Home & Construction Loans

There’s something special about making a house your home. Whether you’re shopping for your first home, refinancing your current mortgage, getting ready to build, or ready to use your home’s equity, Industrial Credit Union has great home loan options to meet your needs.

Industrial credit union Mortgages offer:
  • Competitive rates
  • $750 origination fee
  • 30 and 15 year mortgage options
  • Land Trust Home Loans
  • Local service, Industrial retains servicing
  • Single-Close/One Step* construction loan options
  • 30-year rates listed below also apply to construction loans
  • No document preparation or underwriting/processing fees

Already working on your application? Click here for a handy document checklist to help you get started. Or Click here to compare options with our Mortgage calculators.

Points/Credits

The “No Points” rate is the going market rate for the day. If you would like to receive a lower rate, you can pay points (a percentage of the loan amount). If you need additional funds to help with closing costs, you can choose a slightly higher rate and receive a credit (a percentage of the loan amount) to use for closing costs.

30-Year Fixed-Rate Mortgage

Please Note: Rates are adjusted daily.

Annual Percentage Rate (APR). Expresses the total cost of the loan, including both the interest rate and applicable up-front fees, as a rate. Calculation based on an assumed loan balance of $300,000, points/credits as noted, and up-front fees of $1,000. Assumes no delay in funding nor any delay in initial payments.

Payment Example for a 30 Year Fixed Rate Mortgage: For example: if you take out a $450,000 loan with a 30-year term and a fixed rate of 7.250%, you would make monthly payments of $3,069.79. *This payment example does not include taxes and insurance.

*Industrial Credit Union does charge appraisal and title fees which may vary.
Rate Points/Credits Rate Position APR*
7.000% 1.189% Borrower Pays Points 7.170%
7.125% 0.751% Borrower Pays Points 7.251%
7.250% 0.378% Borrower Pays Points 7.339%
7.375% 0.224% Borrower Pays Points 7.449%
7.500% 0.102% Borrower Pays Points 7.562%

15-Year Fixed-Rate Mortgage

Please Note: Rates are adjusted daily.

Annual Percentage Rate (APR). Expresses the total cost of the loan, including both the interest rate and applicable up-front fees, as a rate. Calculation based on an assumed loan balance of $300,000, points/credits as noted, and up-front fees of $1,000. Assumes no delay in funding nor any delay in initial payments.

Payment Example for a 15 Year Fixed Rate Mortgage: For example: if you take out a $450,000 loan with a 15-year term and a fixed rate of 7.250%, you would make monthly payments of $4,107.88. *This payment example does not include taxes and insurance.

*Industrial Credit Union does charge appraisal and title fees which may vary.
Rate Points/Credits Rate Position APR*
7.000% 1.611% Borrower Pays Points 7.345%
7.125% 1.176% Borrower Pays Points 7.399%
7.250% 0.649% Borrower Pays Points 7.438%
7.375% 0.134% Borrower Pays Points 7.479%
7.500% 0.134% Borrower Pays Points 7.604%

The information provided on this page is for comparative purposes only. Rates and terms may change at any time and without prior notice. Your actual rate, payment, terms and costs could be different. Get an official Loan Estimate before choosing a loan. Your rate, fees, and terms may differ based on when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, loan to value ratio, etc.

Payment examples do not include mortgage insurance. The actual payment will be higher if mortgage insurance is required on your loan. The payment examples do not include amounts for taxes and insurance premiums. Your actual payment obligation will be greater considering taxes and insurance premiums.

NMLS #543576.