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 Home Improvement, 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
21Origination Dollar Volume (All Markets)
$2,255,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| HUNTSVILLE, AL (FHA|USDA|VA) | 21 | $2,255,000 | $107,381 | $1,191 | 4.37% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $2,255,000 | $107,381 | $1,191 | 4.37% |
For 2022, North Alabama Educators Credit Union's most frequently originated type of loan was Conventional, with 21 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 13 | $965,000 | $74,231 | $891 | 4.52% |
| Refi | 6 | $670,000 | $111,667 | $1,210 | 4.25% |
| Home Purchase | 2 | $620,000 | $310,000 | $3,079 | 3.75% |
For 2022, North Alabama Educators Credit Union's most frequently cited loan purpose was Home Improvement, with 13 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
For 2022, North Alabama Educators Credit Union's most frequently cited loan duration was 15 Year, with 9 originations. The 2nd most popular length was 20 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $3k-4k | 1 | $365,000 | $365,000 |
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 $3k-4k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 8 | $970,000 | $121,250 |
| 2.5-3% | 4 | $900,000 | $225,000 |
| 3-4% | 4 | $140,000 | $35,000 |
| 5-6% | 4 | $190,000 | $47,500 |
| 6-7% | 1 | $55,000 | $55,000 |
During 2022, North Alabama Educators Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 8 originations.
Loan Sizing
2022 saw North Alabama Educators Credit Union place emphasis on $100,000 or less loans with 16 originations, totaling $790,000 in origination value.
Applicant Income
North Alabama Educators Credit Union lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $50k or less, 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 5 originations. The next most common DTI ratio? 30-36%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 18 | $2,110,000 | $117,222 | $1,327 | 4.28% |
| Black | 3 | $145,000 | $48,333 | $375 | 4.92% |
Approval Rates
Total approvals of all applications91.30%
North Alabama Educators Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 21 | $2,255,000 | $107,381 |