Alabama Teachers Mortgage Rates, Fees & Info

Gadsden, AL

LEI: 5493008YZRSEXRIR3I97

Tax ID: 63-6046132

5 stars - Updated: 12/2/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Alabama Teachers is a smaller mortgage company specializing in Home Purchase and Refi loans. Alabama Teachers has a high proportion of conventional loans. Their top markets by origination volume include: Gadsden, Anniston, Albertville, Fort Payne, and Birmingham among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alabama Teachers 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. Alabama Teachers 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 relatively high 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
    Home Equity Line of Credit (HELOC) 6.27% 12/2/24
    30 Year Conventional Purchase 6.35% 12/2/24
    30 Year Conventional Refi 6.15% 12/2/24
    30 Year Cash-out Refi 5.92% 12/2/24
    15 Year Conventional Purchase 6.13% 12/2/24
    15 Year Conventional Refi 6.02% 12/2/24
    15 Year Cash-out Refi 6.02% 12/2/24
    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.

    Alabama Teachers Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Alabama Teachers. 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

    242

    Origination Dollar Volume (All Markets)

    $33,740,000

    Awards

    ALABAMA TEACHERS 30 Year Conventional Loans gold ALABAMA TEACHERS 30 Year Conventional Loans gold ALABAMA TEACHERS 30 Year Conventional Loans gold
    Show all (3) awards

    Relative Rate

    Alabama Teachers's average 30 year fixed mortgage rate was 6.53%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.05%.

    Relative Fees (Closing Costs)

    Alabama Teachers's average total fees/closing costs for a 30 year fixed rate mortgage were $2,728.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    GADSDEN, AL (FHA|USDA|VA) 112 $15,360,000 $137,143 $2,483 7.30%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 41 $4,875,000 $118,902 $2,709 7.50%
    Outside of Metro Areas 26 $3,850,000 $148,077 $2,508 7.12%
    Albertville, AL (FHA|USDA|VA) 18 $2,750,000 $152,778 $2,096 7.60%
    Fort Payne, AL (FHA|USDA|VA) 21 $2,185,000 $104,048 $2,198 7.15%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 6 $1,410,000 $235,000 $3,211 6.83%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 5 $555,000 $111,000 $2,451 7.45%
    TUSCALOOSA, AL (FHA|USDA|VA) 2 $500,000 $250,000 $2,934 7.13%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $455,000 $455,000 $0 6.25%
    Cullman, AL (FHA|USDA|VA) 2 $350,000 $175,000 $2,934 5.38%
    Cullowhee, NC (FHA|USDA|VA) 1 $335,000 $335,000 $0 6.75%
    HUNTSVILLE, AL (FHA|USDA|VA) 2 $330,000 $165,000 $0 7.63%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $285,000 $285,000 $959 6.75%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.50%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $145,000 $145,000 $2,500 7.25%
    DECATUR, AL (FHA|USDA|VA) 1 $145,000 $145,000 $0 8.00%
    Scottsboro, AL (FHA|USDA|VA) 1 $55,000 $55,000 $3,634 6.75%
    Alabama Teachers's top markets include Gadsden, Anniston, Albertville, Fort Payne, and Birmingham among others.

    Their top states include:
  • Alabama (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    AOD Federal Credit Union
    Similarity Rank: 40
    ALABAMA TEACHERS
    Similarity Rank: 68
    ALABAMA CREDIT UNION
    Similarity Rank: 294
    Liberty Mortgage Corporation
    Similarity Rank: 348
    Mutual Savings Credit Union
    Similarity Rank: 360
    APCO EMPLOYEES
    Similarity Rank: 891
    AMERICA'S FIRST
    Similarity Rank: 1003
    INSPIRE HOME LOANS INC.
    Similarity Rank: 1144
    CHERRY CREEK MORTGAGE, LLC
    Similarity Rank: 1526
    AVADIAN
    Similarity Rank: 1530

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 156 $28,530,000 $182,885 $2,479 6.83%
    HELOC 86 $5,210,000 $60,581 n/a 8.14%

    For 2023, Alabama Teachers's most frequently originated type of loan was Conventional, with 156 originations. Their 2nd most popular type was HELOC, with 86 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 82 $15,350,000 $187,195 $2,588 6.88%
    Home Improvement 49 $3,175,000 $64,796 $1,614 8.10%
    Other 40 $1,680,000 $42,000 $1,590 8.32%
    Refi 40 $8,450,000 $211,250 $2,529 6.24%
    Cash Out Refi 31 $5,085,000 $164,032 $2,515 7.16%

    For 2023, Alabama Teachers's most frequently cited loan purpose was Home Purchase, with 82 originations. The 2nd most popular reason was Home Improvement, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 103 $6,805,000 $66,068 $2,086 7.86%
    30 Year 75 $14,445,000 $192,600 $2,728 6.53%
    5 Year 36 $7,430,000 $206,389 $1,821 7.32%
    10 Year 17 $2,385,000 $140,294 $1,715 7.63%
    20 Year 5 $1,715,000 $343,000 $3,515 5.95%
    3 Year 2 $210,000 $105,000 $0 7.50%
    1 Year 2 $430,000 $215,000 $0 7.50%
    Other 2 $320,000 $160,000 $1,674 6.75%

    For 2023, Alabama Teachers's most frequently cited loan duration was 15 Year, with 103 originations. The 2nd most popular length was 30 Year, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 56 $7,600,000 $135,714
    $1k-2k 19 $4,835,000 $254,474
    $3k-4k 1 $705,000 $705,000

    Alabama Teachers's average total fees were $2,728, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 56 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 97 $20,165,000 $207,887
    7-8% 72 $7,140,000 $99,167
    Over 8% 56 $3,160,000 $56,429
    5-6% 7 $685,000 $97,857
    3-4% 7 $2,075,000 $296,429
    2.5-3% 1 $335,000 $335,000
    4-5% 1 $125,000 $125,000

    During 2023, Alabama Teachers's average interest rate for loans was 6.53%, while their most frequently originated rate bucket for loans was 6-7%, with 97 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 135 $6,885,000 $51,000 $1,830 7.72%
    $100k-200k 56 $8,180,000 $146,071 $2,618 7.00%
    $200k-400k 39 $10,135,000 $259,872 $2,934 6.43%
    $400k-600k 5 $2,225,000 $445,000 $2,578 7.15%
    $600k-1MM 5 $3,575,000 $715,000 $5,942 6.30%
    $1MM+ 2 $2,740,000 $1,370,000 $0 6.50%

    2023 saw Alabama Teachers place emphasis on $100,000 or less loans with 135 originations, totaling $6,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 60 $6,200,000 $103,333 $2,403 7.22%
    $100k-150k 48 $6,480,000 $135,000 $2,852 7.18%
    $75k-100k 42 $4,400,000 $104,762 $2,429 7.51%
    $50k or less 32 $2,210,000 $69,063 $2,177 7.29%
    $150k-250k 23 $3,335,000 $145,000 $2,301 7.57%
    $250k+ 10 $2,860,000 $286,000 $5,942 6.97%

    Alabama Teachers lent most frequently to those with incomes in the $50k-75k range, with 60 originations. The second most popular income band? $100k-150k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 60 $7,460,000 $124,333 $2,430 7.09%
    30-36% 37 $4,465,000 $120,676 $2,248 7.38%
    <20% 24 $2,530,000 $105,417 $2,252 7.38%
    38% 12 $1,230,000 $102,500 $2,407 7.75%
    43% 9 $1,035,000 $115,000 $2,603 7.22%
    40% 8 $1,280,000 $160,000 $2,561 7.09%
    41% 8 $1,250,000 $156,250 $3,783 7.34%
    42% 7 $845,000 $120,714 $2,407 7.93%
    37% 7 $625,000 $89,286 $2,434 7.46%
    39% 7 $735,000 $105,000 $2,353 7.50%
    >60% 5 $805,000 $161,000 $3,074 7.60%
    44% 5 $425,000 $85,000 $4,240 7.95%
    47% 5 $455,000 $91,000 $2,650 6.90%
    49% 5 $595,000 $119,000 $2,200 7.80%
    50-60% 5 $545,000 $109,000 $3,334 7.70%
    48% 4 $320,000 $80,000 $2,141 7.38%
    45% 4 $630,000 $157,500 $2,846 6.38%
    36% 4 $600,000 $150,000 $2,423 6.31%
    46% 3 $425,000 $141,667 $1,980 6.17%

    Alabama Teachers lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 200 $24,620,000 $123,100 $2,477 7.25%
    Not applicable 21 $7,365,000 $350,714 $0 7.27%
    Black 12 $1,050,000 $87,500 $2,393 7.77%
    Not provided 7 $535,000 $76,429 $3,249 7.64%
    American Indian 1 $145,000 $145,000 $2,509 7.00%
    Asian 1 $25,000 $25,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    74.86%

    Alabama Teachers has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    68.60%

    Alabama Teachers has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 242 $33,740,000 $139,421

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    242 $33,740,000 $139,421

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 44 $3,990,000 $90,682 $2,242 7.56%
    40-60% 28 $3,920,000 $140,000 $2,256 6.83%
    60-80% 42 $7,920,000 $188,571 $2,658 6.73%
    80-100% 65 $15,415,000 $237,154 $2,741 6.78%
    Under 20% 63 $2,495,000 $39,603 $1,598 8.22%