Alcoa Tenn Federal Credit Union Mortgage Rates, Fees & Info
Alcoa, TNLEI: 549300DV2WBWN5ZEMV06
Tax ID: 62-0456993
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Mortgage Data
Review & Overview
Alcoa Tenn Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Alcoa Tenn Federal Credit Union has a high proportion of conventional loans. Their top two markets are Knoxville and Sevierville .Alcoa Tenn Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Alcoa Tenn Federal Credit Union 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.28% | 5/5/24 |
| 30 Year Conventional Refi | 6.08% | 5/5/24 |
| 30 Year Cash-out Refi | 6.42% | 5/5/24 |
| 15 Year Conventional Purchase | 7.91% | 5/5/24 |
| 15 Year Conventional Refi | 4.77% | 5/5/24 |
| 15 Year Cash-out Refi | 4.77% | 5/5/24 |
| 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. | ||
Alcoa Tenn Federal 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
178Origination Dollar Volume (All Markets)
$27,240,000Top 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 |
|---|---|---|---|---|---|
| KNOXVILLE, TN (FHA|USDA|VA) | 165 | $24,905,000 | $150,939 | $926 | 3.17% |
| Outside of Metro Areas | 10 | $1,390,000 | $139,000 | $0 | 3.21% |
| Sevierville, TN (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $0 | 3.66% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 178 | $27,240,000 | $153,034 | $926 | 3.18% |
For 2021, Alcoa Tenn Federal Credit Union's most frequently originated type of loan was Conventional, with 178 originations.
Loan Reason
For 2021, Alcoa Tenn Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 98 originations. The 2nd most popular reason was Refi, with 41 originations.
Loan Duration/Length
For 2021, Alcoa Tenn Federal Credit Union's most frequently cited loan duration was 15 Year, with 86 originations. The 2nd most popular length was 30 Year, with 73 originations.
Origination Fees/Closing Costs
Alcoa Tenn Federal Credit Union's average total fees were $636, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 87 originations.
Interest Rates
During 2021, Alcoa Tenn Federal Credit Union's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 2.5-3%, with 100 originations.
Loan Sizing
2021 saw Alcoa Tenn Federal Credit Union place emphasis on $100k-200k loans with 85 originations, totaling $12,805,000 in origination value.
Applicant Income
Alcoa Tenn Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 50 originations. The second most popular income band? $50k or less, with 49 originations.
Applicant Debt to Income Ratio
Alcoa Tenn Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 31 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.76%
Alcoa Tenn Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination88.20%
Alcoa Tenn Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 178 | $27,240,000 | $153,034 |