A HELOC, or Home Equity Line of Credit, is a revolving line of credit that lets you borrow funds based on the equity you have in your home. Equity is determined by taking the current market value of your home and subtracting what you owe on that home (including your first mortgage and any second mortgage or home equity loan). You only pay interest on the funds you have withdrawn, and have a convenient line of quick-access cash should the need arise. HELOC’s are a great option for:

  • Home repairs or renovations
  • Debt Consolidation
  • Medical expenses
  • Vacation
  • Education expenses
  • Emergency fund

Because a HELOC is secured by the equity in your home, you can borrow at a lower rate than with a personal loan or credit card. The State CS HELOC features a 5-year draw period, loan limits up to 100% LTV and no application or origination fees.

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Fixed-Rate Conversion

We offer the option to convert balances from your variable-rate HELOC into a fixed-rate repayment loan. There is a minimum balance requirement of $5,000 to convert, and you may have no more than three fixed-rate options with outstanding balances at a time. You may still take advances against your line at the variable rate.

HELOC Rates

Loan-to-Value Variable-Rate APR* (as low as)
up to 85% Prime Rate – 0.25%
up to 100% Prime Rate + 0.25%

Home Equity Conversion Rates

Term APR as low as* (up to 85% LTV) APR as low as* (up to 100% LTV)
up to 60 months 5.75% 6.50%
up to 84 months 5.75% 6.50%
up to 120 months 6.00% 6.75%
up to 180 months 6.25% 7.00%

Subject to loan approval. The standard HELOC is an adjustable rate product, rates are adjusted semi-annually on the first business day of January and July; not to exceed 15% APR and not to go below 3.25% APR. Rates vary by credit quality and collateral. Closing costs may include appraisal, doc prep or recording fees. Minimum $5,000 initial draw at opening required. Minimum monthly payment of $50. Property must be in NY, property insurance is required.