A HELOC is a revolving, usually variable-rate line against your equity (a second lien) — draw as you need it, with low or no closing costs. A home equity loan is a fixed lump-sum version. Both leave your low first-mortgage rate untouched, which is why they've been popular since 2021.
A high-cost market with a large jumbo share and co-op/condo nuances that shape financing. Because local prices often top the 2026 conforming limit of $832,750, many New York buyers using this route also look at jumbo financing.
With a New York median near $1,000,000, equity products depend on your combined loan-to-value.
HELOC or cash-out refinance?
A HELOC keeps your existing first mortgage; a cash-out refi replaces it — usually the HELOC wins if your current rate is low.
How much can I borrow?
Combined loan-to-value is usually capped around 80–90% of the home's value.
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