Alabama Teachers Mortgage Rates, Fees & Info

Gadsden, AL

LEI: 5493008YZRSEXRIR3I97

Tax ID: 63-6046132

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

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  • 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

    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, Crestview, Birmingham, and Fort Payne among others. We have data for 15 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 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
    Home Equity Line of Credit (HELOC) 6.27% 5/4/24
    30 Year Conventional Purchase 6.35% 5/4/24
    30 Year Conventional Refi 6.15% 5/4/24
    30 Year Cash-out Refi 5.92% 5/4/24
    15 Year Conventional Purchase 6.13% 5/4/24
    15 Year Conventional Refi 6.02% 5/4/24
    15 Year Cash-out Refi 6.02% 5/4/24
    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.

    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

    229

    Origination Dollar Volume (All Markets)

    $28,195,000

    Awards

    ALABAMA TEACHERS 30 Year Conventional Loans gold ALABAMA TEACHERS 30 Year Conventional Loans gold ALABAMA TEACHERS 30 Year Conventional Loans gold ALABAMA TEACHERS 30 Year Conventional Loans gold
    Show all (4) 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
    GADSDEN, AL (FHA|USDA|VA) 134 $14,070,000 $105,000 $1,169 4.41%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 26 $2,720,000 $104,615 $1,316 4.47%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $2,125,000 $2,125,000 $600 3.25%
    Outside of Metro Areas 22 $2,100,000 $95,455 $1,200 4.38%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 12 $2,000,000 $166,667 $1,172 3.96%
    Fort Payne, AL (FHA|USDA|VA) 10 $1,370,000 $137,000 $1,265 4.08%
    Albertville, AL (FHA|USDA|VA) 11 $1,285,000 $116,818 $1,201 4.07%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $490,000 $245,000 $1,204 3.88%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 3 $475,000 $158,333 $1,283 4.08%
    Alexander City, AL (FHA|USDA|VA) 1 $435,000 $435,000 $1,469 4.00%
    TUSCALOOSA, AL (FHA|USDA|VA) 2 $320,000 $160,000 $1,336 4.25%
    HUNTSVILLE, AL (FHA|USDA|VA) 2 $260,000 $130,000 $1,203 3.75%
    Scottsboro, AL (FHA|USDA|VA) 1 $205,000 $205,000 $1,469 4.00%
    DECATUR, AL (FHA|USDA|VA) 1 $185,000 $185,000 $1,270 4.00%
    MONTGOMERY, AL (FHA|USDA|VA) 1 $155,000 $155,000 $1,758 4.00%
    Alabama Teachers's top markets include Gadsden, Anniston, Crestview, Birmingham, and Fort Payne among others.

    Their top states include:
  • Alabama (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.

    ALABAMA TEACHERS
    Similarity Rank: 30
    Jefferson Credit Union
    Similarity Rank: 228
    Eco Credit Union
    Similarity Rank: 368
    Liberty Mortgage Corporation
    Similarity Rank: 432
    APCO EMPLOYEES
    Similarity Rank: 957
    THE MORTGAGE FIRM, INC.
    Similarity Rank: 962
    AMERICA'S FIRST
    Similarity Rank: 1095
    BANKSOUTH MORTGAGE COMPANY, LLC
    Similarity Rank: 1771
    Triumph Bank
    Similarity Rank: 1836
    First Federal Bank, A FSB
    Similarity Rank: 2520

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 190 $26,350,000 $138,684 $1,205 4.21%
    HELOC 39 $1,845,000 $47,308 n/a 4.89%

    For 2018, Alabama Teachers's most frequently originated type of loan was Conventional, with 190 originations. Their 2nd most popular type was HELOC, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 93 $12,035,000 $129,409 $1,224 4.31%
    Refi 80 $12,390,000 $154,875 $1,183 4.09%
    Other 31 $1,415,000 $45,645 $0 4.91%
    Cash Out Refi 14 $1,650,000 $117,857 $1,287 3.98%
    Home Improvement 11 $705,000 $64,091 $1,046 5.05%

    For 2018, Alabama Teachers's most frequently cited loan purpose was Home Purchase, with 93 originations. The 2nd most popular reason was Refi, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 91 $14,895,000 $163,681 $1,223 4.05%
    15 Year 83 $6,845,000 $82,470 $1,198 4.62%
    10 Year 28 $1,280,000 $45,714 $1,125 4.71%
    20 Year 16 $2,330,000 $145,625 $1,224 3.72%
    Other 9 $2,745,000 $305,000 $1,058 4.64%
    5 Year 2 $100,000 $50,000 $1,207 3.13%

    For 2018, Alabama Teachers's most frequently cited loan duration was 30 Year, with 91 originations. The 2nd most popular length was 15 Year, with 83 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 144 $21,720,000 $150,833

    Alabama Teachers's average total fees were $1,223, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 144 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 113 $17,565,000 $155,442
    4-5% 86 $8,560,000 $99,535
    5-6% 22 $1,610,000 $73,182
    6-7% 4 $270,000 $67,500
    2.5-3% 2 $130,000 $65,000
    Over 8% 2 $60,000 $30,000

    During 2018, Alabama Teachers's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 113 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 119 $5,895,000 $49,538 $1,152 4.52%
    $100k-200k 78 $11,310,000 $145,000 $1,264 4.13%
    $200k-400k 27 $6,875,000 $254,630 $1,182 4.14%
    $400k-600k 3 $1,305,000 $435,000 $1,466 3.92%
    $1MM+ 1 $2,125,000 $2,125,000 $600 3.25%
    $600k-1MM 1 $685,000 $685,000 $794 4.25%

    2018 saw Alabama Teachers place emphasis on $100,000 or less loans with 119 originations, totaling $5,895,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 54 $4,260,000 $78,889 $1,121 4.31%
    $50k-75k 49 $5,035,000 $102,755 $1,267 4.19%
    $100k-150k 45 $6,125,000 $136,111 $1,231 4.32%
    $75k-100k 33 $3,265,000 $98,939 $1,224 4.29%
    $150k-250k 15 $5,065,000 $337,667 $1,204 4.15%
    $250k+ 5 $1,545,000 $309,000 $1,180 3.95%

    Alabama Teachers lent most frequently to those with incomes in the $50k or less range, with 54 originations. The second most popular income band? $50k-75k, with 49 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $6,340,000 $126,800 $1,250 4.21%
    30-36% 45 $7,405,000 $164,556 $1,236 4.25%
    <20% 34 $3,420,000 $100,588 $1,169 4.38%
    37% 13 $1,075,000 $82,692 $1,033 4.50%
    42% 7 $675,000 $96,429 $1,327 3.89%
    41% 7 $605,000 $86,429 $1,358 4.18%
    45% 7 $895,000 $127,857 $1,294 4.64%
    40% 6 $800,000 $133,333 $1,004 4.25%
    50-60% 4 $320,000 $80,000 $1,010 3.81%
    43% 4 $500,000 $125,000 $1,338 4.13%
    44% 4 $560,000 $140,000 $1,274 4.63%
    39% 4 $420,000 $105,000 $890 3.81%
    46% 4 $650,000 $162,500 $1,143 3.94%
    47% 4 $460,000 $115,000 $868 4.38%
    49% 4 $510,000 $127,500 $1,416 4.19%
    36% 2 $170,000 $85,000 $1,238 4.13%
    38% 2 $220,000 $110,000 $1,382 4.25%
    48% 1 $155,000 $155,000 $1,311 4.00%
    >60% 1 $345,000 $345,000 $1,130 4.00%

    Alabama Teachers lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 199 $24,905,000 $125,151 $1,204 4.26%
    Not applicable 23 $2,575,000 $111,957 $0 4.90%
    Black 6 $660,000 $110,000 $1,248 4.29%
    Asian 1 $55,000 $55,000 $1,193 4.00%

    Approval Rates

    Total approvals of all applications
    82.29%

    Alabama Teachers has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    88.21%

    Alabama Teachers has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 229 $28,195,000 $123,122

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 4 $160,000 $40,000
    Single Family (1-4 Units):Site-Built 225 $28,035,000 $124,600

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $4,240,000 $124,706 $1,084 4.44%
    40-60% 23 $1,735,000 $75,435 $1,177 4.13%
    60-80% 61 $8,085,000 $132,541 $1,246 4.14%
    80-100% 86 $13,360,000 $155,349 $1,232 4.27%
    Over 100% 1 $175,000 $175,000 $0 5.25%
    Under 20% 23 $595,000 $25,870 $933 4.85%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Alabama Housing Finance Authority Conventional home mortgage Struggling to pay mortgage 3 16.7%
    Alabama Housing Finance Authority Conventional home mortgage Trouble during payment process 1 5.6%
    Alabama Housing Finance Authority FHA mortgage Struggling to pay mortgage 6 33.3%
    Alabama Housing Finance Authority FHA mortgage Trouble during payment process 6 33.3%
    Alabama Housing Finance Authority Other type of mortgage Struggling to pay mortgage 2 11.1%