Island Mortgage Rates, Fees & Info

Hauppauge, NY

LEI: 254900C44LTMSEGQ5K05

Tax ID: 11-1814791

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Mortgage Data

Review & Overview

Island is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Island has a high proportion of conventional loans. Their top markets by origination volume include: New York, Naples, Key West, Cape Coral, and Bridgeport among others. We have data for 12 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) 6.27% 3/28/24
30 Year Conventional Purchase 6.35% 3/28/24
30 Year Conventional Refi 6.53% 3/28/24
30 Year Cash-out Refi 6.55% 3/28/24
15 Year Conventional Purchase 6.22% 3/28/24
15 Year Conventional Refi 6.51% 3/28/24
15 Year Cash-out Refi 6.51% 3/28/24
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

443

Origination Dollar Volume (All Markets)

$121,795,000

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) 429 $118,395,000 $275,979 $3,098 3.55%
Outside of Metro Areas 3 $825,000 $275,000 $1,597 5.56%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $535,000 $535,000 $5,439 2.88%
Key West, FL (FHA|USDA|VA) 1 $345,000 $345,000 $5,247 3.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $310,000 $155,000 $4,162 2.63%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $285,000 $285,000 $7,094 2.38%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $265,000 $265,000 $5,436 4.00%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $235,000 $235,000 $5,031 3.13%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $205,000 $205,000 $2,997 2.75%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $165,000 $165,000 $3,846 2.88%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $155,000 $155,000 $4,046 3.13%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $75,000 $75,000 $3,828 3.75%
Island's top markets include New York, Naples, Key West, Cape Coral, and Bridgeport among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • (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: 102
    Schuyler Savings Bank
    Similarity Rank: 352
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 652
    The Atlantic Federal Credit Union
    Similarity Rank: 882
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 1064
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1092
    Columbia Bank
    Similarity Rank: 1183
    Poli Mortgage Group, Inc.
    Similarity Rank: 1369
    Hanover Community Bank
    Similarity Rank: 1430

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 443 $121,795,000 $274,932 $3,134 3.54%

    For 2021, Island's most frequently originated type of loan was Conventional, with 443 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 194 $64,210,000 $330,979 $3,982 2.87%
    Home Purchase 89 $35,155,000 $395,000 $4,924 3.29%
    Refi 67 $16,405,000 $244,851 $2,701 3.44%
    Home Improvement 54 $3,670,000 $67,963 $33 4.99%
    Other 39 $2,355,000 $60,385 $26 5.62%

    For 2021, Island's most frequently cited loan purpose was Cash Out Refi, with 194 originations. The 2nd most popular reason was Home Purchase, with 89 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 178 $68,420,000 $384,382 $4,607 3.09%
    20 Year 89 $20,795,000 $233,652 $2,553 4.22%
    15 Year 78 $21,240,000 $272,308 $3,159 3.01%
    Other 55 $3,725,000 $67,727 $49 4.49%
    10 Year 32 $5,670,000 $177,188 $2,498 3.39%
    5 Year 8 $260,000 $32,500 $22 4.58%
    3 Year 2 $110,000 $55,000 $0 6.49%
    30+ year 1 $1,575,000 $1,575,000 $16,622 4.25%

    For 2021, Island's most frequently cited loan duration was 30 Year, with 178 originations. The 2nd most popular length was 20 Year, with 89 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 342 $85,070,000 $248,743
    $3k-4k 26 $8,370,000 $321,923
    $2k-3k 25 $6,315,000 $252,600
    $5k+ 18 $10,170,000 $565,000
    $4k-5k 15 $6,165,000 $411,000
    $1k-2k 2 $450,000 $225,000

    Island's average total fees were $4,607, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 342 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 173 $62,195,000 $359,509
    3-4% 112 $30,440,000 $271,786
    <2.5% 65 $18,025,000 $277,308
    4-5% 44 $6,520,000 $148,182
    5-6% 21 $1,795,000 $85,476
    6-7% 9 $665,000 $73,889
    Over 8% 8 $310,000 $38,750
    7-8% 6 $320,000 $53,333

    During 2021, Island's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 2.5-3%, with 173 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 177 $53,275,000 $300,989 $3,902 2.89%
    $100,000 or less 101 $5,325,000 $52,723 $251 5.08%
    $400k-600k 86 $39,970,000 $464,767 $5,002 3.01%
    $100k-200k 59 $8,565,000 $145,169 $1,952 3.81%
    $600k-1MM 19 $13,085,000 $688,684 $6,655 2.99%
    $1MM+ 1 $1,575,000 $1,575,000 $16,622 4.25%

    2021 saw Island place emphasis on $200k-400k loans with 177 originations, totaling $53,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 154 $38,720,000 $251,429 $2,981 3.55%
    $150k-250k 138 $44,120,000 $319,710 $3,291 3.62%
    $75k-100k 72 $16,640,000 $231,111 $3,108 3.36%
    $250k+ 39 $16,755,000 $429,615 $4,813 3.16%
    $50k-75k 28 $4,000,000 $142,857 $1,423 3.93%
    $50k or less 11 $1,395,000 $126,818 $1,753 3.95%

    Island lent most frequently to those with incomes in the $100k-150k range, with 154 originations. The second most popular income band? $150k-250k, with 138 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 110 $31,780,000 $288,909 $3,376 3.25%
    30-36% 73 $20,085,000 $275,137 $3,167 3.46%
    <20% 24 $8,740,000 $364,167 $4,246 3.42%
    50-60% 24 $3,480,000 $145,000 $1,107 4.35%
    43% 22 $7,400,000 $336,364 $3,945 3.34%
    42% 19 $5,575,000 $293,421 $3,885 3.21%
    39% 19 $5,085,000 $267,632 $3,243 3.60%
    45% 17 $4,875,000 $286,765 $3,612 3.39%
    38% 16 $4,410,000 $275,625 $2,957 3.20%
    >60% 16 $1,680,000 $105,000 $406 5.83%
    44% 15 $5,305,000 $353,667 $3,491 3.49%
    36% 14 $4,810,000 $343,571 $3,927 3.36%
    41% 13 $3,835,000 $295,000 $3,780 3.50%
    40% 12 $3,410,000 $284,167 $3,391 3.15%
    47% 11 $2,125,000 $193,182 $2,179 3.85%
    49% 10 $2,270,000 $227,000 $2,392 4.12%
    48% 9 $2,095,000 $232,778 $2,268 3.27%
    37% 8 $2,140,000 $267,500 $2,532 4.27%
    46% 7 $1,945,000 $277,857 $2,898 3.43%

    Island lent most frequently to those with DTI ratios of 20-30%, with 110 originations. The next most common DTI ratio? 30-36%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 395 $105,055,000 $265,962 $3,002 3.57%
    Asian 21 $8,085,000 $385,000 $5,600 3.04%
    Black 22 $7,090,000 $322,273 $3,127 3.56%
    Not provided 3 $995,000 $331,667 $2,938 3.21%
    Asian Indian 1 $385,000 $385,000 $3,197 2.63%
    American Indian 1 $185,000 $185,000 $5,154 3.00%

    Approval Rates

    Total approvals of all applications
    86.90%

    Island has an average approval rate.

    Pick Rate

    Approvals leading to origination
    68.85%

    Island has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 443 $121,795,000 $274,932

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    443 $121,795,000 $274,932

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 68 $12,920,000 $190,000 $2,516 3.58%
    40-60% 95 $28,125,000 $296,053 $3,864 2.83%
    60-80% 139 $55,065,000 $396,151 $4,513 3.08%
    80-100% 40 $18,580,000 $464,500 $5,010 3.11%
    Under 20% 98 $5,820,000 $59,388 $263 5.03%