Home Equity Lending

Tap into the equity you’ve built in your home.

Home Equity Lines

  • Current Introductory Rate as low as 4.49%1APR* Fixed First 12 Months2
  • No Closing Costs Option Available3
  • Take up to 20 years to repay
  • Applicants may elect to pay only interest for the first 5 years.
  • Interest may be tax-deductible4
  • Will finance up to 100% of the market value of the residence less any outstanding liens. (if you qualify)
  • Use it as you need it for recurring expenses, such as college costs or long-term home renovations, or as a ready source of cash for emergencies or opportunities that come along.
  • Loan Protection Insurance is available.

*APR=Annual Percentage Rate. Rates and terms accurate as of 09/25/2022  and are subject to change without notice. 1 Rate featured is the lowest for the product. 2 After introductory rate, APR varies based on prime rate plus a margin; margin disclosed at account opening. Current prime rate 6.25%.Variable rate; maximum rate of 16%. May be offered credit at a higher rate and other terms; subject to credit approval. Hazard insurance required on all loans. 3 No closing costs option only available for limits up to $500,000 for a primary residence located in Nassau or Suffolk County, excluding cost of appraisal. Must maintain minimum balance requirements for first 12 months for introductory rate and 36 months to avoid payment of closing costs. Other terms and conditions apply. 4 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.

Home Equity Loans

Fixed-Rate Home Equity Balloon Loan

The most popular loan around.

  • 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-deductible*
  • Fixed-rate and flexible repayment terms (from 12- to 240 months) for added peace of mind.
  • Receive an answer on your application in 24 hours.
  • Loan Protection Insurance available.

Fixed-Rate Home Equity Loan

  • Low interest rate is fixed for 5 years
  • Repayment term is 240 months
  • We will finance up to 80% of the market value of the residence less any outstanding liens (if you qualify)
  • Loan Protection Insurance available.

Rates and terms accurate as of 09/25/2022  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-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. No closing costs option only available for loan amounts up to $500,000 for a primary residence located in Nassau or Suffolk County, excluding cost of appraisal. Property must be the primary residence and located in Nassau or Suffolk County. 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. *Interest may be tax-deductible. Consult your tax advisor for information regarding the deductibility of interest and other charges. Monthly loan payments must be paid by automatic deduction from an Island Federal checking account. Loan payments not automatically deducted will have a 1.00% increase to the applicants qualifying rate. Loan must remain open for 36 months to avoid payment of closing costs. 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.