Rates

*All rates and terms are subject to change without notice. All offers are subject to credit approval; applicants may be offered credit at higher rate and other terms. Other conditions may apply. Homeowners insurance required on all loans secured by real property; flood insurance may also be required.
4 APR = Annual Percentage Rate. Rates and terms accurate as of 11/1/2015 and are subject to change without notice. Membership eligibility applies. 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. Mortgage 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. Consult your tax advisor regarding deductibility of mortgage interest. Home Equity Line of Credit (HELOC) is a variable rate product. The introductory rate for HELOC is 1.99% APR for 24 months for borrower(s) who maintain the minimum balance requirements for the first 36 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. Introductory Rate is not available to members who have an existing Island HELOC. After the introductory period, your APR will vary with the market based on the Prime Rate. Prime Rate is currently 3.50%. 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.

 

bg1 bg2 bg3

Personalization Settings

Welcome

Island Federal Credit Union would like to personalize your banking experience. Please enter your first name below.

This level of personalization will not lead to the sale of your name or leak your identity. The information you provide will only be stored on your computer and will not be transferred to any other source.

Please do not remind again

GREAT NEWS! The Island Mobile App has been updated. If you haven't done so already, please be sure to update the app on your mobile device today. Click here to view a tutorial of the app. Thank you! 

Please do not remind again