2nd Mortgage


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.

Loan Highlights
  • 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
Loan rates shown here are current as of:
October 1, 2018

APR = Annual Percentage Rate

Payment Example for an Adjustable Rate Mortgage (ARM): For example, on an ARM loan for $150,000 at 5.56% APR, you would make 60 fixed payments of $1,219.85, then 120 payments at the indexed rate of 3.25% – 11.35%, which might vary.

Payment Example for a Fixed Rate Mortgage: For example, on a fixed loan for $150,000 at 5.66% APR, you would make 179 fixed payments of $1,227.92, then 1 fixed payment of $1,225.57.

Payment Example for a Fixed Rate Mortgage – Home Improvement: For example, on a fixed loan for $25,000 at 8.65% APR, you would make 119 fixed payments of $288.31, then 1 fixed payment of $287.14.

Home Equity Interest Rate Points APR
0/5 Adjustable Rate 5.350% – 6.600% 1.00% 5.56% – 6.81%
15 Year Fixed 5.450% – 6.700% 1.00% 5.66% – 6.91%
Home Improvement 6.750% – 7.750% 1.00% 8.65% – 9.69%