iQ Credit Union is a member-owned, nonprofit financial institution headquartered in Vancouver, Washington. Founded in 1940 by local teachers, iQ now serves more than 80,000 members across the Pacific Northwest, with a strong presence in southwest Washington and the Portland, Oregon metro area.
See today’s mortgage interest rates on TrueRate.
How iQ Credit Union compares to other lenders
| Headquarters | Vancouver, Washington |
| Website | iqcu.com |
| Rate | 0.23% less than the median rate |
| Lender fees | $899 (median) |
| Savings after 1 year, compared to the median interest rate | $1,097 |
| Savings after 10 years, compared to the median interest rate | $7,628 |
| Added cost after 1 year (vs. Tomo Mortgage) | $1,481 |
| Added cost after 10 years (vs. Tomo Mortgage) | $3,556 |
For a $400,000 mortgage, iQ Credit Union’s rates—roughly 0.23% below the market average—and an $899 lender fee result in estimated savings of just under $1,100 in the first year and about $7,630 over 10 years compared to the median lender.
What customers are saying
iQ Credit Union receives mixed reviews for mortgage and home equity lending. Long-term members often praise helpful in-person service and competitive rates, and the online banking platform is generally seen as user-friendly as seen on review platforms such as Yelp.
However, many borrowers report poor communication on channels such as Yelp and The Better Business Bureau (BBB), as well as unresolved service issues, and misleading or conflicting information-especially around loans and account changes. Unexpected fees and outdated systems further frustrate users, who describe cumbersome processes for simple transactions and policy changes without clear notice. While iQ can be a good fit for established members seeking basic products, those prioritizing transparency and efficient service may encounter setbacks.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.