Home Lending
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Mortgages
Your Key to Homeownership
Get your Home Buying Journey started with Island Federal.
Current Mortgage Rates
High-Yield Earnings
Once you enroll your Island Federal Cash Back Debit Mastercard at uchooserewards.com, you'll earn 1 point for every $2 spent. Whether you're shopping online or in person, you'll see the Cash Back start piling up. Check in on your totals under "My Cards" within the Island Mobile App and redeem points for cash back right into your account, discounts at the fuel pump, or gift cards to your favorite stores.
Say Goodbye to Fees
No monthly maintenance fees. No minimum balance requirements. Just a smarter way to manage your money.
Convenience You Deserve
You'll have 24/7 access to your money with Online and Mobile Banking. Add in our network of 125,000 fee-free ATM's and 5,600 courtesy banking locations across the globe and you'll be able to access your money wherever, whenever, and however you like.
Your Path to Homeownership Starts Here
Mortgage Programs Built for Long Island
Buying a home on Long Island comes with its own unique set of challenges and opportunities. We've served the greater Long Island community for over 70 years and built mortgage programs to help make homeownership as easy and affordable as possible. As a not-for-profit community lending partner, our Home Lending Specialists only have your best interest in mind and will help you navigate your home buying journey from start to finish.
Unparalleled Customer Service
When beginning your home buying journey, you need to assemble a team that has the expertise and proven track record to help you avoid any unnecessary pitfalls. Island Federal is consistently one of the highest rated Long Island lenders based on Google Reviews so you know you're in good hands
Lower Rates, Fewer Fees
Unlike mortgage brokers, we don't offer commissionable products, meaning, you'll pay less fees and get the lowest rate possible. Ask about our Cut-The-Cost Mortgage Program to help eliminate the out-of-pocket closing cost when obtaining your mortgage.
Apply in less than 10 minutes
Start an application online or Book An Appointment to meet one of our Home Lending Specialist in-person or virtually to get your homeownership journey started!
Trustworthy & Local
Island Federal Credit Union offers competitive mortgage rates and personalized service for local homebuyers and homeowners. Whether you’re purchasing your first home, refinancing your current mortgage, or exploring low down payment programs, our team is here to help you every step of the way. We proudly serve Nassau and Suffolk Counties with unique programs like our Cut-The-Cost Mortgage, which lets you roll closing costs into your loan, and Dream-It, Achieve-It, which offers up to 100% financing. Discover how Island Federal can make homeownership on Long Island more affordable and achievable.
Specialty Mortgage Products
Dream It. Achieve It.
Our “Dream It. Achieve It.” program offers a 100% loan to value conventional mortgage.
Self Employed Borrowers
Island has an alternative financing option for self-employed borrowers too!
Hear From Our Proud Members
“Hands down, the best banking experience I’ve ever had! The staff went above and beyond to take care of everything and made my refi quick and easy. I’m now saving hundreds every month thanks to the staff at the Bellmore branch. I highly recommend banking with IFCU!”
Eduardo G.
Bellmore
“The folks at the Sayville branch have Always been extremely helpful. Everyone is always in a good mood and happy. Never had one bad experience with them. Me and my wife are using IFCU to get a mortgage. Best bank I have ever been a member with.”
John M.
Sayville
“I refinanced with IFCU several times and each experience was positive , professional and went smoothly. Their rates are the best around and I’m always successful in lowering my rate with IFCU when it jumps to prime. Very convenient location as well.”
Karen H.
Bellmore
Frequently Asked Questions
What is the difference between a fixed rate and adjustable rate mortgage?
A fixed-rate mortgage has the same interest rate and monthly payment for the life of the loan, while an adjustable-rate mortgage (ARM) starts with a lower fixed rate for a set period, then adjusts periodically based on market conditions.
Can I refinance my current mortage with Island Federal?
Yes, you can refinance your current mortgage with Island Federal Credit Union. We offer several refinancing options tailored to meet various financial goals, such as lowering your interest rate, reducing monthly payments, shortening your loan term, or accessing home equity through a cash-out refinance
Do I have to be an Island Federal Member to apply for a mortgage?
Yes, Membership is required, however we can open your Membership as part of your application at no additional cost to you.
What documentation do I need to apply for a mortgage?
To get started, you’ll need a valid government-issued ID (driver’s license, passport, etc.), income verification (recent pay stubs, W-2s, and prior year’s tax return), and proof of all current assets (such as bank and investment statements).
How can I obtain a pre-approval?
You can get pre-approved for a mortgage with Island Federal by applying online, visiting a local branch, or scheduling an appointment with one of our Home Lending Specialists. The process is quick and free, with no obligation, and helps you understand how much home you can afford before you start shopping.
Does Island Federal offer FHA mortgages?
No, at this time Island Federal does not offer FHA loans. However, we do offer special programs for First Time Homebuyers, including up to 100% financing.