Island Mortgage Rates, Fees & Info

Hauppauge, NY

LEI: 254900C44LTMSEGQ5K05

Tax ID: 11-1814791

5 stars - Updated: 4/5/25 - out of 5 stars, based on 22 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • 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 an average proportion of conventional loans. Their top markets by origination volume include: New York, Poughkeepsie, and Deltona 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 a low 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 about average 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) 6.72% 4/5/25
    30 Year Conventional Purchase 6.61% 4/5/25
    30 Year Conventional Refi 6.58% 4/5/25
    30 Year Cash-out Refi 6.65% 4/5/25
    15 Year Conventional Purchase 8.67% 4/5/25
    15 Year Conventional Refi 11.31% 4/5/25
    15 Year Cash-out Refi 11.31% 4/5/25
    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

    497

    Origination Dollar Volume (All Markets)

    $84,805,000

    Awards

    ISLAND 30 Year Conventional Loans gold ISLAND 30 Year Conventional Loans silver ISLAND 30 Year Conventional Loans bronze
    Show all (3) awards

    Relative Rate

    Island's average 30 year fixed mortgage rate was 6.42%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.13%.

    Relative Fees (Closing Costs)

    Island's average total fees/closing costs for a 30 year fixed rate mortgage were $5,104.

    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 $8,356.

    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) 494 $84,190,000 $170,425 $1,152 8.47%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $405,000 $405,000 $0 6.69%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $105,000 $105,000 $882 9.74%
    Outside of Metro Areas 1 $105,000 $105,000 $0 9.20%
    Island's top markets include New York, Poughkeepsie, and Deltona among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (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.

    Columbia Bank
    Similarity Rank: 64
    N C P D Federal Credit Union
    Similarity Rank: 126
    BNB Bank
    Similarity Rank: 154
    ISLAND
    Similarity Rank: 260
    PCSB Bank
    Similarity Rank: 384
    Bogota Savings Bank
    Similarity Rank: 450
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 504
    Nassau Educators Federal Credit Union
    Similarity Rank: 504
    POLISH & SLAVIC FEDERAL CREDIT UNION
    Similarity Rank: 506
    SELF RELIANCE NY Federal Credit Union
    Similarity Rank: 518

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 339 $59,855,000 $176,563 n/a 8.14%
    Conventional 158 $24,950,000 $157,911 $1,150 9.17%

    For 2024, Island's most frequently originated type of loan was HELOC, with 339 originations. Their 2nd most popular type was Conventional, with 158 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 179 $25,845,000 $144,385 $331 8.26%
    Other 131 $13,045,000 $99,580 $106 9.34%
    Refi 118 $24,700,000 $209,322 $481 8.65%
    Home Purchase 63 $19,495,000 $309,444 $3,319 7.08%
    Cash Out Refi 6 $1,720,000 $286,667 $4,188 6.85%

    For 2024, Island's most frequently cited loan purpose was Home Improvement, with 179 originations. The 2nd most popular reason was Other, with 131 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 396 $67,120,000 $169,495 $384 8.49%
    10 Year 37 $2,785,000 $75,270 $109 8.67%
    30 Year 25 $10,475,000 $419,000 $5,104 6.42%
    15 Year 14 $1,610,000 $115,000 $600 10.41%
    5 Year 14 $1,520,000 $108,571 $883 8.63%
    Other 11 $1,295,000 $117,727 $682 8.99%

    For 2024, Island's most frequently cited loan duration was 20 Year, with 396 originations. The 2nd most popular length was 10 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 150 $21,620,000 $144,133
    $2k-3k 3 $1,045,000 $348,333
    $5k+ 3 $1,575,000 $525,000
    $1k-2k 1 $235,000 $235,000
    $4k-5k 1 $475,000 $475,000

    Island's average total fees were $5,104, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 150 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 258 $32,250,000 $125,000
    6-7% 190 $43,290,000 $227,842
    7-8% 40 $6,480,000 $162,000
    5-6% 8 $2,360,000 $295,000

    During 2024, Island's average interest rate for loans was 6.42%, while their most frequently originated rate bucket for loans was Over 8%, with 258 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 194 $25,490,000 $131,392 $536 8.54%
    $100,000 or less 159 $9,975,000 $62,736 $96 9.30%
    $200k-400k 94 $24,550,000 $261,170 $2,618 7.69%
    $400k-600k 44 $20,800,000 $472,727 $5,375 7.04%
    $600k-1MM 6 $3,990,000 $665,000 $7,281 6.97%

    2024 saw Island place emphasis on $100k-200k loans with 194 originations, totaling $25,490,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 178 $31,720,000 $178,202 $1,471 8.49%
    $100k-150k 137 $18,375,000 $134,124 $797 8.78%
    $250k+ 94 $23,490,000 $249,894 $2,524 8.01%
    $75k-100k 50 $6,710,000 $134,200 $537 8.46%
    $50k-75k 32 $3,900,000 $121,875 $548 8.52%
    $50k or less 6 $610,000 $101,667 $181 8.16%

    Island lent most frequently to those with incomes in the $150k-250k range, with 178 originations. The second most popular income band? $100k-150k, with 137 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 111 $16,485,000 $148,514 $226 9.28%
    >60% 105 $18,145,000 $172,810 $317 8.77%
    30-36% 67 $11,135,000 $166,194 $2,039 7.94%
    20-30% 53 $10,805,000 $203,868 $1,465 7.51%
    <20% 15 $3,195,000 $213,000 $4,466 6.87%
    38% 15 $2,995,000 $199,667 $2,657 8.24%
    47% 14 $1,280,000 $91,429 $351 9.07%
    48% 13 $2,505,000 $192,692 $221 8.17%
    42% 12 $2,550,000 $212,500 $1,167 8.17%
    41% 11 $1,635,000 $148,636 $121 8.26%
    43% 11 $2,125,000 $193,182 $264 8.55%
    49% 11 $1,915,000 $174,091 $100 8.59%
    44% 10 $1,800,000 $180,000 $1,637 8.52%
    37% 10 $2,310,000 $231,000 $5,737 7.94%
    46% 9 $1,435,000 $159,444 $331 7.84%
    40% 9 $2,055,000 $228,333 $3,847 8.14%
    39% 8 $1,210,000 $151,250 $1,970 8.58%
    45% 7 $755,000 $107,857 $0 8.99%
    36% 6 $470,000 $78,333 $0 8.79%

    Island lent most frequently to those with DTI ratios of 50-60%, with 111 originations. The next most common DTI ratio? >60%, with 105 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 396 $68,920,000 $174,040 $1,251 8.43%
    Not provided 62 $10,480,000 $169,032 $33 8.12%
    Asian 15 $2,695,000 $179,667 $1,197 9.41%
    Black 20 $2,140,000 $107,000 $799 9.45%
    Asian Indian 2 $360,000 $180,000 $0 8.77%
    Other Asian 1 $105,000 $105,000 $0 8.74%
    American Indian 1 $105,000 $105,000 $0 11.50%

    Approval Rates

    Total approvals of all applications
    80.29%

    Island has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.69%

    Island has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 497 $84,805,000 $170,634

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    497 $84,805,000 $170,634

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 163 $31,215,000 $191,503 $820 8.25%
    40-60% 48 $17,670,000 $368,125 $3,603 7.32%
    60-80% 25 $9,155,000 $366,200 $2,800 6.84%
    80-100% 9 $4,555,000 $506,111 $5,897 6.43%
    Under 20% 252 $22,210,000 $88,135 $122 9.06%