New York Home Equity Line of Credit
Average Rate: 9.96%
Lender | APR (%)? | Min. Initial Draw Amount |
|
---|---|---|---|
The First National Bank Of Long Island Updated 11/14/2022 See Table |
1.927 % | Varies | |
The Adirondack Trust Company Updated 02/09/2023 See Table |
2.990 % | Varies | |
Trustco Bank Updated 10/06/2022 See Table |
2.990 % | Varies | |
Municipal Credit Union Updated 01/18/2021 Restrictions See Table |
3.250 % | Varies | |
Pnc Bank, National Association Updated 10/04/2022 See Table |
3.740 % | Varies | |
Pentagon Credit Union Updated 06/25/2020 Restrictions See Table |
3.750 % | Varies | |
Citibank, National Association Updated 01/19/2021 See Table |
3.990 % | Varies | |
Cathay Bank Updated 04/01/2020 See Table |
4.250 % | Varies | |
Pioneer Bank Updated 04/26/2024 See Table |
4.250 % | Varies | |
Glens Falls National Bank And Trust Company Updated 08/19/2019 See Table |
5.000 % | Varies | |
Ballston Spa National Bank Updated 09/10/2019 See Table |
5.250 % | Varies | |
Nbt Bank, National Association Updated 09/10/2019 See Table |
5.250 % | Varies | |
Steuben Trust Company Updated 09/10/2019 See Table |
5.250 % | Varies | |
Solvay Bank Updated 08/14/2019 See Table |
5.250 % | Varies | |
Ulster Savings Bank Updated 08/14/2019 See Table |
5.250 % | Varies | |
Watertown Savings Bank Updated 08/14/2019 See Table |
5.250 % | Varies | |
Rhinebeck Bank Updated 09/10/2019 See Table |
5.250 % | Varies | |
Saratoga National Bank And Trust Updated 09/10/2019 See Table |
5.250 % | Varies | |
Adirondack Bank Updated 09/10/2019 See Table |
5.250 % | Varies | |
Teachers Credit Union Updated 09/13/2019 Restrictions See Table |
5.250 % | Varies | |
Data provided by BestCashCow |
APR (Annual Percentage Rate) is the rate that incorporates monthly compounding charges to express the a finance charges as an annual rate.
Rates from this table are based on loan amount of $100,000 and a variety of factors including credit score and loan to value ratios. Rates may change at any time and are not guaranteed to be correct. For specific requirements please check with the lender.
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Home Equity Line of Credit (HELOC) Rates
Home equity lines of credit (HELOCs) are loans secured against the equity in your home, They are typically less costly and more flexible than home equity loans. Since they are lines of credit, the borrower only draws the amount that they need and only pays interest on that amount. The amortization schedule ordinarily does not require payback of the principal drawn until year 10 (HELOCs are, therefore, technically “interest only” loans until that time).
HELOC lenders will lend up to 90% the value of the equity in your home and the typical HELOC line is from $200,000 up to $500,000.
How to Find the Best HELOC Rate
As you see in the table above, the pricing of a home equity line of credit varies from lender to lender. HELOC rates are based on the prime lending rate (“prime”) - the rate that commercial banks charge their most creditworthy customers. Most lenders add on a margin above the prime rate. The average HELOC rate is 9.96%.
Risk to HELOCs
HELOC rates fluctuate. Repayment terms are tied to the prime lending rate and that rate is likely to move up – perhaps dramatically - over the next few years as the Federal Reserve raises the Fed Funds rate. A 10-year home equity loan or a 15-year home equity loan, however, may be a safer option at this time. Depending on your personal circumstances, you should also consider mortgage refinance options.