Alternatives Federal Credit Union Mortgage Rates, Fees & Info

Ithaca, NY

LEI: 254900HXPUN0BQEZ4350

Tax ID: 22-2237859

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

    Alternatives Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Alternatives Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Ithaca, Cortland, Elmira, and Binghamton among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alternatives Federal Credit Union has an above average approval rate when compared to the average across all lenders. Alternatives Federal 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 4/28/24
    30 Year Conventional Refi 6.27% 4/28/24
    30 Year Cash-out Refi 6.27% 4/28/24
    15 Year Conventional Purchase 5.68% 4/28/24
    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.

    Alternatives Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Alternatives Federal 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

    103

    Origination Dollar Volume (All Markets)

    $12,355,000

    Awards

    Alternatives Federal Credit Union 30 Year Conventional Loans bronze Alternatives Federal Credit Union 30 Year Conventional Loans gold
    Show all (2) 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
    ITHACA, NY (FHA|USDA|VA) 85 $10,615,000 $124,882 $2,040 4.42%
    Outside of Metro Areas 9 $855,000 $95,000 $1,380 4.56%
    Cortland, NY (FHA|USDA|VA) 6 $670,000 $111,667 $2,841 4.31%
    ELMIRA, NY (FHA|USDA|VA) 2 $110,000 $55,000 $2,932 4.94%
    BINGHAMTON, NY (FHA|USDA|VA) 1 $105,000 $105,000 $2,899 4.75%
    Alternatives Federal Credit Union's top markets include Ithaca, Cortland, Elmira, and Binghamton among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

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

    Alternatives Federal Credit Union
    Similarity Rank: 35
    Elmira Savings Bank
    Similarity Rank: 72
    VISIONS
    Similarity Rank: 75
    1ST PRIORITY MORTGAGE, INC.
    Similarity Rank: 288
    M&T Bank
    Similarity Rank: 3040
    QUICKEN LOANS, LLC
    Similarity Rank: 11136

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 103 $12,355,000 $119,951 $2,068 4.44%

    For 2019, Alternatives Federal Credit Union's most frequently originated type of loan was Conventional, with 103 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 71 $7,575,000 $106,690 $1,946 4.46%
    Home Purchase 29 $4,725,000 $162,931 $2,138 4.34%
    Other 3 $55,000 $18,333 $0 4.83%

    For 2019, Alternatives Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 71 originations. The 2nd most popular reason was Home Purchase, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 55 $9,305,000 $169,182 $2,010 4.32%
    15 Year 44 $2,790,000 $63,409 $2,383 4.57%
    10 Year 2 $60,000 $30,000 $0 5.00%
    20 Year 2 $200,000 $100,000 $2,544 4.38%

    For 2019, Alternatives Federal Credit Union's most frequently cited loan duration was 30 Year, with 55 originations. The 2nd most popular length was 15 Year, with 44 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 34 $5,110,000 $150,294

    Alternatives Federal Credit Union's average total fees were $2,010, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 34 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 77 $8,925,000 $115,909
    3-4% 25 $3,225,000 $129,000
    5-6% 1 $205,000 $205,000

    During 2019, Alternatives Federal Credit Union's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 4-5%, with 77 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 47 $2,365,000 $50,319 $2,288 4.61%
    $100k-200k 41 $6,055,000 $147,683 $2,082 4.32%
    $200k-400k 15 $3,935,000 $262,333 $1,896 4.23%

    2019 saw Alternatives Federal Credit Union place emphasis on $100,000 or less loans with 47 originations, totaling $2,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 33 $3,925,000 $118,939 $2,594 4.45%
    $75k-100k 23 $2,505,000 $108,913 $1,248 4.51%
    $50k or less 21 $1,855,000 $88,333 $2,611 4.43%
    $100k-150k 19 $2,625,000 $138,158 $1,662 4.40%
    $150k-250k 7 $1,445,000 $206,429 $849 4.29%

    Alternatives Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 33 originations. The second most popular income band? $75k-100k, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 33 $3,715,000 $112,576 $2,074 4.42%
    30-36% 27 $3,725,000 $137,963 $1,986 4.32%
    <20% 12 $1,020,000 $85,000 $1,978 4.64%
    43% 4 $310,000 $77,500 $3,403 4.63%
    40% 3 $435,000 $145,000 $2,994 4.38%
    38% 3 $185,000 $61,667 $0 4.83%
    39% 3 $605,000 $201,667 $3,227 4.54%
    47% 3 $345,000 $115,000 $3,302 4.04%
    45% 2 $120,000 $60,000 $0 4.50%
    36% 2 $270,000 $135,000 $1,566 4.69%
    37% 2 $280,000 $140,000 $1,667 4.63%
    41% 2 $240,000 $120,000 $350 4.13%
    46% 2 $450,000 $225,000 $425 4.31%
    50-60% 1 $35,000 $35,000 $0 5.00%
    42% 1 $25,000 $25,000 $0 4.00%
    44% 1 $145,000 $145,000 $0 5.00%
    48% 1 $215,000 $215,000 $0 4.50%
    49% 1 $235,000 $235,000 $0 4.13%

    Alternatives Federal 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 27 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 90 $10,790,000 $119,889 $2,073 4.44%
    Asian 5 $775,000 $155,000 $435 4.43%
    Black 7 $765,000 $109,286 $2,782 4.36%
    Not provided 1 $25,000 $25,000 $0 5.00%

    Approval Rates

    Total approvals of all applications
    95.37%

    Alternatives Federal 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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 103 $12,355,000 $119,951

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $110,000 $55,000
    Single Family (1-4 Units):Site-Built 101 $12,245,000 $121,238

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,130,000 $70,625 $2,169 4.45%
    40-60% 14 $1,700,000 $121,429 $2,057 4.61%
    60-80% 17 $2,335,000 $137,353 $2,613 4.51%
    80-100% 34 $6,480,000 $190,588 $1,672 4.22%
    Under 20% 22 $710,000 $32,273 $0 4.61%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Aldridge Pite, LLP Conventional home mortgage Struggling to pay mortgage 4 80.0%
    Aldridge Pite, LLP Other type of mortgage Struggling to pay mortgage 1 20.0%