Industrial Credit Union of Whatcom County

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Industrial Credit Union of Whatcom County

Review Date: January 16, 2014 – Industrial Credit Union Website

Assessment

Industrial Credit Union is located in Whatcom County in northern Washington. Their home equity and personal lines of credit will fit well with CashMap’s line of credit strategy. The rates are competitive, the staff was friendly, and their products are refreshingly flexible. For members who don’t own their home, don’t have adequate equity in home but do have assets to provide as security, Industrial Federal Credit Union’s Ca$hline program is a very attractive alternative. What are the drawbacks? They do not have an overdraft protection program against their line of credit. Their rates and terms are very attractive.

Home Equity Line of Credit Review Details

Closing Costs: Depending on your application, 0 to 2 percent of your approved line amount.
Processing Time: A couple weeks!
Annual Costs: None.
Rates: Variable rate of prime plus .5 percent. The current rate is 3.5 percent. The rate is based on your credit score, your debt to income ratio and the depth of your relationship with Vanity.
Maximum Rate: 6.09
Current Lowest Rates: 4.09 percent
Minimum Amount: $5,000
Maximum Amount: No limits based on your credit score, DTI and LTV ratios
Minimum Loan to Value Ratio: Total debt against the equity of your home can be no greater than 80% of home’s value.
Debt to Income Ratio: 40 percent
Term: No ending date. Always interest only.
Refinancing: Not applicable. You retain the line for as long as you own your home.
Repayment Terms: Interest only. There is no ending date.
Prepayment Period and Penalty: None
Automatic Loan Payment: Yes; however, there is no impact on the rate.
Overdraft Protection: Yes, but it can only be done against your savings account. Dollars from the line of credit must first be moved to your checking account. This is an inconvenient additional step.
Limits on the Number of Withdrawals: None
Cost of Line of Credit Checks: Yes, the cost is the same as ordering regular checks;
Choice of Billing Cycle: They are flexible.
Carrying a Credit Balance: Yes. A credit balance can be carried for up to thirty days before it is moved to either your savings or checking account. You will make an additional withdrawal within the thirty-day timeframe.

Secured Personal Line of Credit

Term: There is no ending date.
Security: Must be 100% secured; Amounts greater than $25K assets must be registered.
Interest Rate: Rate is variable using Prime plus .5% – Current range is between 5.09 to 18.09 percent.
Limits: $250 – greater amount available based on ability to repay.
Fees: No closing fees or annual fees.
Processing Time: Two to three days to process
Repayment Terms 2.5 to 3 percent of your outstanding balance. This inclusive of your interest payment.

Unsecured Personal Line of Credit

Not Available

Reminder
Rates and underwriting guidelines will change. This is a guide to assist you in asking the questions necessary to choose a line of credit that will best fit your needs. Final offers by the institution are based upon your application and supporting documentation. CashMap Consulting LLC makes no guarantees and as no affiliation with this or any other financial institution.

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