Unlock Your Home’s Equity!
- Pay no closing costs†
- Pay no NYS mortgage tax†
- Borrow up to 90% of your home’s value
- Variable and fixed rates are available
- Payment protection available
- Get a monthly statement via mail or e-statement
Tackle your first or next home renovation project with First New York FCU’s Home Equity Lines of Credit (HELOC). Our smart home improvement line of credit is a great alternative to larger financial institutions’ high-interest, non-tax-deductible loans.
Get the most equity out of your home with below-industry-average HELOC rates and fast approval.
Get Started
View our Home Equity Lines of Credit (HELOC)
- Low, variable rate
- Competitive rates, lower than credit cards and consumer loans
- Pay no closing costs and no NYS mortgage tax††
- A revolving line of credit, open for 10 years with 15 years to repay the balance
Before you start your next home renovation project, look into First New York’s Variable Rate Home Equity Lines of Credit.
Because, when you need cash fast, you want to partner with someone who can help you achieve your dream home with great rates and terms.
Apply Now Text a Loan Expert
| Term | APR* | Variable Index | Loan to Value |
|---|---|---|---|
| 10 year draw, 15 year re-payment | 1.99%* for 13 months | Prime +0.00% | 80% |
| 10 year draw, 15 year re-payment | 2.99%* for 13 months | Prime +1.00% | 81-90% |
| *Variable rate. Special Introductory Rate as low as 1.99% for 80% combined loan-to-value (LTV) for the first 13 months then as low as prime plus 0.00% APR thereafter or the floor on the product. Special Introductory Rate as low as 2.99% for 81-90% LTV for the first 13 months then as low as prime plus 1.00% APR thereafter. All rates are based on the Prime Rate published in the Wall Street Journal. The APR will not exceed the ceiling, or highest APR of 18.00%, as of 09/30/2024 Prime Rate is 8.00%. A minimum advance of $10,000.00 is required at time of closing. Rates are based on a 25 year repayment term. This is a limited time offer and only applies to new First New York loans. All loans are subject to credit approval. Actual rate may vary. | |||
- 5-year revolving line of credit
- Flexible repayment terms of 10, 15, and 20 years
Generally, larger financial institutions or banks won’t tell you to look into getting a Fixed Rate Home Equity Line of Credit with a credit union.
That’s because First New York can offer you home improvement loans at a better rate and terms. Still not convinced?
See why our home renovation loans are unlike anyone else and enjoy some of the best rates and terms offered in the NYS Capital Region.
Apply Now Text a Loan ExpertFirst Position
| Term | APR as low as* | Monthly Payment | Loan to Value |
|---|---|---|---|
| 10 years | 6.24% | $11.22 | 80% |
| 15 years | 6.49% | $8.71 | 80% |
| 20 years | 6.99% | $7.75 | 80% |
| 10 years | 7.24% | $11.73 | 81-90% |
| 15 years | 7.49% | $9.26 | 81-90% |
| 20 years | 7.99% | $8.36 | 81-90% |
| *Annual Percentage Rate. 5-year draw period. The actual rate may vary. All loans are subject to credit approval. Existing First New York borrowers must take out an additional $10,000 of new money. Title insurance may be required. The minimum loan amount is $10,000. New York State Mortgage Tax is required and paid by the borrower. A minimum advance of $10,000.00 is required at time of closing. The remaining closing costs paid by First New York on behalf of the borrower will be charged back and added to the loan’s payoff if the home equity line of credit (HELOC) is paid and closed within three years of closing. Closing costs are estimated at $600-$4,000. | |||
Second Position
| Term | APR as low as* | Monthly Payment | Loan to Value |
|---|---|---|---|
| 10 years | 6.74% | $11.48 | 80% |
| 15 years | 6.99% | $8.98 | 80% |
| 20 years | 7.49% | $8.05 | 80% |
| 10 years | 7.74% | $12.00 | 81-90% |
| 15 years | 7.99% | $9.55 | 81-90% |
| 20 years | 8.49% | $8.67 | 81-90% |
| *Annual Percentage Rate. 5-year draw period. The actual rate may vary. All loans are subject to credit approval. Existing First New York borrowers must take out an additional $10,000 of new money. Title insurance may be required. The minimum loan amount is $10,000. New York State Mortgage Tax is required and paid by the borrower. A minimum advance of $10,000.00 is required at time of closing. The remaining closing costs paid by First New York on behalf of the borrower will be charged back and added to the loan’s payoff if the home equity line of credit (HELOC) is paid and closed within three years of closing. Closing costs are estimated at $600-$4,000. | |||
- Pay no closing costs and no NYS mortgage tax††
- Competitive fixed rates with a choice of terms, 5 to 14 years
- Borrow up to 80% of the value of your home
- No title insurance, attorney fee, appraisal fee, or recording fee
- Cash Back Option
Do you want to be mortgage free in 5-14 years at a low fixed rate? Search no further than First New York’s Easy Street mortgage loan. Learn how our great rates and quality promotions make refinancing simple!
Apply Now Text a Loan Expert
| Term | APR as low as* |
|---|---|
| 5 – 11 years | 5.24% |
| 12 years | 5.49% |
| 13 -14 years | 5.74% |
| *Must be a primary residence and first lien only. This offer is good for refinance only. Existing First New York real estate loans are eligible with $10,000 of new money. Loan-to-value (LTV) must be 50% or less to receive the listed APR. Actual rates may vary and rates are subject to change without notice. Other rates and terms are available. $50,000 minimum. Flood and /or property hazard insurance may be required. Upon title search results, title insurance may be required and is paid by the borrower. Closing costs including the New York State Mortgage Tax paid by First New York on behalf of the borrower. No closing costs offer is valid during the promotional period only. Reimbursement of fees will be added to the payoff amount of the loan if the home equity line of credit is paid and closed within three years of closing. Closing costs are estimated at $600-$4,000. | |
*Special Introductory Rate is as low as 1.99% for 80% combined loan-to-value (LTV) for the first 13 months then as low as prime plus 0.00% APR thereafter or the product floor.
**Special Introductory Rate is as low as 2.99% for 81-90% LTV for the first 13 months then as low as prime plus 1.00% APR thereafter.
†New York State Mortgage Tax is required and paid by the borrower. Title insurance may be required. The remaining closing costs paid by First New York on behalf of the borrower will be charged back and added to the loan’s payoff if the home equity line of credit (HELOC) is paid and closed within three years of closing. Closing costs are estimated at $600.00-$4,000.00, actual closing costs and mortgage tax may be different. The minimum loan amount is $10,000.00 and the maximum is $766,550.00. A minimum advance of $10,000.00 is required at time of closing. All rates are based on the Prime Rate published in The Wall Street Journal. The APR will not exceed the ceiling, or the highest APR of 18.00% and the Prime Rate is 8.50% as of 09/30/23. All loans are subject to credit approval. The actual rate may vary.
††Must be a primary residence and first lien only. This offer is good for refinance only. Existing First New York real estate loans are eligible with $10,000 of new money. Loan-to-value (LTV) must be 50% or less to receive the listed APR. The rates listed are as of December 1, 2023. Actual rates may vary and rates are subject to change without notice. Other rates and terms are available. $50,000 minimum and maximum is $766,550.00. Flood and /or property hazard insurance may be required. Upon title search results, title insurance may be required and is paid by the borrower. Closing costs including the New York State Mortgage Tax paid by First New York on behalf of the borrower. No closing costs offer is valid during the promotional period only. Reimbursement of fees will be added to the payoff amount of the loan if the home equity line of credit is paid and closed within three years of closing. Closing costs are estimated at $600-$4,000, actual closing costs and mortgage tax may be different. This credit union is federally insured by the National Credit Union Administration. Equal Housing Lender.
Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show the geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s Web site (www.consumerfinance.gov/hmda).
First New York Federal Credit Union NMLS# 477178
‡Loan Center is available Monday-Friday from 8 a.m. until 6 p.m. and on Saturday from 9 a.m. until 1 p.m.