Island Mortgage Rates, Fees & Info

Hauppauge, NY

LEI: 254900C44LTMSEGQ5K05

Tax ID: 11-1814791

5 stars - Updated: 11/17/24 - out of 5 stars, based on 23 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Island is a smaller mortgage company specializing in Home Improvement, Refi, and Home Purchase loans. Island has a high proportion of conventional loans. Their top markets by origination volume include: New York, Naples, Worcester, and Barnstable Town among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Island has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Island is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 11/17/24
    30 Year Conventional Purchase 6.35% 11/17/24
    30 Year Conventional Refi 6.53% 11/17/24
    30 Year Cash-out Refi 6.55% 11/17/24
    15 Year Conventional Purchase 6.22% 11/17/24
    15 Year Conventional Refi 6.51% 11/17/24
    15 Year Cash-out Refi 6.51% 11/17/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Island Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Island. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    538

    Origination Dollar Volume (All Markets)

    $95,420,000

    Awards

    ISLAND 30 Year Conventional Loans bronze ISLAND 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Island's average 30 year fixed mortgage rate was 6.19%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.29%.

    Relative Fees (Closing Costs)

    Island's average total fees/closing costs for a 30 year fixed rate mortgage were $8,283.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 535 $94,835,000 $177,262 $1,986 7.51%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $325,000 $325,000 $9,102 7.88%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $155,000 $155,000 $0 12.50%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.50%
    Island's top markets include New York, Naples, Worcester, and Barnstable Town among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against ISLAND based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 126
    Columbia Bank
    Similarity Rank: 156
    The First National Bank of Long Island
    Similarity Rank: 158
    GREATER ALLIANCE
    Similarity Rank: 168
    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
    Similarity Rank: 207
    American Broadcast Employees Federal Credit Union
    Similarity Rank: 209
    LYONS MORTGAGE SERVICES, INC.
    Similarity Rank: 267
    Bogota Savings Bank
    Similarity Rank: 351
    SELF RELIANCE NY Federal Credit Union
    Similarity Rank: 442

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 274 $46,340,000 $169,124 $2,012 7.78%
    HELOC 264 $49,080,000 $185,909 n/a 7.24%

    For 2023, Island's most frequently originated type of loan was Conventional, with 274 originations. Their 2nd most popular type was HELOC, with 264 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 192 $25,650,000 $133,594 $454 7.58%
    Other 138 $14,440,000 $104,638 $297 8.58%
    Refi 128 $27,430,000 $214,297 $858 6.99%
    Home Purchase 72 $24,480,000 $340,000 $6,312 6.39%
    Cash Out Refi 8 $3,420,000 $427,500 $7,858 6.25%

    For 2023, Island's most frequently cited loan purpose was Home Improvement, with 192 originations. The 2nd most popular reason was Other, with 138 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 340 $57,270,000 $168,441 $284 7.69%
    30 Year 54 $22,490,000 $416,481 $8,283 6.19%
    5 Year 49 $7,615,000 $155,408 $1,249 6.52%
    10 Year 48 $3,970,000 $82,708 $240 8.06%
    15 Year 25 $2,365,000 $94,600 $213 8.61%
    Other 21 $1,675,000 $79,762 $206 7.94%
    3 Year 1 $35,000 $35,000 $0 6.74%

    For 2023, Island's most frequently cited loan duration was 20 Year, with 340 originations. The 2nd most popular length was 30 Year, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 222 $25,030,000 $112,748
    $5k+ 21 $10,665,000 $507,857
    $4k-5k 10 $3,800,000 $380,000
    $1k-2k 7 $1,195,000 $170,714
    $2k-3k 7 $2,355,000 $336,429
    $3k-4k 7 $3,295,000 $470,714

    Island's average total fees were $8,283, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 222 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 196 $20,890,000 $106,582
    5-6% 154 $39,040,000 $253,506
    6-7% 92 $19,800,000 $215,217
    7-8% 79 $11,325,000 $143,354
    4-5% 16 $4,270,000 $266,875
    3-4% 1 $95,000 $95,000

    During 2023, Island's average interest rate for loans was 6.19%, while their most frequently originated rate bucket for loans was Over 8%, with 196 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 206 $12,000,000 $58,252 $173 8.24%
    $100k-200k 159 $20,975,000 $131,918 $753 7.67%
    $200k-400k 107 $28,305,000 $264,533 $3,974 6.68%
    $400k-600k 53 $25,255,000 $476,509 $8,555 6.19%
    $600k-1MM 12 $7,880,000 $656,667 $9,165 6.51%
    $1MM+ 1 $1,005,000 $1,005,000 $0 6.79%

    2023 saw Island place emphasis on $100,000 or less loans with 206 originations, totaling $12,000,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 186 $33,520,000 $180,215 $2,650 7.57%
    $100k-150k 156 $23,130,000 $148,269 $1,560 7.77%
    $250k+ 90 $25,780,000 $286,444 $3,246 6.96%
    $75k-100k 61 $8,375,000 $137,295 $866 7.52%
    $50k-75k 34 $3,460,000 $101,765 $805 7.54%
    $50k or less 11 $1,155,000 $105,000 $169 7.47%

    Island lent most frequently to those with incomes in the $150k-250k range, with 186 originations. The second most popular income band? $100k-150k, with 156 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 103 $14,305,000 $138,883 $638 7.92%
    >60% 97 $17,165,000 $176,959 $521 8.01%
    30-36% 67 $12,195,000 $182,015 $2,616 6.85%
    20-30% 60 $11,940,000 $199,000 $2,871 6.94%
    <20% 28 $5,200,000 $185,714 $2,550 6.51%
    41% 21 $3,315,000 $157,857 $2,978 7.69%
    49% 16 $1,960,000 $122,500 $716 7.97%
    44% 16 $2,810,000 $175,625 $2,350 8.09%
    46% 15 $2,235,000 $149,000 $2,271 7.90%
    42% 15 $3,105,000 $207,000 $3,396 7.27%
    39% 13 $2,975,000 $228,846 $3,384 7.41%
    36% 13 $2,805,000 $215,769 $3,299 7.02%
    45% 12 $2,790,000 $232,500 $4,613 7.15%
    40% 12 $2,000,000 $166,667 $1,210 7.86%
    38% 12 $1,980,000 $165,000 $180 7.33%
    37% 12 $2,840,000 $236,667 $4,271 7.04%
    47% 10 $1,970,000 $197,000 $3,698 8.24%
    43% 9 $2,765,000 $307,222 $7,620 7.41%
    48% 7 $1,065,000 $152,143 $858 8.42%

    Island lent most frequently to those with DTI ratios of 50-60%, with 103 originations. The next most common DTI ratio? >60%, with 97 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 456 $81,450,000 $178,618 $2,109 7.53%
    Not provided 42 $6,590,000 $156,905 $297 7.53%
    Asian 21 $4,705,000 $224,048 $2,944 6.98%
    Black 12 $1,410,000 $117,500 $1,975 8.10%
    Asian Indian 4 $1,070,000 $267,500 $1,553 6.92%
    American Indian 3 $195,000 $65,000 $0 8.10%

    Approval Rates

    Total approvals of all applications
    80.55%

    Island has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.74%

    Island has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 538 $95,420,000 $177,361

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    538 $95,420,000 $177,361

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 158 $30,520,000 $193,165 $1,249 7.25%
    40-60% 58 $17,280,000 $297,931 $3,391 6.50%
    60-80% 44 $19,490,000 $442,955 $7,808 6.27%
    80-100% 14 $7,140,000 $510,000 $9,338 6.36%
    Under 20% 264 $20,990,000 $79,508 $361 8.17%