Alatrust Credit Union Mortgage Rates, Fees & Info

Hoover, AL

LEI: 2549009IIR21WKPEE762

Tax ID: 63-0021787

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Alatrust Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Alatrust Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Birmingham, Anniston, Talladega, Jasper, and Gadsden among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alatrust Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Alatrust Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 11/17/24
    30 Year Conventional Purchase 6.53% 11/17/24
    30 Year Conventional Refi 6.56% 11/17/24
    30 Year Cash-out Refi 6.05% 11/17/24
    30 Year VA Purchase 7.56% 11/17/24
    30 Year USDA Purchase 6.27% 11/17/24
    15 Year Conventional Purchase 5.25% 11/17/24
    15 Year Conventional Refi 5.65% 11/17/24
    15 Year Cash-out Refi 5.65% 11/17/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Alatrust Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Alatrust Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    78

    Origination Dollar Volume (All Markets)

    $6,450,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 32 $3,370,000 $105,313 $2,237 5.03%
    Outside of Metro Areas 13 $1,315,000 $101,154 $2,269 6.33%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 22 $1,240,000 $56,364 $2,242 5.71%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 6 $310,000 $51,667 $1,564 6.03%
    Jasper, AL (FHA|USDA|VA) 4 $180,000 $45,000 $2,165 4.91%
    GADSDEN, AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.25%
    Alatrust Credit Union's top markets include Birmingham, Anniston, Talladega, Jasper, and Gadsden among others.

    Their top states include:
  • Alabama (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 47 $4,605,000 $97,979 $2,186 4.98%
    HELOC 28 $1,450,000 $51,786 n/a 5.87%
    FHA 2 $290,000 $145,000 $0 5.25%
    VA 1 $105,000 $105,000 $0 20.00%

    For 2019, Alatrust Credit Union's most frequently originated type of loan was Conventional, with 47 originations. Their 2nd most popular type was HELOC, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 24 $2,210,000 $92,083 $2,616 4.96%
    Other 22 $1,280,000 $58,182 $1,600 5.65%
    Home Purchase 13 $1,505,000 $115,769 $2,391 6.48%
    Refi 10 $940,000 $94,000 $1,635 5.40%
    Home Improvement 9 $515,000 $57,222 $1,848 5.58%

    For 2019, Alatrust Credit Union's most frequently cited loan purpose was Cash Out Refi, with 24 originations. The 2nd most popular reason was Other, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 23 $1,175,000 $51,087 $0 5.80%
    15 Year 19 $1,515,000 $79,737 $2,319 5.13%
    10 Year 13 $855,000 $65,769 $1,968 5.60%
    30 Year 13 $2,145,000 $165,000 $2,946 4.93%
    Other 6 $640,000 $106,667 $950 7.85%
    5 Year 4 $120,000 $30,000 $1,105 4.13%

    For 2019, Alatrust Credit Union's most frequently cited loan duration was 20 Year, with 23 originations. The 2nd most popular length was 15 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 21 $1,395,000 $66,429
    $1k-2k 13 $1,455,000 $111,923
    $2k-3k 2 $380,000 $190,000
    $4k-5k 1 $375,000 $375,000

    Alatrust Credit Union's average total fees were $2,946, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 21 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 29 $3,145,000 $108,448
    5-6% 23 $1,415,000 $61,522
    6-7% 15 $705,000 $47,000
    3-4% 5 $655,000 $131,000
    7-8% 2 $70,000 $35,000
    Over 8% 1 $105,000 $105,000

    During 2019, Alatrust Credit Union's average interest rate for loans was 4.93%, while their most frequently originated rate bucket for loans was 4-5%, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 57 $2,805,000 $49,211 $1,862 5.54%
    $100k-200k 14 $1,770,000 $126,429 $2,757 6.08%
    $200k-400k 7 $1,875,000 $267,857 $3,066 4.39%

    2019 saw Alatrust Credit Union place emphasis on $100,000 or less loans with 57 originations, totaling $2,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 19 $1,695,000 $89,211 $1,718 5.84%
    $75k-100k 17 $1,085,000 $63,824 $1,993 5.16%
    $50k-75k 15 $1,085,000 $72,333 $2,295 6.00%
    $50k or less 14 $720,000 $51,429 $2,310 5.36%
    $150k-250k 9 $985,000 $109,444 $2,292 5.05%
    $250k+ 4 $880,000 $220,000 $3,838 5.29%

    Alatrust Credit Union lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $75k-100k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 20 $2,010,000 $100,500 $2,099 5.27%
    30-36% 19 $1,615,000 $85,000 $1,840 5.03%
    41% 7 $265,000 $37,857 $0 6.11%
    <20% 6 $900,000 $150,000 $4,172 5.13%
    42% 6 $390,000 $65,000 $2,799 5.48%
    39% 3 $155,000 $51,667 $2,185 5.05%
    38% 3 $195,000 $65,000 $0 10.50%
    40% 2 $160,000 $80,000 $2,530 4.50%
    37% 2 $80,000 $40,000 $0 5.88%
    36% 2 $110,000 $55,000 $1,987 5.25%
    43% 1 $55,000 $55,000 $2,060 4.75%
    46% 1 $105,000 $105,000 $0 4.75%
    50-60% 1 $25,000 $25,000 $1,225 6.75%

    Alatrust Credit Union lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 68 $5,620,000 $82,647 $2,196 5.54%
    Black 9 $775,000 $86,111 $2,305 5.43%
    Not provided 1 $55,000 $55,000 $1,487 4.75%

    Approval Rates

    Total approvals of all applications
    74.22%

    Alatrust Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.21%

    Alatrust Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 21 $1,145,000 $54,524
    2084.5 1 $165,000 $165,000
    NA 56 $5,140,000 $91,786

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $155,000 $155,000
    Single Family (1-4 Units):Site-Built 77 $6,295,000 $81,753

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $1,155,000 $60,789 $1,837 5.66%
    40-60% 14 $930,000 $66,429 $2,114 5.40%
    60-80% 15 $2,135,000 $142,333 $2,773 4.92%
    80-100% 5 $615,000 $123,000 $2,512 5.03%
    Over 100% 1 $65,000 $65,000 $3,262 4.40%
    Under 20% 19 $885,000 $46,579 $1,135 5.42%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Aldridge Pite, LLP Conventional home mortgage Struggling to pay mortgage 4 80.0%
    Aldridge Pite, LLP Other type of mortgage Struggling to pay mortgage 1 20.0%