Want to tap into the equity you’ve built in your home in the Empire State? Whether you live around New York City or in upstate New York, you can choose from a wide range of New York-based lenders and national lenders offering flexible home equity lines of credit (HELOCs).
Below, we’ll explore the best HELOCs in New York.
Fixed: 5-yr. draw / 10- to 20-yr. repayment
7.25% starting variable rate for FlexLock HELOC
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About HELOCs in New York
New York has a few specific laws that pertain to HELOCs that you should keep in mind before applying. Specifically, New York’s regulations around high-cost home loans may apply to some HELOCs (depending on the rates and fees relative to the loan amount). In this case, borrowers get certain protections, including:
- No balloon payments
- No negative amortization
- No interest rate triggered by default
- Limits on upfront fees
In addition, New York state has a mortgage recording tax applicable to HELOCs. Some counties have additional taxes, including New York City and Yonkers.
Best New York HELOCs
Arrow Bank
Why it’s a good New York HELOC option
Arrow Bank has been around for more than 170 years and offers banking services to New Yorkers living in Glens Falls, as well as other New York cities where it has branches, including Warren, Washington, Essex, Clinton, Saratoga, Rensselaer, Albany, and Schenectady.
Arrow’s variable-rate HELOC starts at 6.99%, locked in for three years. From there, the rate follows the prime rate plus 2.00%. There are no closing costs and no annual fees, though you’ll owe third-party costs if you terminate the line of credit in the first three years.
You must draw at least $10,000 at the start of the loan and can get approved for up to 100% of your home’s appraised value.
| Rates (APR) | Starting at 6.99% variable introductory rate |
| Funding amount | 100% of appraised value of house minus existing first mortgage balance; $10,000 minimum initial draw |
| Repayment terms | Not disclosed |
| Max. LTV | 100% |
| Parts of New York served | Glens Falls, Warren, Washington, Essex, Clinton, Saratoga, Rensselaer, Albany, and Schenectady |
BankonBuffalo
Why it’s a good New York HELOC option
BankonBuffalo has been a part of the Buffalo community for more than 150 years and serves northwest New York, as well as parts of Pennsylvania and Ohio. You can find several branches if you live in the area to discuss rates and terms, in person, before applying.
BankonBuffalo’s Freedom HELOC currently has a 5.00% introductory rate for six months. After the first six months, the rate shifts to the prime rate minus 0.25%. The max APR for a BankonBuffalo HELOC is 18.00%, with a floor of 3.25% and monthly adjustments. You need a credit score of 680 or higher to qualify for the best New York HELOC rates with BankonBuffalo.
While there are no closing costs on loan amounts up to $500,000, you’ll have to repay all third-party fees if you terminate the HELOC within the first 36 months. There’s an annual $49 fee during the draw period and a $99 fee every time you lock in a fixed rate for a specific draw. (There’s a maximum of three lock periods.)
You must have a BankonBuffalo checking account to apply.
| Rates (APR) | Starting at 5.00% variable introductory rate |
| Funding amount | 85% appraised value of home minus existing first mortgage balance; $2,500 minimum initial draw |
| Repayment terms | 10-year draw, 20-year repayment |
| Max. LTV | 85% |
| Parts of New York served | Buffalo and Rochester area |
First New York Federal Credit Union
Why it’s a good New York HELOC option
First New York Credit Union has a near-100-year history and has eight branches across Albany, Schenectady, Rensselaer, Saratoga, and Schoharie County. If you qualify as a member, you can talk face-to-face with a loan representative before making any decisions.
For HELOCs, First New York gives you the power of choice, with options for both variable and fixed rates.
- Variable-rate HELOCs currently start at 1.99% (LTV of 80% or less) or 2.99% (81% to 90% LTV) for 13 months; after this time, the rate shifts to the prime rate for the former and prime rate plus 1.00% for the latter. These HELOCs have a rate ceiling of 18.00% and are based on a 10-year draw period with a 15-year repayment.
- Fixed-rate HELOCs are offered with a 5-year draw and then 10-, 15-, or 20-year repayment term. APRs can be as low as 5.49% for 10-year repayment terms with an LTV of 80% or less for a first-position HELOC, but second-position HELOCs with an 81% LTV (or higher) and 20-year repayment term start at 7.99%, at the lowest.
First New York Federal Credit Union doesn’t charge closing costs for its HELOCs. You must be a member to apply.
| Rates (APR) | Variable: Starting at 1.99% or 2.99% introductory rate, depending on LTV Fixed: Starting at 5.49% to 7.99%, depending on repayment term, LTV, and first vs. second lien |
| Funding amount | $10,000 – $802,650 |
| Repayment terms | Variable: 10-year draw, 15-year repayment Fixed: 5-year draw, 10- to 20-year repayment |
| Max. LTV | 90% |
| Parts of New York served | Albany, Schenectady, Rensselaer, Saratoga, and Schoharie County |
Hudson Valley Credit Union
Why it’s a good New York HELOC option
Hudson Valley Credit Unions serves members in the Hudson Valley, New York, area, as well as Capital, Connecticut. If you want in-person help with a HELOC and live in the area, this credit union may be your best bet (but you have to become a member first).
Hudson Valley Credit Union offers two different HELOC products for homeowners:
- The traditional HELOC has a 4.50% introductory rate for six months, and then the rate shifts to a variable 6.75% to 9.50% APR (anywhere from prime to prime plus 2.75%, depending on LTV). Your LTV affects the rate, but you can theoretically have an LTV of up to 100%.
- The Flex Lock HELOC doesn’t have an introductory rate. Rates depend on your LTV (max 100%) and can currently start anywhere from 7.25% (prime plus 0.50%) and 10.00% (prime plus 3.25%).
All HELOCs have a $5,000 minimum draw and no closing costs.
| Rates (APR) | Traditional: Starting at 4.50% variable introductory rate, depending on LTV Flex Lock: Starting at 7.25% variable rate, depending on LTV |
| Funding amount | Up to 100% appraised value of house minus first mortgage balance; $5,000 minimum initial draw |
| Repayment terms | Not disclosed |
| Max LTV | 100% |
| Parts of New York served | Hudson Valley area |
TCT Federal Credit Union
Why it’s a good New York HELOC option
TCT Federal Credit Union has four physical branch locations in New York (Ballston Spa, Cambridge, Clifton Park, and Queensbury) and has been a part of the community for nearly 70 years. Helpful loan representatives are happy to talk through loan options and details with you.
Credit union members may qualify for one of two HELOC options with TCT:
- The Premier Plan has a 5.25% variable rate for three years; thereafter, the rate is the prime rate for the life of the loan, with an annual interest rate review at a 2.00% annual adjustment cap. The max rate is 15.00% with a floor of 4.00%.
- The Preferred Plan has a 6.25% variable rate for three years; thereafter, the rate is the prime rate plus 1.00% for the life of the loan, with an annual interest rate review at a 2.00% annual adjustment cap. The max rate is 15.00% with a floor of 5.00%.
TCT doesn’t share credit score requirements for either HELOC, but because it’s a local credit union, you can visit and speak with a loan representative before applying to see if you’re a good candidate for either HELOC.
Notably, there are no closing costs for HELOCs up to $100,000. You must be a member to apply.
| Rates (APR) | Starting at 5.25% or 6.25% variable introductory rate, depending on plan |
| Funding amount | $10,000 – $250,000 |
| Repayment terms | 10-year draw, 25-year repayment |
| Max LTV | 80% |
| Parts of New York served | Greater Saratoga Springs and Queenston areas |
Best HELOCs and rates nationally
National HELOC lenders can be a good option if you want to compare offers quickly or don’t live near a local bank or credit union. These lenders typically serve borrowers nationwide (including New York) and often offer streamlined online applications, higher loan limits, and faster funding.
However, rates and fees can vary more widely, and you may miss out on the in-person support some local lenders provide.
Here are some of our top choices for national lenders that serve New York.
Just because you have a HELOC doesn’t mean you should access it. Sometimes we qualify for the HELOC but our circumstances have changed when we need to access the line of credit. Before you request funds from the line of credit, be sure to do a thorough analysis on the payments required. Can you afford to make the payment on the line you’ve pulled? If so, HELOCs can be a cheaper way to access funds that many other alternatives out there.
Should you use a local or national HELOC lender?
Both local New York HELOC lenders and national lenders have their pros and cons. Choosing where to get your home equity line of credit comes down to preference. Here are a few things to keep in mind:
- Best New York HELOC rates: Big banks generally have the worst HELOC rates; local banks and credit unions can be more competitive because they have less overhead. However, you may find the best HELOCs from online-only lenders. They tend to have the lowest rates and fees.
- Personalized service: With a local bank or credit union, you can get face-to-face assistance from helpful loan representatives. You may also get rate discounts if you are already a member.
- Loan products: Larger online HELOC lenders may have more options, including various types of HELOCs and other home equity products to consider.
- Flexibility: Local lenders may be more willing to work with you even if you don’t meet all their HELOC requirements, such as credit score or debt-to-income ratio.
- Digital access: Big lenders tend to have better online platforms and easier-to-use apps than a local New York bank or credit union.
Recap: the best HELOCs in New York
Fixed: 5-yr. draw / 10- to 20-yr. repayment
7.25% starting variable rate for FlexLock HELOC
Article sources
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Arrow Bank, Home Equity Loans
- BankonBuffalo, Freedom HELOC
- First New York, HELOCs
- Hudson Valley, Home Equity Financing
- TCT, Home Equity Loans
- Justia, 2024 New York Laws
- New York State, Mortgage Recording Tax
About our contributors
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Written by Timothy Moore, CFEI®Timothy Moore is a Certified Financial Education Instructor (CFEI®) specializing in bank accounts, student loans, taxes, and insurance. His passion is helping readers navigate life on a tight budget.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Reviewed by Catherine Valega, CFP®, CAIA®Catherine Valega, CFP®, CAIA®, founded Green Bee Advisory LLC to help women, philanthropists, investors, and small businesses build, manage, and preserve their financial resources. She's been practicing financial planning for more than 20 years.