Rates

APR = Annual Percentage Rate. Rates and terms accurate as of 3-9-2016 and are subject to change without notice. All offers of credit are subject to credit approval; applicants may be offered credit at higher rates and other terms. Loan rates featured are the lowest for the product advertised. Loan-to-value restrictions may apply. Hazard insurance is required on all loans secured by real property; flood insurance may also be required. Rates advertised are for primary residence and properties located in New York.
3Mortgage tax and Recording Fees must be paid by borrower if residence is not in Nassau or Suffolk County. Other terms and restrictions apply to properties located outside of New York State. Interest may be tax deductible (consult your Tax Advisor). 
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HELOC is a variable rate product. The introductory rate for HELOC is 1.49% APR for 12 months for borrower(s) who maintain the minimum balance requirements for the first 12 months after the funding date of the Line of Credit (HELOC limits up to $250,000 = $25,000, $250,000.01-$500,000 = $50,000 and $500,000.01-$1,000,000 = $100,000). Minimum balance requirements must also be maintained for 36 month after the funding date of the Line of Credit to avoid payment of closing costs. Introductory Rate is not available to members who have an existing Island Home Equity Line of Credit. After the introductory period, your APR will vary with the market based on the Prime Rate. Prime Rate is currently 3.50%. Fixed Rate Home Equity Loan must remain open for 24 months to avoid payment of closing costs. Requires automatic payment from an Island Checking account for the life of the loan. Borrower may obtain credit advances for 10 years.
+Fixed Rate Home Equity Loans with No Closing Costs: monthly payments must be paid by automatic deduction from an Island checking account otherwise add 1.00% to rate. Primary residence only and property must be located in New York. Mortgage tax must be paid by borrower if residence is not in Nassau County or Suffolk County. Loan must remain open for 24 months to avoid payment of closing costs. Not available to Members who have an existing Island Home Equity Loan.
++Lock in fee is refunded at closing. Loan must close within 60 days.
**Mortgage rates change daily. Lower rates are available with payment of "points." The 1% 60-day rate lock is refunded at closing provided you close mortgage within 60 days of date rate is locked in. Members who do not lock in a rate will be given the rate in effect ten (10) calendar days prior to closing. Membership in Island Federal Credit Union is open to anyone who lives, works, worships or attends school in Nassau County or Suffolk County (with the exception of the townships of East Hampton, Southampton and Shelter Island). Share account with $1 minimum balance required. APR based on a $165,000 Convention loan assuming the highest credit rating.

***Mortgage Special: Must have a 700 FICO Score and Loan to Value must be 70% or less/Monthly payments must be automatically deducted from an Island FCU checking account for life of loan. Rate lock fee does not apply. One family primary residence in Nassau or Suffolk County. APR based on a $165,000 Convention loan assuming the highest credit rating.
****Mortgage must remain open for 36 months to avoid payment of closing costs.

 

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