Alatrust Credit Union Mortgage Rates, Fees & Info
Hoover, ALLEI: 2549009IIR21WKPEE762
Tax ID: 63-0021787
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Mortgage Data
Review & Overview
Alatrust Credit Union is a smaller credit union specializing in Refi, 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Birmingham, Anniston, Talladega, Jasper, and Florence among others. We have data for 12 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
114Origination Dollar Volume (All Markets)
$14,530,000Awards
AlaTrust Credit Union - 2022
AlaTrust Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 43 | $6,175,000 | $143,605 | $2,437 | 4.34% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 27 | $3,625,000 | $134,259 | $3,704 | 4.16% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 14 | $1,300,000 | $92,857 | $2,743 | 4.34% |
| Jasper, AL (FHA|USDA|VA) | 14 | $1,080,000 | $77,143 | $2,521 | 4.30% |
| Outside of Metro Areas | 8 | $740,000 | $92,500 | $2,218 | 5.19% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,279 | 4.87% |
| Albertville, AL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,292 | 3.99% |
| LaGrange, GA-AL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,374 | 3.50% |
| GADSDEN, AL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,711 | 5.49% |
| Cullman, AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,274 | 4.50% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 3.25% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 4.50% |
Product Mix
For 2022, Alatrust Credit Union's most frequently originated type of loan was Conventional, with 72 originations. Their 2nd most popular type was HELOC, with 39 originations.
Loan Reason
For 2022, Alatrust Credit Union's most frequently cited loan purpose was Refi, with 40 originations. The 2nd most popular reason was Cash Out Refi, with 28 originations.
Loan Duration/Length
For 2022, Alatrust Credit Union's most frequently cited loan duration was 30 Year, with 63 originations. The 2nd most popular length was 15 Year, with 31 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 52 | $8,440,000 | $162,308 |
| $<1k | 3 | $545,000 | $181,667 |
| $5k+ | 1 | $485,000 | $485,000 |
Alatrust Credit Union's average total fees were $3,831, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 52 originations.
Interest Rates
During 2022, Alatrust Credit Union's average interest rate for loans was 4.69%, while their most frequently originated rate bucket for loans was 4-5%, with 32 originations.
Loan Sizing
2022 saw Alatrust Credit Union place emphasis on $100,000 or less loans with 58 originations, totaling $2,950,000 in origination value.
Applicant Income
Alatrust Credit Union lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $50k-75k, with 33 originations.
Applicant Debt to Income Ratio
Alatrust Credit Union lent most frequently to those with DTI ratios of 20-30%, with 29 originations. The next most common DTI ratio? 30-36%, with 27 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.58%
Alatrust Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination66.67%
Alatrust Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 36 | $1,800,000 | $50,000 |
| 899.0 | 1 | $45,000 | $45,000 |
| NA | 77 | $12,685,000 | $164,740 |