Home Equity Lending

You’ve worked hard for your home.  Now it’s time to put your home to work for you with a home equity loan or line of credit!

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.

Home Equity Line of Credit As Low As


Fixed First 12 Months2

Fixed-Rate Home Equity Loan


48 Months

Questions about home equity? Schedule an appointment with one of our experts!

Home Equity Lines

  • Current Introductory Rate as low as 6.69%1APR* Fixed First 12 Months2
  • No Closing Costs Option Available4
  • Take up to 20 years to repay
  • Applicants may elect to pay only interest for the first 5 years.
  • Will finance up to 100% of the market value of the residence less any outstanding liens. (if you qualify)5
  • Interest may be tax-deductible6

Fixed-Rate Home Equity

  • Low rates and affordable payments so you can get the financing you need.
  • Use it for any purpose: Pay off high-interest debt, improve your home, pay for college, buy a car – even take a vacation.
  • We will finance up to 100% of the market value of the residence less any outstanding liens (if you qualify)Interest may be tax-deductible6
  • Fixed-rate and flexible repayment terms (from 12- to 240 months) for added peace of mind.
Compare our Home Equity Products
Home Equity Line of Credit Home Equity Loan
Rate Fixed Introductory Rate for the first 12 months then a variable rate as low as Prime for the life of the loan Fixed-rate and payment for the life of the loan
Terms Available Up to 240 months Up to 240 months
No closing cost option available4 Yes Yes
Finance up to 100% of the market value of the residence minus your outstanding mortgage. (If you qualify)5 Yes Yes
Interest may be tax deductible (Consult with your tax advisor)6 Yes Yes
Access to Funds Access funds as you need them. Pay interest only on the funds you borrow Access the funds upfront in one lump sum
Loan Protection Available Yes Yes
Use Funds for:
Home Improvements Yes Yes
Debt Consolidation Yes Yes
College Expenses Yes Yes
Unexpected Expenses Yes Yes
Other Personal Needs Yes Yes

Rates and terms accurate as of 06/17/2024   APR=Annual Percentage Rate. Rates and terms are subject to change. Loan rates featured are the lowest for the products.  Hazard insurance required on all loans. May be offered credit at a higher rate and other terms; subject to credit approval. Other terms and conditions apply.  1: Variable rate; maximum rate of 16%. 2: After introductory rate, APR varies based on prime rate plus a margin; margin disclosed at account opening. Current prime rate is 8.50%.  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 for introductory rate. Must maintain minimum balance requirements for 36 months to avoid payment of closing costs. 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. 6: Consult your tax advisor for information regarding the deductibility of interest and other charges. Disclaimer: Island Federal makes every effort to ensure that the information posted is current and accurate; however, we make no warranties of any kind, expressed or implied. Membership eligibility applies.