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 Cash Out 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 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Alliance 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. 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

    124

    Origination Dollar Volume (All Markets)

    $14,090,000

    Awards

    First Alliance Credit Union 30 Year Conventional Loans gold
    Show all (1) awards

    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) 102 $10,770,000 $105,588 $2,820 6.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 6 $1,530,000 $255,000 $5,287 4.69%
    Red Wing, MN (FHA|USDA|VA) 5 $665,000 $133,000 $4,500 5.88%
    Winona, MN (FHA|USDA|VA) 6 $640,000 $106,667 $1,360 6.08%
    Austin, MN (FHA|USDA|VA) 2 $150,000 $75,000 $2,087 5.69%
    Owatonna, MN (FHA|USDA|VA) 1 $125,000 $125,000 $4,068 5.38%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.50%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.00%
    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)

    • 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.

    WNB Financial, N.A.
    Similarity Rank: 160
    First Alliance Credit Union
    Similarity Rank: 248
    MAYO EMPLOYEES FEDERAL CREDIT UNION
    Similarity Rank: 660
    RESULTS MORTGAGE, LLC
    Similarity Rank: 765
    Cambria Financial Group, LLC
    Similarity Rank: 891
    Merchants Bank
    Similarity Rank: 986
    Think Mutual Bank
    Similarity Rank: 987
    Home Federal Savings Bank
    Similarity Rank: 1110
    AFFINITY PLUS
    Similarity Rank: 1365
    Associated Bank
    Similarity Rank: 1400

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 117 $13,375,000 $114,316 $3,099 5.94%
    HELOC 7 $715,000 $102,143 n/a 5.54%

    For 2022, First Alliance Credit Union's most frequently originated type of loan was Conventional, with 117 originations. Their 2nd most popular type was HELOC, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 57 $5,025,000 $88,158 $3,951 6.69%
    Cash Out Refi 23 $4,625,000 $201,087 $4,486 4.89%
    Refi 20 $2,400,000 $120,000 $2,207 5.32%
    Other 16 $1,690,000 $105,625 $1,496 5.42%
    Home Improvement 8 $350,000 $43,750 $398 5.84%

    For 2022, First Alliance Credit Union's most frequently cited loan purpose was Home Purchase, with 57 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 30 $1,250,000 $41,667 $371 6.52%
    Other 27 $3,955,000 $146,481 $9,183 5.56%
    15 Year 21 $2,205,000 $105,000 $3,725 6.63%
    30 Year 20 $4,350,000 $217,500 $4,390 5.02%
    5 Year 11 $515,000 $46,818 $1,322 5.83%
    3 Year 8 $630,000 $78,750 $0 5.64%
    20 Year 7 $1,185,000 $169,286 $2,785 5.63%

    For 2022, First Alliance Credit Union's most frequently cited loan duration was 10 Year, with 30 originations. The 2nd most popular length was Other, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 9 $1,535,000 $170,556
    $<1k 7 $825,000 $117,857
    $2k-3k 7 $1,345,000 $192,143
    $3k-4k 5 $1,395,000 $279,000
    $4k-5k 2 $740,000 $370,000
    $5k+ 2 $1,400,000 $700,000

    First Alliance Credit Union's average total fees were $4,390, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 39 $3,715,000 $95,256
    6-7% 30 $1,580,000 $52,667
    4-5% 23 $4,245,000 $184,565
    7-8% 14 $920,000 $65,714
    3-4% 11 $3,115,000 $283,182
    Over 8% 6 $310,000 $51,667

    During 2022, First Alliance Credit Union's average interest rate for loans was 5.02%, while their most frequently originated rate bucket for loans was 5-6%, with 39 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 74 $3,350,000 $45,270 $499 6.55%
    $100k-200k 29 $4,005,000 $138,103 $2,977 5.07%
    $200k-400k 19 $5,045,000 $265,526 $5,305 4.89%
    $1MM+ 1 $1,265,000 $1,265,000 $17,847 3.99%
    $400k-600k 1 $425,000 $425,000 $0 4.25%

    2022 saw First Alliance Credit Union place emphasis on $100,000 or less loans with 74 originations, totaling $3,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 31 $3,075,000 $99,194 $2,795 6.25%
    $50k or less 27 $1,695,000 $62,778 $3,222 6.51%
    $100k-150k 21 $2,035,000 $96,905 $2,294 5.64%
    $75k-100k 21 $2,285,000 $108,810 $3,201 5.96%
    $150k-250k 4 $440,000 $110,000 $1,965 5.72%
    $250k+ 2 $1,360,000 $680,000 $17,847 6.00%

    First Alliance Credit Union lent most frequently to those with incomes in the $50k-75k range, with 31 originations. The second most popular income band? $50k or less, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 23 $2,985,000 $129,783 $3,296 6.15%
    20-30% 21 $1,465,000 $69,762 $1,792 6.35%
    <20% 12 $820,000 $68,333 $3,759 6.07%
    38% 9 $935,000 $103,889 $2,004 5.88%
    48% 5 $585,000 $117,000 $7,188 6.55%
    36% 4 $550,000 $137,500 $5,118 5.88%
    39% 4 $160,000 $40,000 $385 6.24%
    >60% 3 $445,000 $148,333 $3,099 4.67%
    37% 3 $185,000 $61,667 $0 7.08%
    40% 3 $365,000 $121,667 $3,024 5.08%
    41% 3 $335,000 $111,667 $6,423 6.04%
    42% 3 $295,000 $98,333 $2,983 6.11%
    44% 3 $345,000 $115,000 $5,243 7.21%
    50-60% 3 $285,000 $95,000 $4,003 5.79%
    45% 2 $320,000 $160,000 $3,260 5.19%
    43% 2 $420,000 $210,000 $4,262 5.88%
    49% 1 $85,000 $85,000 $0 6.75%
    47% 1 $255,000 $255,000 $5,423 5.50%

    First Alliance Credit Union lent most frequently to those with DTI ratios of 30-36%, with 23 originations. The next most common DTI ratio? 20-30%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 89 $9,825,000 $110,393 $3,254 6.02%
    Not applicable 16 $2,880,000 $180,000 $0 4.69%
    Not provided 13 $1,105,000 $85,000 $2,453 6.37%
    Native Hawaiian or Islander 1 $115,000 $115,000 $0 7.25%
    American Indian 2 $110,000 $55,000 $0 7.13%
    Asian 3 $55,000 $18,333 $327 6.65%

    Approval Rates

    Total approvals of all applications
    74.42%

    First Alliance Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    71.77%

    First Alliance Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $65,000 $65,000
    NA 123 $14,025,000 $114,024

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    124 $14,090,000 $113,629

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $465,000 $42,273 $303 6.27%
    40-60% 14 $960,000 $68,571 $3,887 6.00%
    60-80% 43 $5,965,000 $138,721 $3,724 5.34%
    80-100% 36 $5,310,000 $147,500 $5,663 6.60%
    Over 100% 2 $640,000 $320,000 $0 4.63%
    Under 20% 17 $725,000 $42,647 $407 5.80%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%