Home Lending
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Home Equity
Tap into the Equity in Your Home
WIth low rates and flexible repayment terms, discover the best way to finance your next project.
Current Rates
Planning to upgrade your kitchen, pay for an upcoming wedding, or consolidate debt to lower your monthly payments? A home equity loan or line of credit can provide access to cash that can help you fund large purchases, home improvements, and so much more! With flexible repayment options, you can select the home equity product that is perfect for your needs.
Questions about home equity? Schedule an appointment with one of our experts!
Tap Into Your Home's Equity
Turn your home's equity into cash
Both a Home Equity Line of Credit (HELOC) and Home Equity Loan let you unlock your home's equity for fast cash when you need it most:
• Home Renovations & Improvements
• Debt Consolidation
• Education Expenses
• Emergency Costs
• All Major Life Events
Flexible Features, Designed for Long Islanders
Our versatile programs allow you to customize your loan:
• Choose fixed or adjustable rates
• No Closing Cost Options 4
• Take up to 20 years to repay
• Borrow up to 100% of your home's value 5
Already Have a HELOC? We Can Help You Refinance
Yes, you can refinance your existing home equity line or loan with Island Federal. Our lending specialists could help you lower your monthly payments and save more over time. Let’s make your equity work harder for you.
The Benefits of Home Equity Lending
Tap Into Your Home's Equity
If you’ve owned your home for at least five years, you’ve likely built significant equity. With Island Federal’s Home Equity Lending Program, you can borrow up to 100% of your home’s current value.5 Use it for home renovations, debt consolidation, tuition, wedding expenses, or anything life throws your way. Home equity lending typically offers lower rates than credit cards or personal loans, making it one of the most cost-effective borrowing options available.
HELOC vs. Home Equity Loan: What’s the Difference?
A Home Equity Line of Credit (HELOC) works like a credit card. Once approved, you get a credit limit and only pay interest on what you use. It’s flexible and great for ongoing or unexpected expenses. A Home Equity Loan, on the other hand, provides a one-time lump sum with a fixed interest rate and predictable monthly payments.
Flexible Features, Designed for Long Islanders
Island Federal’s HELOC is designed with your needs in mind: Competitive introductory rates Interest-only payments during the 10-year draw period. No closing cost options available. 5
Already Have a HELOC? We Can Help You Refinance
Yes, you can refinance your existing home equity line or loan with Island Federal. Our lending specialists could help you lower your monthly payments and save more over time. Let’s make your equity work harder for you.
Looking for the Best Home Equity Loan or HELOC on Long Island?
Island Federal Credit Union offers flexible, low-rate home equity lending solutions designed to help you tap into your home’s equity, whether you’re planning a renovation, consolidating debt, paying college tuition, or covering unexpected expenses.
With options to borrow up to 100% of your home’s value5, interest-only payment periods, and no closing cost programs available 4, Island Federal makes it easy and affordable to access the cash you need. Our Home Equity Line of Credit (HELOC) and fixed-rate Home Equity Loans are perfect for homeowners in Nassau and Suffolk County who want competitive rates, local service, and a trusted not-for-profit financial partner. Start your application today or visit your nearest branch to speak with a Home Equity Lending Specialist.
Hear From Our Proud Members
“John M helped me start my account and assisted me in the HELOC process. He is kind, helpful and has a plethora of information and does everything with a smile! I’ve felt comfortable every step of the way. Def recommend this location in Hicksville!”
Ricca B.
Hicksville
“All of the member service representatives in the Sayville office go above and beyond to assist me in everything! Kim C. has gone out of her way to make sure my documents, needed for a home equity loan, were delivered in a timely manner to the other office!! I couldn’t ask for better customer service. The tellers always greet me by my name and I truly appreciate that! It’s nice to have that hometown feel!!”
Stacy B.
Sayville
Frequently Asked Questions
What’s the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC)?
A Home Equity Loan provides a one-time lump sum with a fixed rate and predictable monthly payments—ideal for major expenses like renovations or tuition. A HELOC works like a credit card, giving you a reusable credit line with flexible access to funds and interest-only payment options during the draw period.
How much can I borrow with a Home Equity Loan or HELOC?
With Island Federal, qualified homeowners may borrow up to 100% of their home’s current value, minus any existing mortgage balance. This gives you maximum flexibility to use your equity when you need it most.
What can I use a Home Equity Loan or HELOC for?
You can use funds for almost any type of personal expense—home improvements, medical bills, college tuition, weddings, debt consolidation, or even a vacation. Island Federal doesn’t restrict how you use your equity.
Are there any closing costs or fees?
Island Federal offers no closing cost options on qualifying home equity products, helping you save money upfront and start using your funds faster.
Can I refinance an existing HELOC or Home Equity Loan with Island Federal?
Yes! Refinancing with Island Federal could help you lower your interest rate, reduce monthly payments, or convert variable-rate debt into a fixed-rate loan.
What are the interest rate options?
Island Federal offers both fixed and variable rate home equity solutions. HELOCs typically begin with a low introductory rate and adjust over time, while Home Equity Loans feature fixed rates for predictable payments. See our Rates Page for full list of available rates and terms.
How long is the HELOC draw period?
You can draw from your Island Federal HELOC for up to 10 years. During this time, you can borrow as needed and make interest-only payments on the amount you use.
How do I apply for a Home Equity Loan or HELOC with Island Federal?
You can apply online in minutes or schedule an appointment with a local Home Equity Lending Specialist at one of our Long Island branches in Nassau or Suffolk County.
Disclosures
Rates and terms accurate as of 01/23/2026. *APR=Annual Percentage Rate. Rates and terms are subject to change. Lowest advertised rates shown; actual rate may vary based on creditworthiness and loan terms. May be offered credit at a higher rate and other terms; subject to credit approval. All home equity loans and lines of credit are secured by your home. Property insurance is required; flood insurance may be required where applicable. 1: HELOC is a variable rate product; APR will vary monthly with changes to the Prime Rate. Maximum APR is 16%. Home Equity Lines of Credit have a draw period of up to 10 years, followed by a repayment period of up to 20 years. 2: After introductory rate, APR varies based on prime rate plus a margin; margin disclosed at account opening. Current prime rate is 6.75%. 3: Monthly loan payments must be paid by automatic deduction from an Island FCU checking account. Loan payments not automatically deducted will have a 1% increase to the applicants qualifying rate. 4. HELOC must maintain minimum balance requirements for first 12 months to receive advertised introductory rate. Must maintain minimum balance requirements for 36 months to avoid payment of closing costs; (limits up to $250,000=$25,000; $250,000.01-$500,000=$50,000 and $500,000.01-$1,000,000=$100,000). No closing costs option only available for limits/loan amounts up to $500,000 for a primary residence located in Nassau or Suffolk County, excluding cost of appraisal. 5: Available for primary residence, single family homes. Loan to Value of 85% or greater; maximum loan amount of $250,000. Other terms and conditions apply. Membership eligibility applies