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, Other, and Refi loans. First Alliance 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: Rochester, Austin, Winona, and Red Wing among others. We have data for 5 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% 11/17/24
    30 Year Conventional Refi 6.96% 11/17/24
    30 Year Cash-out Refi 6.26% 11/17/24
    15 Year Conventional Purchase 6.86% 11/17/24
    15 Year Conventional Refi 5.68% 11/17/24
    15 Year Cash-out Refi 5.68% 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.

    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

    114

    Origination Dollar Volume (All Markets)

    $12,860,000

    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) 98 $11,310,000 $115,408 $1,511 6.43%
    Austin, MN (FHA|USDA|VA) 3 $585,000 $195,000 $1,340 4.25%
    Winona, MN (FHA|USDA|VA) 3 $395,000 $131,667 $1,610 5.83%
    Red Wing, MN (FHA|USDA|VA) 5 $325,000 $65,000 $1,438 7.30%
    Outside of Metro Areas 5 $245,000 $49,000 $2,728 9.13%
    First Alliance Credit Union's top markets include Rochester, Austin, Winona, and Red Wing among others.

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

    RESULTS MORTGAGE, LLC
    Similarity Rank: 1260
    Merchants Bank
    Similarity Rank: 1275
    AFFINITY PLUS
    Similarity Rank: 1550
    MAYO EMPLOYEES FEDERAL CREDIT UNION
    Similarity Rank: 1596
    Tradition Mortgage, LLC
    Similarity Rank: 1617
    Think Mutual Bank
    Similarity Rank: 1716
    ALTRA
    Similarity Rank: 1920
    Home Federal Savings Bank
    Similarity Rank: 2250
    KELLER MORTGAGE, LLC
    Similarity Rank: 3180
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 3763

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 113 $12,755,000 $112,876 $1,522 6.52%
    FHA 1 $105,000 $105,000 $0 5.00%

    For 2020, First Alliance Credit Union's most frequently originated type of loan was Conventional, with 113 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 41 $3,655,000 $89,146 $2,096 6.95%
    Other 41 $4,315,000 $105,244 $524 6.84%
    Refi 22 $3,180,000 $144,545 $1,860 6.15%
    Cash Out Refi 7 $1,495,000 $213,571 $3,047 3.82%
    Home Improvement 3 $215,000 $71,667 $351 4.90%

    For 2020, First Alliance Credit Union's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Other, with 41 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 30 $3,790,000 $126,333 $1,020 6.76%
    15 Year 24 $1,780,000 $74,167 $921 7.35%
    5 Year 22 $1,920,000 $87,273 $1,856 6.41%
    10 Year 20 $1,360,000 $68,000 $1,276 7.35%
    20 Year 11 $2,415,000 $219,545 $2,455 4.30%
    30 Year 5 $1,095,000 $219,000 $2,226 3.83%
    1 Year 2 $500,000 $250,000 $4,401 4.25%

    For 2020, First Alliance Credit Union's most frequently cited loan duration was Other, with 30 originations. The 2nd most popular length was 15 Year, with 24 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 10 $1,280,000 $128,000
    $<1k 9 $1,325,000 $147,222
    $2k-3k 5 $1,505,000 $301,000
    $3k-4k 1 $265,000 $265,000
    $5k+ 1 $995,000 $995,000

    First Alliance Credit Union's average total fees were $2,226, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 10 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 38 $1,290,000 $33,947
    4-5% 27 $5,105,000 $189,074
    6-7% 21 $1,035,000 $49,286
    3-4% 18 $4,030,000 $223,889
    5-6% 4 $440,000 $110,000
    7-8% 3 $205,000 $68,333
    <2.5% 3 $755,000 $251,667

    During 2020, First Alliance Credit Union's average interest rate for loans was 3.83%, while their most frequently originated rate bucket for loans was Over 8%, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 78 $3,420,000 $43,846 $760 7.60%
    $100k-200k 17 $2,385,000 $140,294 $3,421 4.36%
    $200k-400k 15 $4,285,000 $285,667 $3,627 3.93%
    $400k-600k 2 $890,000 $445,000 $4,513 3.88%
    $600k-1MM 2 $1,880,000 $940,000 $10,170 4.00%

    2020 saw First Alliance Credit Union place emphasis on $100,000 or less loans with 78 originations, totaling $3,420,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 48 $2,010,000 $41,875 $718 8.26%
    $50k-75k 24 $2,240,000 $93,333 $1,838 6.27%
    $75k-100k 8 $820,000 $102,500 $1,746 6.16%
    $150k-250k 7 $1,335,000 $190,714 $2,703 4.13%
    $100k-150k 6 $880,000 $146,667 $2,452 4.96%
    $250k+ 3 $1,375,000 $458,333 $4,868 3.42%

    First Alliance Credit Union lent most frequently to those with incomes in the $50k or less range, with 48 originations. The second most popular income band? $50k-75k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 27 $1,995,000 $73,889 $1,134 7.54%
    20-30% 24 $2,480,000 $103,333 $1,936 6.63%
    <20% 14 $1,430,000 $102,143 $1,923 5.64%
    42% 6 $250,000 $41,667 $500 9.17%
    45% 4 $430,000 $107,500 $2,061 6.19%
    38% 4 $280,000 $70,000 $1,638 7.75%
    44% 4 $400,000 $100,000 $2,736 6.56%
    37% 4 $240,000 $60,000 $589 7.11%
    >60% 1 $335,000 $335,000 $1,322 3.50%
    36% 1 $15,000 $15,000 $500 10.00%
    39% 1 $75,000 $75,000 $500 8.75%
    40% 1 $55,000 $55,000 $0 6.50%
    41% 1 $15,000 $15,000 $500 9.25%
    43% 1 $35,000 $35,000 $500 6.25%
    47% 1 $145,000 $145,000 $0 4.00%
    50-60% 1 $235,000 $235,000 $4,448 5.13%

    First Alliance Credit Union lent most frequently to those with DTI ratios of 30-36%, with 27 originations. The next most common DTI ratio? 20-30%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 74 $7,490,000 $101,216 $1,739 6.57%
    Not applicable 29 $4,545,000 $156,724 $500 6.11%
    Not provided 7 $435,000 $62,143 $771 7.36%
    Black 1 $265,000 $265,000 $5,182 4.25%
    Asian 2 $90,000 $45,000 $500 6.63%
    American Indian 1 $35,000 $35,000 $500 9.50%

    Approval Rates

    Total approvals of all applications
    95.83%

    First Alliance Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    58.77%

    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 114 $12,860,000 $112,807

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $885,000 $885,000
    Single Family (1-4 Units):Manufactured 69 $3,205,000 $46,449
    Single Family (1-4 Units):Site-Built 44 $8,770,000 $199,318

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $475,000 $52,778 $750 6.54%
    40-60% 10 $1,730,000 $173,000 $1,726 4.86%
    60-80% 38 $3,870,000 $101,842 $1,510 6.41%
    80-100% 44 $5,110,000 $116,136 $1,835 6.50%
    Over 100% 2 $1,130,000 $565,000 $0 3.63%
    Under 20% 1 $45,000 $45,000 $457 4.25%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 25.0%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 1 25.0%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Closing on a mortgage 1 25.0%