Have you been dreaming of home renovations, or maybe that European vacation you’ve been planning for years? Or would you like to use your equity to pay down debts?
A 2nd mortgage from Industrial Credit Union allows you to tap into the equity you’ve built in your home for whatever your needs may be.
- Your loan stays at the Credit Union, we don’t sell our servicing
- Finance up to 80% of the appraised value of your home
- No application fee
- No prepayment/payoff penalty
APR = Annual Percentage Rate
Payment Example for an Adjustable Rate Mortgage (ARM): For example, on an ARM loan for $150,000 at 5.25% APR, you would make 60 fixed payments of $1,195.09*, then 120 payments at the indexed rate of 3.25% – 11.04%, which might vary. *Payment does not include taxes and insurance.
Payment Example for a Fixed Rate Mortgage: For example, on a fixed loan for $150,000 at 5.88% APR, you would make 179 fixed payments of $1,245.84*, then 1 fixed payment of $1,245.74*. *Payment does not include taxes and insurance.
Payment Example for a Fixed Rate Mortgage – Home Improvement: For example, on a fixed loan for $25,000 at 7.67% APR, you would make 119 fixed payments of $291.20*, then 1 fixed payment of $290.83*. *Payment does not include taxes and insurance.
|Home Equity||Interest Rate||Points||APR|
|0/5 Adjustable Rate||5.040% – 6.290%||1.00%||5.25% – 6.50%|
|15 Year Fixed||5.670% – 6.920%||1.00%||5.88% – 7.14%|
|Home Improvement||6.970% – 7.970%||1.00%||7.67% – 8.69%|