Financial Education

Looking to lower your monthly auto payment or secure better terms that meet your current situation? For qualified consumers, refinancing is one option. If your credit score is good and you’re in a position to secure a low interest rate, or you’re just looking for better loan terms, refinancing your auto loan can help manage […]

A home equity line of credit (HELOC) is a type of lending tool that allows property owners to borrow against the equity in their home for a variety of purposes. Much like a home equity loan, this type of loan typically offers a lower interest rate than personal loans and may be easier to obtain […]

A money market account (MMA) combines the benefits of a checking and savings account, representing a hybrid between the two account types that offers a higher interest rate and flexible access to your funds. MMAs are insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) for up to $250,000 per […]

Student loans. Auto loans. Credit cards. Home mortgages. Personal loans. Medical bills. Are you overwhelmed by multiple loans and credit cards? It’s easy to find managing multiple payments to various lenders challenging, and it can often lead to late payments and a lower credit score. If this is a challenge that you’re facing, one option […]

A HELOC, or home equity line of credit, allows borrowers to borrow money as needed. They are growing in popularity, driven largely by high homeowner equity and the stabilization of interest rates. Rather than giving up low fixed-rate mortgages, many homeowners are turning to HELOCs to access equity for renovations, consolidate debt and handle other […]

Should you apply for a mortgage now or wait for mortgage rates on Long Island to fall? Could they go up in the meantime? Many factors influence mortgage rates in the region. Mortgage rates are the interest rate charged by lenders to borrow money to buy a home. Each lender has the right to set […]

Vehicle loans are one of the most common ways to finance a used car purchase, as they allow you to spread out the total cost of the vehicle over time rather than paying a large sum upfront. Simply put, car loans make car ownership more accessible, and they’re an especially useful option as used vehicle […]

Many buyers pursue auto loan pre-approval as a key first step when they’re in the market for a new vehicle. It’s also a smart first step, as it can help provide negotiating leverage, saving you time and money during the vehicle-buying process. At Island Federal Credit Union, we make the auto loan pre-approval process easy […]

Are you exploring your banking options? If so, you’re likely deciding between joining a bank or a local credit union. Both have pros and cons, but the main difference between banks and credit unions is that the former is profit-driven, while the latter is member-owned and driven. It’s a big reason why many consumers prefer […]

What are you currently paying in interest on your auto loan? If it’s too high and you think you could qualify for a better rate, refinancing could be a viable option — and if you’re looking for the right place to refinance your existing auto loan, credit unions are a particularly ideal option thanks to […]

Looking to tap into your home’s equity to help fund an improvement, renovation, pay for college or consolidate debt? As a homeowner, you have options, two of the most common being home equity loans and HELOCs. A home equity loan is a lump sum loan that borrows money using the equity in your home as […]

Looking for a personal loan on Long Island? You have a lot of options to choose from, but it’s important to carefully weigh them all so you select the one that’s best for you. Who you select as the lender can impact a lot of different variables about the loan, like term, interest rates and […]

Mixed-use properties are defined as properties with a residential component and a commercial component. Noting this unique zoning structure, buyers also have different ways of acquiring such property. One way is via a mixed-use loan, which offers several benefits compared to alternative financing needs. Some examples of mixed-use properties include apartment buildings with first-floor commercial […]

A home equity loan is a type of loan that allows you to borrow money using the equity in your home as collateral. Home equity loans are often delivered as a lump sum. Homeowners usually repay this amount with a fixed interest rate over an agreed-upon period. Compared to other types of loans, home equity […]

Commercial Loans: Guide for Long Island Businesses What is a Commercial Loan? When it comes to understanding commercial loans Island Federal has to offer, we must first start with a definition. Commercial loans are debt-based loans offered either by local banks or financial institutions to help a business cover capital expenditures or operating costs. These […]

Navigating HELOC Rates in New York HELOC stands for “Home Equity Line of Credit” – and it represents an alternative option to a conventional loan when it comes to planning an upgrade, financing a large purchase or consolidating debt. At Island Federal, we specialize in HELOC offerings, which include competitive interest rates, flexible repayment options […]

Checking accounts provide a way to manage income and expenses in a streamlined fashion. Not all accounts are equal, though. Some charge fees for the service, and while there could be advantages to those checking accounts with a fee, it is critical to know what you are paying for and why. Or, consider the advantages […]

Looking to buy a new home on Long Island? While the home buying process can be an exciting time, it can also be overwhelming. In addition to finding the right realtor, location, knowing what you want to buy, and narrowing down the features and amenities you desire in the property to aid your search, there’s […]

Looking for a car loan on Long Island? Look no further. Island Federal Credit Union has been a trusted and established financial institution since 1955, offering a comprehensive selection of auto financing options for Long Islanders tailored to meet the unique needs of its Members. With competitive rates and flexible repayment terms, our auto loans […]

HELOCs are equity-based loans that operate more like credit cards than they do a one-time lump sum dispersal, and they represent a viable alternative to a traditional home equity loan or cash-out refinancing option. On Long Island, current rates can start as low as 6.99 percent, depending on which HELOC lender you bank with. That’s […]