayment terms are another key factor to consider when evaluating loan options. Explore the table to compare the average APRs of home equity loans in New York across different loan terms.

Interest rates for home equity loans change daily. Keeping track of these rates can save you money by reducing the interest paid over the life of the loan. Additionally, favorable rates make financing renovations more affordable, potentially boosting your home's value.

For example, a 15-year home equity loan with a 7.6% APR results in a monthly payment of $466 and a total interest of $33,943. In contrast, a 10-year loan with a 7.3% APR has a monthly payment of $588 and a total interest of $20,596.

The rate you qualify for depends on your loan-to-value ratio, which is how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio means greater potential risk to lenders, resulting in higher rates. Currently, the average APR of a 15-year equity loan in New York with an LTV ratio of 80% is 7.5%. It's 7.8% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities in New York. Differences in property taxes or local fees can influence rates, as these affect overall borrowing costs. Additionally, cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses.

In New York, Mayville has an average APR of 5.9%, while Sanborn has an average APR of 12.4%. Below is a table showing the average home equity loan rates across New York cities for different terms.

Home equity loan rates in New York vary significantly between lenders, influenced by each lender's policies, risk assessments, and market strategies. For instance, ACMG Federal Credit Union offers the lowest average APR at 5.3%, while Good Neighbors Federal Credit Union has the highest at 13.8%.

Comparing rates and terms from different lenders is the recommended way to secure the lowest home equity loan rates. Explore the interactive table to see which lenders offer the lowest rates in your city.

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:

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