First Alliance Credit Union Mortgage Rates, Fees & Info

Rochester, MN

LEI: 254900ERAT50PIMMZH17

Tax ID: 41-0429399

5 stars - Updated: 4/5/25

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

First Alliance Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. First Alliance Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Rochester, Red Wing, Winona, Minneapolis, and Brainerd among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Alliance Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Alliance 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.89%	4/5/25
30 Year Conventional Refi	7.11%	4/5/25
30 Year Cash-out Refi	8.09%	4/5/25
15 Year Conventional Purchase	7.73%	4/5/25
15 Year Conventional Refi	6.93%	4/5/25
15 Year Cash-out Refi	6.93%	4/5/25
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.

First Alliance Credit Union Mortgage Calculator

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This is not an official calculator from First Alliance 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

143

Origination Dollar Volume (All Markets)

$13,915,000

Relative Rate

First Alliance Credit Union's average 30 year fixed mortgage rate was 6.9%.

The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

This yields a difference of 0.35%.

Relative Fees (Closing Costs)

First Alliance Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,234.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $8,356.

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
ROCHESTER, MN (FHA\|USDA\|VA)	122	$12,560,000	$102,951	$1,087	7.37%
Red Wing, MN (FHA\|USDA\|VA)	8	$610,000	$76,250	$211	7.07%
Winona, MN (FHA\|USDA\|VA)	5	$245,000	$49,000	$194	7.70%
Outside of Metro Areas	2	$110,000	$55,000	$231	6.60%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	2	$110,000	$55,000	$275	7.25%
Brainerd, MN (FHA\|USDA\|VA)	1	$105,000	$105,000	$327	7.25%
Owatonna, MN (FHA\|USDA\|VA)	1	$95,000	$95,000	$0	10.00%
Marshall, MN (FHA\|USDA\|VA)	1	$45,000	$45,000	$0	10.00%
Austin, MN (FHA\|USDA\|VA)	1	$35,000	$35,000	$432	7.25%

First Alliance Credit Union's top markets include Rochester, Red Wing, Winona, Minneapolis, and Brainerd among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against First Alliance Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Minnwest Bank
Similarity Rank: 124

Think Mutual Bank
Similarity Rank: 280

Merchants Bank
Similarity Rank: 400

AFFINITY PLUS
Similarity Rank: 595

MAYO EMPLOYEES FEDERAL CREDIT UNION
Similarity Rank: 810

Associated Bank
Similarity Rank: 1012

Alerus Financial
Similarity Rank: 1827

Frandsen Bank & Trust
Similarity Rank: 1927

Servion, Inc.
Similarity Rank: 2100

Bremer Bank
Similarity Rank: 2236

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	143	$13,915,000	$97,308	$956	7.39%

For 2024, First Alliance Credit Union's most frequently originated type of loan was Conventional, with 143 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Other	40	$2,650,000	$66,250	$260	7.28%
Refi	40	$6,120,000	$153,000	$1,287	7.44%
Home Purchase	37	$3,305,000	$89,324	$4,800	7.49%
Home Improvement	20	$1,200,000	$60,000	$225	7.15%
Cash Out Refi	6	$640,000	$106,667	$5,958	8.01%

For 2024, First Alliance Credit Union's most frequently cited loan purpose was Other, with 40 originations. The 2nd most popular reason was Refi, with 40 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
10 Year	53	$3,915,000	$73,868	$263	7.45%
Other	40	$4,350,000	$108,750	$242	7.52%
5 Year	20	$1,170,000	$58,500	$195	6.97%
15 Year	14	$910,000	$65,000	$1,728	7.70%
30 Year	8	$2,500,000	$312,500	$7,234	6.90%
20 Year	6	$1,050,000	$175,000	$4,198	7.21%
1 Year	1	$15,000	$15,000	$281	8.50%
3 Year	1	$5,000	$5,000	$0	7.25%

For 2024, First Alliance Credit Union's most frequently cited loan duration was 10 Year, with 53 originations. The 2nd most popular length was Other, with 40 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	81	$6,365,000	$78,580
$5k+	4	$1,380,000	$345,000
$2k-3k	2	$210,000	$105,000
$3k-4k	2	$660,000	$330,000
$1k-2k	1	$105,000	$105,000

First Alliance Credit Union's average total fees were $7,234, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 81 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
7-8%	77	$6,265,000	$81,364
6-7%	44	$5,080,000	$115,455
Over 8%	18	$1,730,000	$96,111
5-6%	4	$840,000	$210,000

During 2024, First Alliance Credit Union's average interest rate for loans was 6.90%, while their most frequently originated rate bucket for loans was 7-8%, with 77 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	100	$4,820,000	$48,200	$311	7.46%
$100k-200k	28	$3,980,000	$142,143	$1,284	7.15%
$200k-400k	11	$2,855,000	$259,545	$3,356	7.60%
$400k-600k	2	$980,000	$490,000	$5,796	6.40%
$600k-1MM	2	$1,280,000	$640,000	$7,649	7.00%

2024 saw First Alliance Credit Union place emphasis on $100,000 or less loans with 100 originations, totaling $4,820,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	28	$1,720,000	$61,429	$947	7.49%
$75k-100k	26	$1,880,000	$72,308	$1,541	7.26%
$50k or less	23	$995,000	$43,261	$421	7.41%
$100k-150k	22	$1,710,000	$77,727	$236	7.41%
$150k-250k	16	$2,290,000	$143,125	$1,989	7.22%
$250k+	13	$2,465,000	$189,615	$495	7.16%

First Alliance Credit Union lent most frequently to those with incomes in the $50k-75k range, with 28 originations. The second most popular income band? $75k-100k, with 26 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	33	$2,655,000	$80,455	$931	7.35%
30-36%	26	$1,900,000	$73,077	$255	7.52%
<20%	16	$1,010,000	$63,125	$803	7.50%
44%	8	$620,000	$77,500	$245	7.24%
45%	5	$585,000	$117,000	$2,041	7.38%
50-60%	4	$660,000	$165,000	$2,424	6.53%
37%	4	$660,000	$165,000	$5,016	7.44%
38%	4	$200,000	$50,000	$151	7.05%
43%	4	$260,000	$65,000	$372	7.50%
46%	4	$210,000	$52,500	$222	7.88%
42%	3	$765,000	$255,000	$4,164	6.78%
49%	3	$165,000	$55,000	$233	7.15%
36%	3	$375,000	$125,000	$1,670	6.50%
39%	3	$255,000	$85,000	$297	7.42%
48%	3	$295,000	$98,333	$231	7.42%
47%	2	$90,000	$45,000	$231	7.38%
40%	2	$230,000	$115,000	$275	7.38%

First Alliance Credit Union lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 26 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	100	$8,820,000	$88,200	$905	7.33%
Not applicable	15	$2,855,000	$190,333	$0	7.75%
Not provided	15	$1,285,000	$85,667	$1,585	7.44%
Asian	8	$470,000	$58,750	$263	7.40%
Black	2	$310,000	$155,000	$2,737	7.13%
American Indian	2	$140,000	$70,000	$275	7.38%
Native Hawaiian or Islander	1	$35,000	$35,000	$222	7.50%

Approval Rates

Total approvals of all applications
55.71%

First Alliance Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination
62.94%

First Alliance 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
NA	143	$13,915,000	$97,308

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	143	$13,915,000	$97,308

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	30	$3,520,000	$117,333	$242	7.76%
40-60%	15	$2,735,000	$182,333	$3,450	6.96%
60-80%	25	$2,775,000	$111,000	$6,491	7.44%
80-100%	19	$2,515,000	$132,368	$4,555	7.62%
Under 20%	54	$2,370,000	$43,889	$311	7.20%