Island Federal Credit Union (Island Federal) has announced a new mortgage program to make it more affordable for first-time buyers to purchase a home on Long Island. For those who qualify, Island Federal’s Cut-the-Cost Mortgage Program reduces closing costs up to $5,000.
“Throughout our history, Island Federal has offered innovative programs to make homeownership possible for more Long Islanders. In 2018, we introduced the Dream it. Achieve it. Mortgage to allow up to 100% financing. We also offer the Heroes Mortgage that waives underwriting fees (approximately $600) for those who serve in the military, education, medical, or other service professions. The Cut-the-Cost Mortgage Program is the latest addition to the suite of products that enable first-time buyers to afford a home,” said Bret W. Sears, President/CEO, Island Federal.
“The Cut-the-Cost Mortgage Program is a terrific program for the first-time buyer as Island Federal provides up to $5,000 towards closing costs for those who qualify. While there are other mortgage programs that claim to offer ‘no closing costs,’ purchasers discover that their programs do not cover all fees. With our program, buyers will know what the costs will be, so there will be no surprises at closing,” added Tim Aaraas, Vice President/Retail Lending.
Aaraas continues, “In addition to specialized programs, Island Federal offers no-obligation seminars that review the mortgage process from application to closing. For Spanish-speaking home buyers, Island has mortgage professionals that are bilingual. To make it more convenient to apply, we have an Island-Easy Online Mortgage application that can be completed in as little as 10 minutes. Most of us dream of owning our own home. At Island, we want to make that possible.”
To learn more about Island Federal’s Mortgage options, visit www.islandfcu.com/mortgage.