Real Estate Loan Rates

Annual Percentage Rates valid as of February 1, 2017

Variable Home Equity Line of Credit

Building an addition to or renovating your house?  If you need access to money for a longer term project, a variable rate Home Equity Line of Credit is a smart alternative to other high interest, non tax-deductible loans. Use the equity in your home and finance your needs.

  • Low variable rate based on the prime rate; adjusts monthly
  • Borrow up to 90% of the value of your home, up to $417,000
  • Pay no closing costs except for NYS mortgage tax
  • Competitive rates - in most cases they're lower than credit cards and consumer loans
  • Fast approval by friendly & professional staff trained to make your loan process easy
  • Interest paid may be tax deductible - please consult a tax advisor
  • Revolving line of credit is open for 10 years, with 15 years to repay the balance
  • Access your line of credit just by writing a check

What's My Payment?

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 payoff amount of the loan if the home equity line of credit (HELOC) is paid and closed within three years of closing. Closing costs are estimated at $200-$600. Minimum loan amount is $10,000, maximum is $417,000. Rates for HELOC are variable. Rates are based on a 25 year repayment term and are based on the Prime rate published in the Wall Street Journal. The APR will not exceed the ceiling, or highest APR, which is the NCUA usury rate in effect at the time. As of 1/31/2017, the NCUA usury rate was 18.00% APR and the Prime rate is 3.75%. 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.
*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.
**Special Introductory Rates is a low as 2.99% for 81-90% LTV for the first 13 months then as low as prime plus 1.00% APR thereafter.

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Fixed Home Equity Line of Credit

Looking to consolidate your high interest rate loans?  Or buying a new car? If you have the need for cash, a fixed rate Home Equity Line of Credit is a wise alternative to other higher interest, non tax-deductible loans. Use the equity in your home and finance your needs.

  • Competitive fixed rates with terms up to 20 years
  • Borrow up to 90% of the value of your home, up to $417,000
  • Pay no closing costs except for NYS mortgage tax
  • Competitive rates - in most cases they're lower than credit cards and consumer loans
  • Fast approval by friendly & professional staff trained to make your loan process easy
  • Interest paid may be tax deductible - please consult a tax advisor
  • Revolving line of credit is open for 2 years, with repayment period based on selected term
  • Access your line of credit just by writing a check

What's My Payment?

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 payoff amount of the loan if the home equity line of credit (HELOC) is paid and closed within three years of closing. Closing costs are estimated at $200-$600. Minimum loan amount is $10,000, maximum is $417,000. Minimum initial advance must be greater than or equal to 90% of credit limit. Rates are fixed and are based on the Prime rate published in the Wall Street Journal. The APR will not exceed the ceiling, or highest APR, which is the NCUA usury rate in effect at the time. As of 1/31/2017, the NCUA usury rate was 18.00% APR and the Prime rate is 3.75%. All terms have a 2 year draw period. Actual rate may vary. All loans are subject to credit approval. Monthly payments quoted above based on every $1,000 borrowed and based on a 30 day month.

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FLEX - 5 Fixed Home Equity Loan

A fixed rate Home Equity Line of Credit with a 5 year draw means you're protected from the possibility of rising interest rates. Use the equity in your home and finance your needs.

  • Revolving line of credit is open for 5 years, with repayment period based on selected term
  • Flexible Repayment Terms of 10,15 & 20 Years
  • Borrow up to 90% of your home’s appraised value, up to $417,000
  • No pre-payment penalty
  • Interest paid may be tax deductible - please consult a tax advisor
  • Access your line of credit just by writing a check
  • Fast approval by friendly & professional staff trained to make your loan process easy

What's My Payment?

The FLEX-5 has a 5 year draw period. 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. Minimum loan amount is $10,000, maximum is $417,000.

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