Redstone Federal Credit Union Mortgage Rates, Fees & Info

Huntsville, AL

LEI: 549300G6RZM5T8NQJW74

Tax ID: 63-0322374

4.1 stars - Updated: 5/20/24 - out of 5 stars, based on 59 reviews

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

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Mortgage Data

Review & Overview

Redstone Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Redstone Federal Credit Union 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Huntsville, Nashville, Decatur, Albertville, and Minneapolis among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)

Redstone Federal Credit Union 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. Redstone 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 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) 6.62% 5/20/24
30 Year Conventional Purchase 7.01% 5/20/24
30 Year Conventional Refi 6.54% 5/20/24
30 Year Cash-out Refi 6.77% 5/20/24
30 Year FHA Purchase 7.22% 5/20/24
30 Year FHA Refi 7.63% 5/20/24
30 Year VA Purchase 6.20% 5/20/24
30 Year VA Refi 6.27% 5/20/24
15 Year Conventional Purchase 6.04% 5/20/24
15 Year Conventional Refi 6.05% 5/20/24
15 Year Cash-out Refi 6.05% 5/20/24
15 Year VA Purchase 5.68% 5/20/24
15 Year VA Refi 5.68% 5/20/24
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.

Redstone Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Redstone Federal Credit Union. 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

3,447

Origination Dollar Volume (All Markets)

$465,935,000
Show all (15) awards

Relative Rate

Redstone Federal Credit Union's average 30 year fixed mortgage rate was 8.52%.

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

This yields a difference of 2.04%.

Relative Fees (Closing Costs)

Redstone Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,764.

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
HUNTSVILLE, AL (FHA|USDA|VA) 2,046 $276,510,000 $135,147 $3,450 8.60%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 334 $48,930,000 $146,497 $4,719 8.61%
DECATUR, AL (FHA|USDA|VA) 344 $35,190,000 $102,297 $3,629 8.45%
Albertville, AL (FHA|USDA|VA) 168 $18,670,000 $111,131 $3,236 8.22%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $18,605,000 $18,605,000 $0 5.60%
Outside of Metro Areas 143 $17,845,000 $124,790 $3,398 8.36%
Scottsboro, AL (FHA|USDA|VA) 114 $12,020,000 $105,439 $3,164 8.29%
Cullman, AL (FHA|USDA|VA) 58 $6,230,000 $107,414 $3,171 8.36%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 38 $4,510,000 $118,684 $2,526 8.17%
Tullahoma-Manchester, TN (FHA|USDA|VA) 23 $3,405,000 $148,043 $4,699 8.15%
Shelbyville, TN (FHA|USDA|VA) 24 $3,360,000 $140,000 $3,846 8.59%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 28 $3,110,000 $111,071 $3,036 8.28%
Fort Payne, AL (FHA|USDA|VA) 24 $2,790,000 $116,250 $3,889 8.07%
GADSDEN, AL (FHA|USDA|VA) 12 $1,720,000 $143,333 $2,833 7.88%
Lawrenceburg, TN (FHA|USDA|VA) 9 $1,685,000 $187,222 $3,588 7.79%
KNOXVILLE, TN (FHA|USDA|VA) 6 $1,490,000 $248,333 $4,699 7.69%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 7 $1,355,000 $193,571 $3,650 8.36%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 6 $1,210,000 $201,667 $2,764 7.27%
MOBILE, AL (FHA|USDA|VA) 7 $975,000 $139,286 $3,865 7.73%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 7 $935,000 $133,571 $4,166 8.11%
Lewisburg, TN (FHA|USDA|VA) 5 $805,000 $161,000 $5,864 9.03%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 9 $795,000 $88,333 $2,982 8.56%
MONTGOMERY, AL (FHA|USDA|VA) 6 $550,000 $91,667 $2,824 8.29%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 4 $510,000 $127,500 $3,080 7.78%
Jasper, AL (FHA|USDA|VA) 6 $450,000 $75,000 $2,852 9.29%
Sevierville, TN (FHA|USDA|VA) 3 $405,000 $135,000 $0 9.08%
TUSCALOOSA, AL (FHA|USDA|VA) 3 $405,000 $135,000 $3,206 8.17%
McMinnville, TN (FHA|USDA|VA) 2 $330,000 $165,000 $2,953 9.31%
Oxford, MS (FHA|USDA|VA) 1 $315,000 $315,000 $0 5.95%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 3 $175,000 $58,333 $2,822 8.58%
Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $175,000 $175,000 $2,571 6.75%
DOTHAN, AL (FHA|USDA|VA) 2 $160,000 $80,000 $5,521 6.75%
Ozark, AL (FHA|USDA|VA) 1 $135,000 $135,000 $0 9.13%
Cookeville, TN (FHA|USDA|VA) 1 $125,000 $125,000 $0 9.13%
CLEVELAND, TN (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.63%
Redstone Federal Credit Union's top markets include Huntsville, Nashville, Decatur, Albertville, and Minneapolis among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 2,503 $190,845,000 $76,247 n/a 9.09%
    Conventional 857 $249,775,000 $291,453 $3,266 7.06%
    VA 55 $17,715,000 $322,091 $5,716 6.33%
    FHA 30 $7,170,000 $239,000 $7,615 6.20%
    USDA 2 $430,000 $215,000 $6,614 6.69%

    For 2023, Redstone Federal Credit Union's most frequently originated type of loan was HELOC, with 2,503 originations. Their 2nd most popular type was Conventional, with 857 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,132 $75,010,000 $66,263 $2,706 8.98%
    Home Purchase 768 $211,720,000 $275,677 $3,810 7.16%
    Other 747 $51,035,000 $68,320 $0 9.23%
    Refi 584 $98,810,000 $169,195 $3,013 8.80%
    Cash Out Refi 216 $29,360,000 $135,926 $2,984 7.61%

    For 2023, Redstone Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 1,132 originations. The 2nd most popular reason was Home Purchase, with 768 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,525 $335,065,000 $132,699 $3,764 8.52%
    20 Year 716 $30,020,000 $41,927 $3,264 8.77%
    15 Year 172 $20,550,000 $119,477 $2,726 7.65%
    10 Year 24 $19,570,000 $815,417 $2,509 6.95%
    Other 5 $41,395,000 $8,279,000 $0 6.95%
    5 Year 4 $19,030,000 $4,757,500 $0 6.53%
    3 Year 1 $305,000 $305,000 $0 8.25%

    For 2023, Redstone Federal Credit Union's most frequently cited loan duration was 30 Year, with 2,525 originations. The 2nd most popular length was 20 Year, with 716 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 720 $151,340,000 $210,194
    $1k-2k 99 $18,725,000 $189,141
    $3k-4k 28 $5,810,000 $207,500
    $2k-3k 22 $5,690,000 $258,636
    $5k+ 22 $7,700,000 $350,000
    $4k-5k 20 $5,630,000 $281,500

    Redstone Federal Credit Union's average total fees were $3,764, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 720 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 2,634 $210,340,000 $79,856
    6-7% 413 $95,265,000 $230,666
    7-8% 224 $49,350,000 $220,313
    5-6% 170 $109,040,000 $641,412
    4-5% 6 $1,940,000 $323,333

    During 2023, Redstone Federal Credit Union's average interest rate for loans was 8.52%, while their most frequently originated rate bucket for loans was Over 8%, with 2,634 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,020 $102,080,000 $50,535 $2,590 8.98%
    $100k-200k 828 $113,500,000 $137,077 $3,031 8.26%
    $200k-400k 524 $137,720,000 $262,824 $4,086 7.39%
    $400k-600k 58 $27,750,000 $478,448 $5,398 6.63%
    $600k-1MM 14 $9,860,000 $704,286 $5,399 6.59%
    $1MM+ 3 $75,025,000 $25,008,333 $0 5.77%

    2023 saw Redstone Federal Credit Union place emphasis on $100,000 or less loans with 2,020 originations, totaling $102,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 913 $104,285,000 $114,222 $3,620 8.65%
    $150k-250k 686 $89,520,000 $130,496 $3,978 8.68%
    $50k-75k 619 $62,035,000 $100,218 $3,432 8.37%
    $75k-100k 611 $68,585,000 $112,250 $3,965 8.49%
    $50k or less 360 $27,550,000 $76,528 $2,886 8.21%
    $250k+ 166 $29,480,000 $177,590 $4,565 8.52%

    Redstone Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 913 originations. The second most popular income band? $150k-250k, with 686 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 728 $72,920,000 $100,165 $3,223 8.47%
    30-36% 634 $76,210,000 $120,205 $3,507 8.44%
    <20% 388 $33,510,000 $86,366 $3,095 8.44%
    50-60% 354 $32,800,000 $92,655 $8,622 9.13%
    38% 126 $15,390,000 $122,143 $3,434 8.57%
    41% 119 $14,525,000 $122,059 $3,409 8.27%
    42% 114 $17,910,000 $157,105 $3,689 8.27%
    39% 110 $15,700,000 $142,727 $3,458 8.21%
    37% 107 $11,555,000 $107,991 $3,393 8.58%
    40% 105 $13,655,000 $130,048 $3,504 8.43%
    43% 98 $12,920,000 $131,837 $3,812 8.56%
    36% 95 $11,005,000 $115,842 $3,008 8.50%
    44% 81 $9,005,000 $111,173 $3,538 8.65%
    47% 77 $11,285,000 $146,558 $3,877 8.18%
    49% 74 $10,230,000 $138,243 $4,210 8.34%
    45% 66 $9,100,000 $137,879 $3,269 8.28%
    48% 63 $9,365,000 $148,651 $5,546 8.41%
    46% 50 $6,690,000 $133,800 $4,609 8.45%
    >60% 49 $5,805,000 $118,469 $3,376 9.01%

    Redstone Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 728 originations. The next most common DTI ratio? 30-36%, with 634 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,542 $290,110,000 $114,127 $3,502 8.46%
    Not applicable 9 $76,355,000 $8,483,889 $0 6.98%
    Not provided 437 $46,055,000 $105,389 $3,913 8.73%
    Black 350 $38,730,000 $110,657 $3,624 8.67%
    Asian 43 $6,335,000 $147,326 $3,732 8.66%
    American Indian 49 $6,035,000 $123,163 $4,057 8.55%
    Other Asian 6 $1,010,000 $168,333 $6,525 7.85%
    Other Pacific Islander 2 $460,000 $230,000 $4,099 7.94%
    Native Hawaiian or Islander 6 $300,000 $50,000 $0 8.98%
    Korean 1 $255,000 $255,000 $0 8.13%
    Vietnamese 1 $145,000 $145,000 $0 8.13%
    Filipino 1 $145,000 $145,000 $2,360 6.75%

    Approval Rates

    Total approvals of all applications
    79.27%

    Redstone Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.98%

    Redstone Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,447 $465,935,000 $135,171

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,447 $465,935,000 $135,171

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 996 $98,040,000 $98,434 $2,692 8.86%
    40-60% 294 $101,050,000 $343,707 $3,064 8.14%
    60-80% 261 $74,935,000 $287,107 $3,414 7.36%
    80-100% 464 $115,340,000 $248,578 $3,878 7.04%
    Over 100% 39 $11,395,000 $292,179 $6,106 7.46%
    Under 20% 1,388 $64,940,000 $46,787 $2,497 9.08%