Home Loans
There’s something special about making a house your home. Whether you’re shopping for your first home, refinancing your current mortgage, shopping for land, or ready to use your home’s equity, Industrial Credit Union has great home loan options to meet your needs.
Already working on your application? Click here for a handy document checklist to help you get started.
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.
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30-Year Fixed-Rate Mortgage
Industrial Credit Union 30-Year Mortgages Offer:
- Competitive rates
- $1,000 origination fee
- Local service, Industrial retains servicing
- No document preparation or underwriting/processing fees
Loan Rate Up-Front Points/Credits APR* 7.000% Up-Front Fee (Points): 0.983% 7.067% 7.125% Up-Front Fee (Points): 0.569% 7.175% 7.250% Up-Front Fee (Points): 0.020% 7.277% 7.375% Credit to Loan Closing: -0.299% 7.389% 7.500% Credit to Loan Closing: -0.810% 7.492% 7.625% Credit to Loan Closing: -0.946% 7.612% See below for payment examples.
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15-Year Fixed-Rate Mortgage
Industrial Credit Union 15-Year Mortgages Offer:
- Competitive rates
- $1,000 origination fee
- Local service, Industrial retains servicing
- No document preparation or underwriting/processing fees
Loan Rate Up-Front Points/Credits APR* 6.750% Up-Front Fee (Points): 0.710% 6.884% 6.875% Up-Front Fee (Points): 0.405% 6.979% 7.000% Up-Front Fee (Points): 0.111% 7.074% 7.125% Credit to Loan Closing: -0.265% 7.161% 7.250% Credit to Loan Closing: -0.429% 7.270% 7.375% Credit to Loan Closing: -0.588% 7.379% See below for payment examples.
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5/5 Adjustable Rate Mortgage (ARM)
Take advantage of the competitive, low rates that come with a 30-Year Adjustable Rate First Mortgage (ARM).
Industrial ARMs are reevaluated at predefined intervals, allowing for changes in the market and your personal financial situation, making it possible for us to give you the most current rate.
Loan Highlights:
- 30-year term
- $1,000 origination fee
- No prepayment/payoff penalty
- Local service, Industrial retains servicing
- Finance up to 80% of the value of your home
- No application, document preparation or underwriting/processing fees
Loan Rate Up-Front Points/Credits APR* 6.500% Up-Front Fee (Points): 0.710% 6.557% 6.625% Up-Front Fee (Points): 0.405% 6.668% 6.750% Up-Front Fee (Points): 0.111% 6.782% 6.875% Credit to Loan Closing: -0.265% 6.890% 7.000% Credit to Loan Closing: -0.429% 7.009% 7.125% Credit to Loan Closing: -0.588% 7.127% See below for payment examples.
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Home Equity
Have you been dreaming of home renovations, or thinking about using your equity to pay down debts?
A Home Equity Loan gives you funds in one lump sum, making it a great option when you know how much you need upfront. It can be used for home improvements, debt consolidation, major expenses, and more.
Rates as Low as7.70% APR*Home Equity Loan Highlights
- Local service with servicing retained by Industrial
- Finance up to 80% of the appraised value of your home
- $1,000 origination fee
- No application fee
- No prepayment or payoff penalty
Which Option Is Right for You?
A Home Equity Loan may be a good fit if you know how much you need and want to receive the funds upfront.
A HELOC may be a better fit if you want ongoing access to your available equity and the flexibility to borrow as expenses come up.
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Home Equity Line of Credit (HELOC)
A HELOC gives you the flexibility to borrow from an available line of credit as you need it. Instead of receiving all your funds at once, you can access your available credit during the draw period and only pay on the funds you use.
Rates as Low as5.87% APR*HELOC Highlights
- Local service with servicing retained by Industrial
- 10-year draw period followed by a 20-year repayment period
- Low variable rate
- Only pay when you use the money
- Choose your payment structure during the draw period: interest-only or traditional principal and interest payments
- $500 origination fee for owner-occupied properties
- $1,000 origination fee for non-owner-occupied properties
Which Option Is Right for You?
A Home Equity Loan may be a good fit if you know how much you need and want to receive the funds upfront.
A HELOC may be a better fit if you want ongoing access to your available equity and the flexibility to borrow as expenses come up.
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Land Loans
Shopping for a piece of property for future plans?
Find and finance the perfect piece of land with help from Industrial Credit Union.
Rates as Low as8.73% APR*Loan Highlights:
- No prepayment/payoff penalty
- Local service, Industrial retains servicing
- Origination fee ranges from .025%-1.25% of the loan amount, based on Loan to Value
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Manufactured Homes
Looking for an affordable option to call home?
Whether you’re downsizing for retirement, searching for your first home, or just looking for a reasonable housing option, Industrial Credit Union offers great loan options for manufactured homes in parks in Whatcom County.
Rates as Low as8.40% APR*Loan Highlights:
- $1,000 origination fee
- No prepayment/payoff penalty
- Local service, Industrial retains servicing
- Contact Industrial for questions regarding eligibility of specific homes
- Manufactured homes on land may be eligible for standard 30/15-year Mortgage rates
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Construction Loans
Building new? Smart move.
A construction loan handles the entire process and keeps you from getting hit with closing costs twice.
Construction Home Loan Highlights:
- 1.25% origination fee, 1 step
- Purchase and Placement Construction Loan Highlights:
- $1,500 origination fee, 1 step
Loan Rate Up-Front Points/Credits APR* 7.000% Up-Front Fee (Points): 0.983% 7.067% 7.125% Up-Front Fee (Points): 0.569% 7.175% 7.250% Up-Front Fee (Points): 0.020% 7.277% 7.375% Credit to Loan Closing: -0.299% 7.389% 7.500% Credit to Loan Closing: -0.810% 7.492% 7.625% Credit to Loan Closing: -0.946% 7.612%
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.
Additional resources are available for questions regarding Foreclosure or Home Insurance.
Loan Officer | Phone Number | NMLS | Loan Support | NMLS | Originator | NMLS |
| Angie Melton | 360.756.5933 | 211053 | Jackie Beers | 1565490 | Ashley Walker | 934856 |
| Chris Juchmes | 360.647.6640 | 1197456 | Roshanna Miller | 922134 | BJ van Leeuwen | 1657813 |
| Tatianna Genovesi | 360.788.2854 | 2119079 | IndustrialCU | 543576 | ||
Mortgage Loan Officers
Angie Melton
Chris Juchmes
Tatianna Genovesi
Insurance
Mortgages financed by Industrial Credit Union must be covered by adequate insurance. If you have recently received a notice about providing proof of insurance, please do so in a timely manner using any of the following methods:
- Call the Industrial Credit Union Insurance Tracking Center at 1.833.557.4349
- Upload documents here.
- Email documents to industrialcuMTG@imcovered.com (PDF, PNG, TIF, or JPG files only)
- Fax documents to 1.855.242.5222
- Mail documents to:
Industrial Credit Union
Insurance Tracking Center
PO Box 690988
San Antonio, TX 78269-0988
Please note: An insurance ID card is not considered adequate evidence of the required insurance. Industrial Credit Union must be listed as the lien holder on the insurance.
Utilizing the methods above will be the fastest way to submit your required documentation. Should you have any questions or need additional assistance, please contact us at 360.734.2043.
Disclosures
* Annual Percentage Rate (APR). A percentage that represents the actual yearly cost of a loan over the term of a loan when all interest and fees are considered. For example, the APR calculations on this page for a 30-Year Fixed-Rate Home Loan include rate buy-down points as noted, a $750 origination fee, $750 in third-party title processing fees, $800 in title insurance, and $200 in miscellaneous processing fees. All of these costs, including standard monthly interest, lead to the noted APR when amortized over 30 years on a $400,000 mortgage.
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 6.500%, you would make monthly payments of $2,844.31. This payment example does not include local taxes and homeowner's insurance.
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 6.500%, you would make monthly payments of $3,919.98. This payment example does not include local taxes and homeowner's insurance.
Payment Example for a 30-Year 5/5 Adjustable Rate Mortgage
For example: if you take out a $450,000 loan with a 30-year term and a 5/5 adjustable rate starting at 5.500%, for the first 5 years (60 months) you would make a monthly payment of $2,555.05. After the first 5 years the rate will adjust based on market rates. Your payment for the subsequent 5 years could be lower or higher, but the rate will not increase by more than 2.000%, and your payment will not exceed $3,074.74. This process repeats every 5 years, and the rate will never increase by more than 2.000% at a time. Over the lifetime of the loan, the rate will never increase by more than 6.000% over the original rate (a maximum payment amount of $3,980.06). *These payment examples do not include taxes and insurance.
