First Alliance Credit Union Mortgage Rates, Fees & Info

Rochester, MN

LEI: 254900ERAT50PIMMZH17

Tax ID: 41-0429399

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    First Alliance Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. First Alliance Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Rochester, Minneapolis, Red Wing, Winona, and Austin 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 an above 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 5.89% 5/4/24
    30 Year Conventional Refi 6.96% 5/4/24
    30 Year Cash-out Refi 6.26% 5/4/24
    15 Year Conventional Purchase 6.86% 5/4/24
    15 Year Conventional Refi 5.68% 5/4/24
    15 Year Cash-out Refi 5.68% 5/4/24
    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.

    First Alliance Credit Union Mortgage Calculator






    Your Estimates

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

    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

    181

    Origination Dollar Volume (All Markets)

    $17,735,000

    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
    ROCHESTER, MN (FHA|USDA|VA) 157 $15,555,000 $99,076 $3,343 5.72%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $570,000 $285,000 $5,207 4.63%
    Red Wing, MN (FHA|USDA|VA) 5 $495,000 $99,000 $3,527 5.09%
    Winona, MN (FHA|USDA|VA) 4 $330,000 $82,500 $4,168 6.13%
    Austin, MN (FHA|USDA|VA) 6 $260,000 $43,333 $1,913 5.35%
    Brainerd, MN (FHA|USDA|VA) 1 $155,000 $155,000 $4,090 4.63%
    Outside of Metro Areas 4 $130,000 $32,500 $2,533 6.31%
    Owatonna, MN (FHA|USDA|VA) 1 $125,000 $125,000 $4,182 4.50%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.75%
    First Alliance Credit Union's top markets include Rochester, Minneapolis, Red Wing, Winona, and Austin among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Wisconsin (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.

    HomeTown Bank
    Similarity Rank: 300
    First Alliance Credit Union
    Similarity Rank: 405
    Manufacturers Bank & Trust Company
    Similarity Rank: 456
    Merchants Bank
    Similarity Rank: 464
    MAYO EMPLOYEES FEDERAL CREDIT UNION
    Similarity Rank: 540
    AFFINITY PLUS
    Similarity Rank: 783
    Home Federal Savings Bank
    Similarity Rank: 990
    RESULTS MORTGAGE, LLC
    Similarity Rank: 1024
    Associated Bank
    Similarity Rank: 1170
    Think Mutual Bank
    Similarity Rank: 1664

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 181 $17,735,000 $97,983 $3,362 5.69%

    For 2018, First Alliance Credit Union's most frequently originated type of loan was Conventional, with 181 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 116 $9,920,000 $85,517 $3,895 5.94%
    Refi 32 $3,650,000 $114,063 $3,116 5.14%
    Cash Out Refi 17 $2,285,000 $134,412 $2,980 5.06%
    Home Improvement 8 $430,000 $53,750 $530 5.74%
    Other 8 $1,450,000 $181,250 $4,516 5.63%

    For 2018, First Alliance Credit Union's most frequently cited loan purpose was Home Purchase, with 116 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 59 $3,805,000 $64,492 $3,717 6.27%
    10 Year 40 $1,900,000 $47,500 $928 6.11%
    30 Year 38 $6,380,000 $167,895 $3,844 4.73%
    15 Year 20 $1,740,000 $87,000 $1,668 5.54%
    5 Year 17 $2,525,000 $148,529 $4,323 5.44%
    20 Year 4 $380,000 $95,000 $3,109 5.06%
    1 Year 3 $1,005,000 $335,000 $7,753 4.33%

    For 2018, First Alliance Credit Union's most frequently cited loan duration was Other, with 59 originations. The 2nd most popular length was 10 Year, with 40 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 30 $3,980,000 $132,667
    $2k-3k 23 $4,645,000 $201,957
    $<1k 22 $2,280,000 $103,636
    $3k-4k 5 $1,285,000 $257,000
    $5k+ 1 $425,000 $425,000

    First Alliance Credit Union's average total fees were $3,844, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 30 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 76 $5,690,000 $74,868
    4-5% 60 $9,350,000 $155,833
    Over 8% 19 $625,000 $32,895
    6-7% 18 $990,000 $55,000
    3-4% 4 $690,000 $172,500
    7-8% 3 $175,000 $58,333
    2.5-3% 1 $215,000 $215,000

    During 2018, First Alliance Credit Union's average interest rate for loans was 4.73%, while their most frequently originated rate bucket for loans was 5-6%, with 76 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 109 $4,575,000 $41,972 $1,498 6.22%
    $100k-200k 53 $7,685,000 $145,000 $3,121 4.99%
    $200k-400k 16 $4,110,000 $256,875 $5,114 4.59%
    $400k-600k 3 $1,365,000 $455,000 $15,239 4.79%

    2018 saw First Alliance Credit Union place emphasis on $100,000 or less loans with 109 originations, totaling $4,575,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 64 $3,670,000 $57,344 $2,799 5.92%
    $50k-75k 51 $4,115,000 $80,686 $2,634 5.97%
    $75k-100k 23 $3,335,000 $145,000 $3,447 5.54%
    $100k-150k 21 $3,175,000 $151,190 $4,394 5.26%
    $150k-250k 8 $1,280,000 $160,000 $3,896 5.08%
    $250k+ 2 $550,000 $275,000 $6,955 4.81%

    First Alliance Credit Union lent most frequently to those with incomes in the $50k or less range, with 64 originations. The second most popular income band? $50k-75k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 43 $3,305,000 $76,860 $2,839 6.04%
    30-36% 37 $4,165,000 $112,568 $4,221 5.80%
    <20% 15 $1,765,000 $117,667 $3,486 5.13%
    40% 9 $975,000 $108,333 $2,476 5.16%
    50-60% 7 $1,215,000 $173,571 $4,405 5.88%
    39% 7 $775,000 $110,714 $3,427 5.88%
    36% 7 $565,000 $80,714 $3,028 5.47%
    37% 6 $740,000 $123,333 $3,632 5.08%
    42% 5 $335,000 $67,000 $2,050 4.98%
    41% 5 $435,000 $87,000 $2,423 7.29%
    38% 4 $290,000 $72,500 $3,442 5.21%
    >60% 3 $215,000 $71,667 $1,922 5.94%
    45% 3 $125,000 $41,667 $2,533 5.14%
    44% 3 $315,000 $105,000 $4,654 5.63%
    43% 2 $40,000 $20,000 $0 8.13%
    46% 2 $70,000 $35,000 $658 5.88%
    48% 2 $390,000 $195,000 $4,763 5.23%
    47% 1 $35,000 $35,000 $0 5.52%

    First Alliance Credit Union lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 135 $14,115,000 $104,556 $3,478 5.54%
    Not applicable 28 $1,940,000 $69,286 $0 6.23%
    Not provided 11 $1,285,000 $116,818 $2,746 5.73%
    Asian 5 $345,000 $69,000 $3,639 6.82%
    Black 1 $35,000 $35,000 $0 5.31%
    American Indian 1 $15,000 $15,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    90.37%

    First Alliance Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    45.86%

    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
    0.0 44 $1,560,000 $35,455
    498.0 1 $125,000 $125,000
    614.66 1 $25,000 $25,000
    764.0 1 $45,000 $45,000
    781.05 1 $85,000 $85,000
    NA 133 $15,895,000 $119,511

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 83 $3,375,000 $40,663
    Single Family (1-4 Units):Site-Built 98 $14,360,000 $146,531

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $1,015,000 $59,706 $1,176 5.48%
    40-60% 13 $725,000 $55,769 $1,651 5.74%
    60-80% 62 $7,160,000 $115,484 $2,984 5.61%
    80-100% 79 $8,555,000 $108,291 $4,575 5.82%
    Under 20% 2 $60,000 $30,000 $706 5.60%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 50.0%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%