Best HELOC Rates and Lenders in New York

Home equity lines of credit (HELOCs) allow homeowners to turn the equity in their home into cash. As secured loans, HELOCs typically offer competitive rates and flexible terms.

Here’s how to find the best HELOC rates in New York.

Best HELOC lenders in New York

Company	Rates (APR)	Our rating
LendingTree	Starting at 6.99%	4.7/5
Spring EQ	Starting at 9.50%	4.3/5
Bethpage FCU	Starting at 8.50%	4.2/5

When searching for the best HELOC rates in New York, Crystal Rau, CFP®, advises comparing not just the APRs but closing costs, fees, and other “perks” the lender provides. 

“For example, depending on your situation and your credit score, some lenders will be more lenient than others in the approval process,” explains Rau. “Others may allow you to switch to a fixed rate or offer a higher limit on the credit line available. All of these items must be taken into account before you make a decision.”

LendingTree: Best for comparison shopping

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NMLS #1136 Terms and Conditions apply.

LendEDU rating: 4.7 / 5

• Online comparison of home equity lenders
• Loan amounts and terms vary by lender
• Doesn’t impact your credit score

LendingTree is an excellent choice for finding low rates on HELOCs because of its marketplace model that connects borrowers with multiple lenders. When you submit your application, LendingTree’s platform checks your eligibility with its network of lenders without affecting your credit score.

If you’re matched with a lender, you’ll be provided with options to continue your application, which could include a hard credit check to finalize the terms.

• APRs: Starting at 9.50%
• Loan amount: $10,000 to $2 million
• Minimum credit score: None
• Repayment terms: 5 to 30 years
• Fees: None

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Spring EQ: Best for multi-product application

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LendEDU rating: 4.3 / 5

• Competitive rates
• High loan-to-value maximum
• No prepayment penalty

Spring EQ offers competitive rates and an easy application process that allows you to compare rates for HELOCs and home equity lines of credit with one application. If you’re unsure which equity product is right for you, Spring EQ makes it easier to decide by showing options for both. 

New York homeowners can expect a quick funding timeline and a more attainable minimum credit score. Plus, Spring EQ usually does not require an in-home appraisal, which makes the application process even faster. You can also borrow up to 95% of your loan-to-value ratio, which is higher than many other lenders allow. 

• Variable APR: Starting at 10%
• Loan amount: $25,000 to $500,000
• Minimum credit score: 620
• Repayment terms: 10-year draw and 20-year repayment for HELOC; five to 30 years for home equity loan
• Fees: Yes

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Bethpage FCU: Best credit union

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LendEDU rating: 4.2 / 5

• No fees 
• Can convert to fixed-rate
• Receive funds in about a month

Bethpage FCU has some of the best rates and flexible loan amounts for a HELOC in New York. earns an editorial rating of 4.2 out of 5. If you’re a new customer, you might be able to qualify for an introductory rate of 6.99%, one of the most competitive rates on the market. 

New York homeowners can also borrow up to $1 million, which is helpful in a state where property costs are higher than in other parts of the country. 

Bethpage allows you to convert some or all of your HELOC to a fixed-rate option for free. For example, suppose you want to use a portion of the loan for a $30,000 renovation. However, you still wish to access an additional $20,000 if it goes over budget. You can apply for a $50,000 HELOC and convert $30,000 to a fixed-rate loan while maintaining access to the rest as a line of credit. 

• Variable APR: 12-month introductory rate for 6.99% with post-introductory rates starting at 8.50%
• Loan amount: $10,000 to $1 million
• Minimum credit score: 670
• Repayment terms: 20 years
• Fees: No

About HELOC rates in New York

Your credit score and loan-to-value ratio, or how much you borrow on your house compared to its worth, affect your HELOC rates more than your location. However, where you live— especially the value of homes in your area—affects your rates. 

Comparing offers from multiple lenders is the best way to secure the lowest HELOC rate in each state. The following companies are on our list of the top HELOC lenders and provide solid rates for homeowners in New York. 

Our expert’s take

Crystal Rau

CFP®

Borrowers should look carefully at the terms of the credit agreement. The APR stated in the agreement does not reflect the closing costs and other fees or charges because these vary by lender. Borrowers should review that information in addition to the rate. Lenders might also advertise a temporary discounted rate, which will only last a few months. Borrowers need to ensure they’re reading all the fine print. If it sounds too good to be true, it probably is.

How your HELOC rate affects your overall loan cost

Your annual percentage rate (APR) is the price of borrowing money. Even though your house is the collateral for a HELOC, there’s still a cost to borrow from a lender. Your APR impacts your price—the higher your rate, the more you pay. 

For example:

• You have a $75,000 HELOC with a 10% APR and a 20-year repayment term. 
• You spend the entire amount in the first month and start making payments. 
• After 20 years, you will pay $98,703.90 in interest. 
• If you have the same HELOC with an APR of 8.50%, you will pay $81,208.18 in interest, nearly $20,000 less. 

HELOCs are usually long-term loans with 10, 20, or 30-year repayment terms. Because of that, your rate significantly impacts how much you pay. Lower rates can help you save thousands of dollars. 

How to get the lowest HELOC rates in New York

Your credit score impacts your rate. Borrowers with higher scores tend to secure lower rates, which can reduce the loan cost. Check your score at AnnualCreditReport.com for errors before starting the loan process. 

Most lenders allow you to prequalify for an offer without impacting your score, which can help you more easily compare lenders. 

Comparing at least three HELOC offers from different lenders is the best way to get the lowest rate in New York. It’s essential to compare rates, fees, payment terms, and transaction requirements to determine the best offer.

How to apply for a HELOC in New York

The HELOC application process involves a few steps, including an appraisal. Here’s what to expect:

1. Check your credit score. Before starting the HELOC process, check your credit score at AnnualCreditReport.com to determine which lenders will best fit. 
2. Calculate the equity in your home. Lenders usually require at least 15% equity in your home. To calculate your equity, subtract your mortgage amount from the market value of your home. 
3. Gather the necessary documents. You typically need pay stubs, mortgage statements, and insurance documents to finalize a HELOC. 
4. Prequalify for multiple lenders. Determine the best lenders for your area and credit profile, and gather offers from at least three. 
5. Select the best offer. Once you review offers from multiple lenders, move forward with the top lender. 
6. Complete the application. Finalize the application with your top lender, including the appraisal. Not all lenders require an appraisal, but most do. 
7. Access your line of credit. You can access your line of credit once the application and funding process is complete. 

FAQ

What is the lowest HELOC rate in New York?

The lowest HELOC rates in New York depend on your credit profile and loan-to-value ratio. Many lenders offer rates that match the prime rate, which is 8.50% as of December 2023. 

However, some New York lenders offer introductory rates that are even lower. For example, Bethpage FCU offers a 12-month introductory rate of 6.99%. 

What HELOC has the highest rates in New York?

Based on the top lenders for New York, Bank of America has the highest variable rate. Most HELOC rates are variable, which means that the rates can increase or decrease as the market changes. 

What is the current average HELOC rate in New York?

In December 2023, HELOC rates in New York start at 8.50%. But depending on your credit score and loan-to-value ratio, you could pay up to 24%. HELOC rates are typically variable and can change throughout the repayment term. 

Will my New York HELOC have insurance requirements?

Like most lenders, New York HELOC lenders require proof of home insurance. Your home is the collateral for the loan, and lenders want to ensure you can still repay the loan if something happens to your home.

Do any lenders not offer HELOCs in New York, and why not?

Many lenders do not offer HELOCs in certain states, including New York. For example, Hitch and Figure, two lenders with high editorial ratings, do not provide HELOCs to New York residents. State licensing usually determines where lenders offer specific products.