New York Home Equity Line of Credit Rates

Compare Home Equity Line of Credit rates from lenders in New York with a loan amount of $50,000. To change the mortgage product or the loan amount, use the search box above. Click lender name to view more information.

New York Home Equity Line of Credit

June 24, 2018 Average Rate: 5.96%

Lender Rate (%) Monthly Payment Learn More
NBT Bank, National Association
Updated 05/04/2017
0.25 Varies
NASSAU EDUCATORS
Updated 11/01/2017
Restrictions
0.99 Varies
U.S. Bank National Association
Updated 03/16/2017
1.99 Varies
TrustCo Bank
Updated 02/05/2018
2.49 Varies
UNITED NATIONS
Updated 09/21/2017
Restrictions
2.49 Varies
Pioneer Savings Bank
Updated 05/15/2017
2.50 Varies
TEACHERS
Updated 09/22/2017
Restrictions
2.74 Varies
The Adirondack Trust Company
Updated 02/05/2018
2.75 Varies
Glens Falls National Bank and Trust Company
Updated 06/28/2017
2.99 Varies
Watertown Savings Bank
Updated 05/04/2017
2.99 Varies
Saratoga National Bank and Trust
Updated 07/21/2017
2.99 Varies
BETHPAGE
Updated 09/22/2017
Restrictions
2.99 Varies
TD Bank, National Association
Updated 05/24/2018
3.99 Varies
Santander Bank, N.A.
Updated 01/05/2018
3.99 Varies
Chemung Canal Trust Company
Updated 05/04/2017
4.00 Varies
Citizens & Northern Bank
Updated 05/17/2017
4.00 Varies
Solvay Bank
Updated 05/04/2017
4.00 Varies
Ulster Savings Bank
Updated 05/04/2017
4.00 Varies
Rhinebeck Bank
Updated 06/28/2017
4.00 Varies
Northfield Bank
Updated 08/14/2017
4.00 Varies

Data provided by BestCashCow

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Rates provided by BestCashCow are based on loan amount of $50,000 and a variety of factors including credit score and loan to value ratios. For specific requirements please check with the lender. Rates may change at any time.

Home Equity Line of Credit - Rates are based on a variable rate, second lien revolving home equity line of credit New York for an owner occupied residence with an 80% loan-to-value ratio for line amounts of $50,000. Discount indicates the amount of reduction in the Rate for having monthly payments automatically deducted from an account and/or for having other relationship accounts with the institution, expressed as a percentage. Conditions ‘No closing costs’ indicates that customer is not required to pay closing costs on the line of credit. ‘With closing costs’ indicates that customer is required to pay closing costs on the line of credit. Rates may include discounts. Rates are subject to change without notice.

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 5.96%.

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.

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