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
  • 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, Auburn, Cortland, and Seneca Falls 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% 11/21/24
    30 Year Conventional Refi 6.27% 11/21/24
    30 Year Cash-out Refi 6.27% 11/21/24
    15 Year Conventional Purchase 5.68% 11/21/24
    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

    65

    Origination Dollar Volume (All Markets)

    $6,145,000

    Awards

    Alternatives Federal 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
    ITHACA, NY (FHA|USDA|VA) 55 $5,305,000 $96,455 $2,052 4.30%
    Outside of Metro Areas 3 $265,000 $88,333 $2,441 3.96%
    Auburn, NY (FHA|USDA|VA) 3 $255,000 $85,000 $719 4.08%
    Cortland, NY (FHA|USDA|VA) 2 $210,000 $105,000 $0 4.13%
    Seneca Falls, NY (FHA|USDA|VA) 2 $110,000 $55,000 $0 4.25%
    Alternatives Federal Credit Union's top markets include Ithaca, Auburn, Cortland, and Seneca Falls 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: 55
    Elmira Savings Bank
    Similarity Rank: 98
    VISIONS
    Similarity Rank: 168
    1ST PRIORITY MORTGAGE, INC.
    Similarity Rank: 175
    KeyBank
    Similarity Rank: 3879
    M&T Bank
    Similarity Rank: 5005
    Wells Fargo Bank
    Similarity Rank: 9190
    QUICKEN LOANS, LLC
    Similarity Rank: 9280

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 64 $6,110,000 $95,469 $1,980 4.27%
    HELOC 1 $35,000 $35,000 n/a 4.00%

    For 2020, Alternatives Federal Credit Union's most frequently originated type of loan was Conventional, with 64 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 49 $4,115,000 $83,980 $1,751 4.34%
    Home Purchase 14 $1,910,000 $136,429 $2,175 4.02%
    Other 2 $120,000 $60,000 $0 4.00%

    For 2020, Alternatives Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 49 originations. The 2nd most popular reason was Home Purchase, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 28 $1,570,000 $56,071 $769 4.33%
    30 Year 28 $4,240,000 $151,429 $2,086 4.05%
    10 Year 5 $95,000 $19,000 $0 5.00%
    20 Year 2 $140,000 $70,000 $3,280 4.13%
    Other 2 $100,000 $50,000 $0 4.50%

    For 2020, Alternatives Federal Credit Union's most frequently cited loan duration was 15 Year, with 28 originations. The 2nd most popular length was 30 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 64 $6,110,000 $95,469

    Alternatives Federal Credit Union's average total fees were $2,086, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 35 $2,445,000 $69,857
    3-4% 30 $3,700,000 $123,333

    During 2020, Alternatives Federal Credit Union's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 4-5%, with 35 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 38 $1,780,000 $46,842 $2,017 4.43%
    $100k-200k 21 $2,945,000 $140,238 $1,664 4.06%
    $200k-400k 6 $1,420,000 $236,667 $2,502 3.90%

    2020 saw Alternatives Federal Credit Union place emphasis on $100,000 or less loans with 38 originations, totaling $1,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 26 $2,220,000 $85,385 $1,969 4.33%
    $50k or less 21 $1,835,000 $87,381 $2,593 4.23%
    $100k-150k 7 $555,000 $79,286 $2,078 4.30%
    $75k-100k 7 $915,000 $130,714 $890 4.25%
    $150k-250k 4 $620,000 $155,000 $1,355 3.94%

    Alternatives Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 26 originations. The second most popular income band? $50k or less, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 17 $1,865,000 $109,706 $2,007 4.20%
    20-30% 14 $1,220,000 $87,143 $2,218 4.31%
    <20% 13 $1,025,000 $78,846 $1,389 4.40%
    38% 4 $530,000 $132,500 $0 4.25%
    46% 3 $275,000 $91,667 $1,748 4.25%
    42% 3 $235,000 $78,333 $0 4.00%
    47% 2 $250,000 $125,000 $2,021 4.19%
    37% 2 $30,000 $15,000 $0 4.75%
    45% 2 $300,000 $150,000 $2,256 4.00%
    43% 1 $45,000 $45,000 $0 4.50%
    44% 1 $85,000 $85,000 $0 4.00%
    36% 1 $95,000 $95,000 $2,909 4.00%
    39% 1 $105,000 $105,000 $0 4.00%
    40% 1 $85,000 $85,000 $3,300 4.00%

    Alternatives Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 17 originations. The next most common DTI ratio? 20-30%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 60 $5,760,000 $96,000 $1,980 4.26%
    Black 3 $265,000 $88,333 $0 4.25%
    Not provided 1 $105,000 $105,000 $0 4.00%
    American Indian 1 $15,000 $15,000 $0 5.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 65 $6,145,000 $94,538

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $185,000 $61,667
    Single Family (1-4 Units):Site-Built 62 $5,960,000 $96,129

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $530,000 $88,333 $0 4.33%
    40-60% 7 $555,000 $79,286 $2,464 4.18%
    60-80% 12 $1,370,000 $114,167 $2,648 4.07%
    80-100% 18 $3,070,000 $170,556 $1,879 4.01%
    Under 20% 22 $620,000 $28,182 $821 4.58%