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Rates

Second Mortgage Rates

Your Credit Union offers three convenient types of real estate secured second mortgages. Depending on the reason you need the loan, the terms and amount you’ll be using, and the type of home you have, you can receive a loan with the most attractive pricing and the most professional, personal service anywhere.


Home Equity Line of Credit* Fixed Rate Second Mortgage* Owner Occupied Fixed Rate Second Mortgage* Non-owner Occupied
All states excluding Texas All states excluding Texas All states excluding Texas
Maximum LTV** 90% 90% 65%
Term 10 Year Draw Period 20 Year Max 15 Year Max
Rate 5.00% - 5.75% APR* 
(Prime + .75% to Prime + 1.50%)
4.00% – 6.50% APR*  up to 80% LTV,
5.50% – 6.25% APR up to 90% LTV
4.00% – 6.00% APR*
Min/Max Limit $7,500 – $500,000 $2,000 – $500,000 $2,000 – $500,000
Approval Time*** 48 Hours 48 Hours 48 Hours
Turnaround Time Approx. 1-4 Weeks Approx. 1-4 Weeks Approx. 1-4 Weeks
Access Funds Checks, Telephone Banking, ATM, Teller, Online Banking One-time draw One-time draw

Effective date:
Prime rate index at effective date: 4.25%

Apply for a Second Mortgage or Home Equity Line of Credit

Know Before You Owe – Mortgages

*APR=Annual Percentage Rate. Actual loan rate will be based upon the borrower(s) creditworthiness, LTV, and term. Rates subject to change without notice. The APR is the cost of the loan in percentage terms taking into account various loan charges of which interest is only one such charge. The APR on all 2nd Mortgage products is equal to the stated rate based on the following: The Credit Union will pay your closing costs on loans up to $100,000. For loans $100,001 or more when borrower pays closing costs, APR will vary from stated Rate. If the Second Mortgage or Home Equity Line of Credit is discontinued or paid off within three years and the credit union paid your closing costs, a surrender fee of up to $400.00 will be charged. If your closing costs were less than $400.00 only the actual cost will be charged. $325 minimum Appraisal Fee when tax assessment or automated value analysis does not meet desired equity or loan amount is greater than $250,000. Hazard, flood and other applicable insurances may be required. All IBMSECU real estate loans are subject to income verification and credit approval. For more information contact a Mortgage Representative for full details on the rates, terms, fees and conditions that may apply. Certain states may not be eligible. The floor interest rate on the HELOC is 4.00% with a maximum cap of 18.00%.

**LTV = Loan To Property Value

***Approval time begins when all supporting documentation is received by Loan Officers.

†For the Fixed Rate Second Mortgage Owner Occupied loan, if the LTV exceeds 80% then the maximum loan term is 10 years. If the LTV is 80% or less, the maximum loan term is 20 years.

The following are variable rate loans:
Second Mortgage-variable (also known as the Home Equity Line of Credit). The APR may change the first business day of each calendar month. The APR could change based on the movement of the Prime Rate as reported in The Wall Street Journal the last business day of each calendar month. If there is more than one such rate reported, the highest rate shall be used. The finance charge for every $1 in the daily balance, as well as the number of loan payments, may increase or decrease if the index rate, (Prime Rate), rises or falls by 1/8 of one percent or more, respectively.

A change in the index of one percentage point will result in one percentage point change in the same direction in the loan’s APR.

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