Best HELOC Lenders in New York 2019

new-york-city-min (1).jpg

If you’re a New York Homeowner looking to tap into your home equity, then there are some amazing second mortgage and home equity borrowing solutions available to you. All across the state, home values are on the rise, and with today’s mortgage rates hitting the historical lows that they are, there is no better time to obtain a home equity line of credit.

Today’s home finance market is primed for homeowners to not only grow the equity in their homes, but to be able to utilize it! Homeowners should be happy to know that the amazingly low mortgage and refinance rates of today extend into the rates available for second mortgages as well. If you are a homeowner interested in a home equity line of credit, now would be a perfect time to start looking for lenders and comparing interest rates.

In this article, we’ll review the best HELOC lenders in the state of New York, and why you should consider working with them for your second mortgage.


Best Way to Find a New York Home Equity Line of Credit Lender : Lending Tree

In today’s times, borrowers have some seriously impressive options when it comes to finding a mortgage product online. While the online mortgage trend grows and evolves each and every day, it is an undeniable fact that near the very top of the pack, one of the best online platforms for finding a mortgage solution is Lending Tree.

Lending Tree is probably the best place for potential borrowers to begin searching for lenders and loan products and to compare the rates available to them. After all, lending tree has a vast network of over 300 banks that it works with in order to provide its users with the best possible loan offers.

In terms of Home Equity options, Lending Tree helps borrowers narrow down the field a little by finding out the most crucial information from the borrower upfront, leaving home equity solutions that more closely match the borrower’s goals. Still, the ability to shop around for the lowest rates and the most favorable loan terms while relaxing at home is unmatched.

#1 New York Home Equity Line of Credit Lender: J P Morgan Chase Bank

Chase Bank is a big name both in and out of the home finance industry. Throughout the region, Chase is highly commended by previous clients as being an incredible mortgage lender, who gets the job done as advertised.

Chase has countless years of experience with and an impressive volume of home equity lines of credit originated under its belt. Home buyers can expect personalized service and readily available advisers while working with the financial giant, and stress free second mortgage financing with some of the best rates on the market.

While chase doesn’t offer home equity loans, it does give borrowers one of the most widely used HELOC products in the country. Chase’s HELOC comes with a variable interest rate that can be locked in at any time by the borrower, a draw period of 10 years, and allows borrowers a term of up to 20 years for their repayment period.

Eligibility for their HELOC product is extended to borrowers with credit scores of at least 680. A HELOC from Chase has a maximum LTV of 80%.

#2 New York Home Equity Line of Credit Lender: Bank of America

A veritable banking giant, Bank of America is typically one of the first places any home buyer would discuss when financing a home purchase, second mortgage, or refinancing a mortgage. Even so, it is incredibly rewarding when such a large company can still focus on the wants and needs of each individual client, and get them the perfect loan product.

Home Equity transactions are an unspoken specialty of Bank of America. While they choose to only offer Home equity lines of credit and not home equity loans, they are still easily one of the best lenders around when it comes to accessing home equity.

Eligible borrowers who meet the credit score requirement of 660 (they are flexible depending on each individual borrower) can take out a HELOC with an LTV of no less than 85% with a minimum figure of $25,000 and a maximum of $1 million. HELOCs through Bank of America come with some interesting benefits, like being able to lock down an interest rate at any point in the payment period, and rate discounts for BoA account holders.

Bank of America would not be where it is today if it was lacking in such things as customer care or knowledgeable loan officers. They even have an ever evolving online platform that can cut application time down to just 15 minutes! Interestingly, Bank of America is able to combine its impressive clout in the finance industry with personalized consultation, round-the-clock service, and vast resources of both funding and information.

The result? A mortgage or refinance transaction that is as painless as one can be, and a second mortgage product that is just the right fit.

#3 New York Home Equity Line of Credit Lender: TD Bank

As one of America’s 10 largest banks, TD Bank has been in business for around 150 years. High quality service and expert loan officers may have something to do with their position, but for the most part, it comes from the impressively high degree of customer satisfaction they are able to leave their borrowers with after each transaction comes to a close.

TD Bank has a long history in banking, and a pretty outstanding reputation in home finance. Home Equity loans are only a portion of the products offered by TD Bank, yet they still are among the most popular loan products offered.

TD Bank originates both home equity loans and home equity lines of credit, with fairly competitive rates. They are known to offer home equity options with LTVs up to 90%, depending on where the borrower resides.

Working with the loan officers at TD Bank is always straightforward and stress-free. They even allow applications to be completed and filled out online.

#4 New York Home Equity Line of Credit Lender: Citibank

As one of the smaller national banking chains, Citibank keeps up with the competition admirably. Citibank has an ever growing client-base that stands as proof of the quality of service that they provide.

In terms of home equity financing, Citibank offers both home equity loans and home equity lines of credit. However, Citibank may not be able to offer loan amounts as large as some of the other banks, and they are known to have less flexibility when it comes to the LTV of a their second mortgage products.

Even so, they still offer home equity products at rates that are quite competitive to other options on the market. In addition, their application process is simple and straightforward.

Above all else, what most people agree on is the amazing level of customer service exhibited by Citibank loan officers. The experience alone makes any other drawback to choosing Citibank seem more like minor annoyances.


 

Shop Around Before You Get a Home Equity Line of Credit

Our picks for the best home equity line of credit lenders may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best loan terms and interest rates can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal refinance solution that comes with the terms and affordability that best suits any particular financial situation.

While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!