North Alabama Educators Credit Union Mortgage Rates, Fees & Info
Huntsville, ALLEI: 254900Z5MXY02EYXAM91
Tax ID: 63-6023153
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Mortgage Data
Review & Overview
North Alabama Educators Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. North Alabama Educators Credit Union has a high proportion of conventional loans. Their top (well, only) market is Huntsville.North Alabama Educators Credit Union has an above average approval rate when compared to the average across all lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 5.68% | 12/4/24 |
| 15 Year Cash-out Refi | 5.68% | 12/4/24 |
| 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. | ||
North Alabama Educators Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
27Origination Dollar Volume (All Markets)
$3,155,000Top 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 |
|---|---|---|---|---|---|
| HUNTSVILLE, AL (FHA|USDA|VA) | 27 | $3,155,000 | $116,852 | $1,321 | 3.22% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 27 | $3,155,000 | $116,852 | $1,321 | 3.22% |
For 2020, North Alabama Educators Credit Union's most frequently originated type of loan was Conventional, with 27 originations.
Loan Reason
For 2020, North Alabama Educators Credit Union's most frequently cited loan purpose was Home Improvement, with 12 originations. The 2nd most popular reason was Refi, with 11 originations.
Loan Duration/Length
For 2020, North Alabama Educators Credit Union's most frequently cited loan duration was 15 Year, with 8 originations. The 2nd most popular length was 20 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 2 | $510,000 | $255,000 |
North Alabama Educators Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 14 | $2,600,000 | $185,714 |
| 3-4% | 7 | $335,000 | $47,857 |
| <2.5% | 3 | $55,000 | $18,333 |
| 4-5% | 2 | $150,000 | $75,000 |
| 5-6% | 1 | $15,000 | $15,000 |
During 2020, North Alabama Educators Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 14 originations.
Loan Sizing
2020 saw North Alabama Educators Credit Union place emphasis on $100,000 or less loans with 13 originations, totaling $335,000 in origination value.
Applicant Income
North Alabama Educators Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $150k-250k, with 5 originations.
Applicant Debt to Income Ratio
North Alabama Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.43%
North Alabama Educators 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 27 | $3,155,000 | $116,852 |