Island Mortgage Rates, Fees & Info

Hauppauge, NY

LEI: 254900C44LTMSEGQ5K05

Tax ID: 11-1814791

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Purchase and Cash Out Refi loans. Island has a high proportion of conventional loans. Their top markets by origination volume include: New York, North Port, Columbus, Philadelphia, and Orlando among others. We have data for 10 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 an 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 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) 6.27% 4/21/24
    30 Year Conventional Purchase 6.35% 4/21/24
    30 Year Conventional Refi 6.53% 4/21/24
    30 Year Cash-out Refi 6.55% 4/21/24
    15 Year Conventional Purchase 6.22% 4/21/24
    15 Year Conventional Refi 6.51% 4/21/24
    15 Year Cash-out Refi 6.51% 4/21/24
    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

    436

    Origination Dollar Volume (All Markets)

    $85,730,000

    Awards

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

    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) 426 $81,700,000 $191,784 $2,343 4.58%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $1,445,000 $1,445,000 $10,805 4.38%
    COLUMBUS, OH (FHA|USDA|VA) 1 $765,000 $765,000 $8,908 3.88%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $425,000 $425,000 $5,749 3.63%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $385,000 $385,000 $8,724 4.00%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $295,000 $295,000 $3,784 4.38%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $255,000 $255,000 $4,785 3.50%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $215,000 $215,000 $5,465 3.63%
    SYRACUSE, NY (FHA|USDA|VA) 2 $160,000 $80,000 $1,489 5.06%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $85,000 $85,000 $3,378 3.38%
    Island's top markets include New York, North Port, Columbus, Philadelphia, and Orlando among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Ohio (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: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 360
    Atlantic Stewardship Bank
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 436 $85,730,000 $196,628 $2,420 4.57%

    For 2019, Island's most frequently originated type of loan was Conventional, with 436 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 108 $36,180,000 $335,000 $4,593 3.98%
    Home Improvement 100 $6,230,000 $62,300 $32 5.51%
    Cash Out Refi 79 $22,585,000 $285,886 $4,026 3.39%
    Refi 75 $16,245,000 $216,600 $2,532 4.27%
    Other 74 $4,490,000 $60,676 $70 5.73%

    For 2019, Island's most frequently cited loan purpose was Home Purchase, with 108 originations. The 2nd most popular reason was Home Improvement, with 100 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 128 $47,070,000 $367,734 $5,033 3.75%
    10 Year 121 $9,445,000 $78,058 $231 5.10%
    15 Year 89 $19,015,000 $213,652 $2,982 3.87%
    20 Year 55 $7,545,000 $137,182 $1,215 5.89%
    Other 27 $1,885,000 $69,815 $0 5.35%
    5 Year 15 $725,000 $48,333 $235 5.06%
    3 Year 1 $45,000 $45,000 $0 6.74%

    For 2019, Island's most frequently cited loan duration was 30 Year, with 128 originations. The 2nd most popular length was 10 Year, with 121 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 103 $35,895,000 $348,495
    $2k-3k 39 $9,225,000 $236,538
    $3k-4k 28 $9,290,000 $331,786
    $4k-5k 21 $9,115,000 $434,048
    $1k-2k 9 $1,485,000 $165,000
    $5k+ 7 $3,685,000 $526,429

    Island's average total fees were $5,033, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 103 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 144 $20,780,000 $144,306
    3-4% 129 $42,405,000 $328,721
    5-6% 61 $4,545,000 $74,508
    2.5-3% 48 $13,480,000 $280,833
    6-7% 33 $2,955,000 $89,545
    Over 8% 13 $825,000 $63,462
    7-8% 7 $655,000 $93,571

    During 2019, Island's average interest rate for loans was 3.75%, while their most frequently originated rate bucket for loans was 4-5%, with 144 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 176 $8,820,000 $50,114 $85 5.50%
    $200k-400k 127 $36,125,000 $284,449 $4,331 3.65%
    $100k-200k 75 $10,395,000 $138,600 $1,488 4.68%
    $400k-600k 47 $21,295,000 $453,085 $5,600 3.65%
    $600k-1MM 9 $5,945,000 $660,556 $4,907 3.44%
    $1MM+ 2 $3,150,000 $1,575,000 $7,565 4.31%

    2019 saw Island place emphasis on $100,000 or less loans with 176 originations, totaling $8,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 141 $26,585,000 $188,546 $2,044 4.80%
    $100k-150k 139 $25,305,000 $182,050 $2,717 4.49%
    $75k-100k 53 $9,615,000 $181,415 $2,925 4.41%
    $50k-75k 47 $5,175,000 $110,106 $1,534 4.68%
    $250k+ 42 $17,120,000 $407,619 $3,449 4.17%
    $50k or less 14 $1,930,000 $137,857 $1,129 4.52%

    Island lent most frequently to those with incomes in the $150k-250k range, with 141 originations. The second most popular income band? $100k-150k, with 139 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 104 $23,260,000 $223,654 $2,562 4.17%
    30-36% 61 $11,045,000 $181,066 $2,860 4.40%
    50-60% 56 $6,860,000 $122,500 $982 5.36%
    <20% 33 $6,985,000 $211,667 $2,147 4.26%
    >60% 21 $3,295,000 $156,905 $1,296 5.11%
    38% 17 $3,665,000 $215,588 $2,854 4.52%
    41% 17 $3,575,000 $210,294 $3,154 4.63%
    39% 14 $2,820,000 $201,429 $2,676 4.16%
    42% 13 $2,645,000 $203,462 $3,668 4.91%
    36% 12 $2,540,000 $211,667 $3,373 3.94%
    40% 12 $2,690,000 $224,167 $3,031 5.22%
    44% 11 $2,795,000 $254,091 $2,651 4.60%
    45% 10 $2,110,000 $211,000 $2,947 4.93%
    46% 10 $1,580,000 $158,000 $1,954 4.82%
    47% 10 $2,060,000 $206,000 $1,674 4.83%
    43% 10 $2,350,000 $235,000 $2,832 4.40%
    49% 9 $2,015,000 $223,889 $2,227 4.32%
    37% 9 $2,675,000 $297,222 $4,539 4.19%
    48% 4 $440,000 $110,000 $1,601 4.96%

    Island lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? 30-36%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 391 $73,345,000 $187,583 $2,361 4.60%
    Not provided 17 $5,975,000 $351,471 $2,762 4.42%
    Asian 11 $2,805,000 $255,000 $3,618 3.78%
    Black 11 $2,085,000 $189,545 $2,153 4.89%
    Asian Indian 3 $645,000 $215,000 $3,133 4.21%
    American Indian 2 $480,000 $240,000 $1,574 3.93%
    Korean 1 $395,000 $395,000 $6,743 4.13%

    Approval Rates

    Total approvals of all applications
    86.77%

    Island has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.89%

    Island has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 436 $85,730,000 $196,628

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 7 $735,000 $105,000
    Single Family (1-4 Units):Site-Built 429 $84,995,000 $198,124

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 76 $10,540,000 $138,684 $1,219 4.77%
    40-60% 62 $15,110,000 $243,710 $3,692 3.66%
    60-80% 81 $27,125,000 $334,877 $4,221 3.69%
    80-100% 57 $24,385,000 $427,807 $5,528 3.80%
    Under 20% 160 $8,570,000 $53,563 $127 5.55%