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 Refi and Home Purchase loans. Alabama Teachers has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Gadsden, Anniston, Birmingham, Albertville, and Fort Payne among others. We have data for 13 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% 12/4/24
    30 Year Conventional Purchase 6.35% 12/4/24
    30 Year Conventional Refi 6.15% 12/4/24
    30 Year Cash-out Refi 5.92% 12/4/24
    15 Year Conventional Purchase 6.13% 12/4/24
    15 Year Conventional Refi 6.02% 12/4/24
    15 Year Cash-out Refi 6.02% 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.

    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

    305

    Origination Dollar Volume (All Markets)

    $46,335,000

    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

    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) 171 $25,075,000 $146,637 $1,679 3.47%
    Outside of Metro Areas 27 $4,635,000 $171,667 $2,249 3.41%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 32 $3,860,000 $120,625 $1,540 3.71%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 18 $3,610,000 $200,556 $1,552 3.56%
    Albertville, AL (FHA|USDA|VA) 21 $2,925,000 $139,286 $1,581 3.37%
    Fort Payne, AL (FHA|USDA|VA) 18 $2,530,000 $140,556 $1,544 3.29%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 3 $1,515,000 $505,000 $2,026 3.58%
    HUNTSVILLE, AL (FHA|USDA|VA) 5 $855,000 $171,000 $1,630 3.30%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 6 $730,000 $121,667 $1,593 4.29%
    MONTGOMERY, AL (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.00%
    TUSCALOOSA, AL (FHA|USDA|VA) 1 $195,000 $195,000 $1,335 3.00%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $115,000 $115,000 $1,781 3.25%
    Jasper, AL (FHA|USDA|VA) 1 $55,000 $55,000 $0 2.75%
    Alabama Teachers's top markets include Gadsden, Anniston, Birmingham, Albertville, and Fort Payne among others.

    Their top states include:
  • Alabama (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: 160
    Liberty Mortgage Corporation
    Similarity Rank: 675
    Jefferson Credit Union
    Similarity Rank: 900
    Bryant Bank
    Similarity Rank: 1452
    AVADIAN
    Similarity Rank: 1479
    Independent Bank
    Similarity Rank: 1504
    ALABAMA TEACHERS
    Similarity Rank: 1872
    Eco Credit Union
    Similarity Rank: 1900
    APCO EMPLOYEES
    Similarity Rank: 2156
    Progress Bank and Trust
    Similarity Rank: 2491

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 265 $44,005,000 $166,057 $1,690 3.56%
    HELOC 39 $2,275,000 $58,333 n/a 3.02%
    FHA 1 $55,000 $55,000 $0 2.75%

    For 2021, Alabama Teachers's most frequently originated type of loan was Conventional, with 265 originations. Their 2nd most popular type was HELOC, with 39 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 123 $20,985,000 $170,610 $1,672 3.43%
    Home Purchase 107 $17,945,000 $167,710 $1,791 3.62%
    Home Improvement 28 $1,710,000 $61,071 $1,288 3.89%
    Cash Out Refi 24 $4,470,000 $186,250 $1,510 3.40%
    Other 23 $1,225,000 $53,261 $0 2.80%

    For 2021, Alabama Teachers's most frequently cited loan purpose was Refi, with 123 originations. The 2nd most popular reason was Home Purchase, with 107 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 127 $25,965,000 $204,449 $1,846 3.50%
    15 Year 115 $10,165,000 $88,391 $1,458 3.38%
    20 Year 42 $8,420,000 $200,476 $1,532 3.41%
    10 Year 9 $735,000 $81,667 $1,683 3.64%
    Other 6 $460,000 $76,667 $1,482 4.54%
    5 Year 5 $495,000 $99,000 $1,559 4.54%
    1 Year 1 $95,000 $95,000 $0 4.50%

    For 2021, Alabama Teachers's most frequently cited loan duration was 30 Year, with 127 originations. The 2nd most popular length was 15 Year, with 115 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 199 $34,495,000 $173,342
    2.5-3% 62 $7,290,000 $117,581
    4-5% 32 $3,830,000 $119,688
    Over 8% 4 $110,000 $27,500
    <2.5% 3 $465,000 $155,000
    6-7% 1 $55,000 $55,000
    7-8% 1 $15,000 $15,000

    During 2021, Alabama Teachers's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 3-4%, with 199 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 119 $6,135,000 $51,555 $1,363 3.64%
    $100k-200k 108 $15,390,000 $142,500 $1,662 3.41%
    $200k-400k 64 $17,100,000 $267,188 $1,626 3.38%
    $400k-600k 11 $5,425,000 $493,182 $4,168 3.25%
    $600k-1MM 3 $2,285,000 $761,667 $2,759 3.50%

    2021 saw Alabama Teachers place emphasis on $100,000 or less loans with 119 originations, totaling $6,135,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 65 $8,495,000 $130,692 $1,551 3.43%
    $50k or less 62 $5,720,000 $92,258 $1,376 3.53%
    $100k-150k 58 $8,900,000 $153,448 $1,519 3.59%
    $75k-100k 50 $8,080,000 $161,600 $1,898 3.37%
    $150k-250k 30 $6,560,000 $218,667 $2,771 3.22%
    $250k+ 15 $5,635,000 $375,667 $1,835 3.25%

    Alabama Teachers lent most frequently to those with incomes in the $50k-75k range, with 65 originations. The second most popular income band? $50k or less, with 62 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 75 $11,005,000 $146,733 $1,756 3.59%
    30-36% 60 $8,540,000 $142,333 $1,516 3.38%
    <20% 34 $4,750,000 $139,706 $1,440 3.41%
    43% 14 $1,910,000 $136,429 $1,568 3.63%
    38% 14 $2,760,000 $197,143 $1,567 3.43%
    44% 10 $1,110,000 $111,000 $1,064 3.45%
    46% 8 $1,630,000 $203,750 $1,893 3.06%
    37% 8 $800,000 $100,000 $1,315 3.38%
    40% 8 $1,650,000 $206,250 $1,653 3.44%
    41% 8 $1,280,000 $160,000 $1,562 3.16%
    45% 8 $1,980,000 $247,500 $1,473 3.69%
    36% 7 $795,000 $113,571 $1,659 3.25%
    39% 6 $1,210,000 $201,667 $1,531 3.63%
    48% 5 $1,225,000 $245,000 $1,846 3.20%
    47% 5 $1,205,000 $241,000 $7,047 3.30%
    49% 5 $785,000 $157,000 $1,185 3.15%
    50-60% 3 $365,000 $121,667 $1,494 3.58%
    42% 3 $445,000 $148,333 $1,435 3.25%

    Alabama Teachers lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 265 $41,705,000 $157,377 $1,710 3.44%
    Not applicable 24 $2,890,000 $120,417 $0 4.06%
    Black 12 $1,330,000 $110,833 $1,392 3.58%
    American Indian 2 $360,000 $180,000 $1,327 3.63%
    Asian 1 $25,000 $25,000 $0 2.75%
    Not provided 1 $25,000 $25,000 $0 4.00%

    Approval Rates

    Total approvals of all applications
    78.55%

    Alabama Teachers has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.44%

    Alabama Teachers has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 305 $46,335,000 $151,918

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    305 $46,335,000 $151,918

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $3,245,000 $98,333 $1,406 3.22%
    40-60% 32 $4,020,000 $125,625 $1,352 3.21%
    60-80% 80 $12,840,000 $160,500 $1,547 3.50%
    80-100% 129 $25,235,000 $195,620 $1,904 3.56%
    Under 20% 27 $935,000 $34,630 $1,342 3.13%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Alabama Housing Finance Authority FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.7%
    Alabama Housing Finance Authority FHA mortgage Incorrect information on your report 1 7.7%
    Alabama Housing Finance Authority FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 7.7%
    Alabama Housing Finance Authority FHA mortgage Struggling to pay mortgage 3 23.1%
    Alabama Housing Finance Authority FHA mortgage Trouble during payment process 6 46.2%
    Alabama Housing Finance Authority Other type of mortgage Struggling to pay mortgage 1 7.7%