Redstone Federal Credit Union Mortgage Rates, Fees & Info

Huntsville, AL

LEI: 549300G6RZM5T8NQJW74

Tax ID: 63-0322374

5 stars - out of 5 stars, based on 69 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Redstone Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Redstone Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Huntsville, Nashville, Decatur, Albertville, and Scottsboro among others. We have data for 37 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 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.

    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% 3/19/23
    30 Year Conventional Purchase 7.15% 3/19/23
    30 Year Conventional Refi 6.71% 3/19/23
    30 Year Cash-out Refi 6.83% 3/19/23
    30 Year VA Purchase 6.65% 3/19/23
    30 Year VA Refi 6.36% 3/19/23
    15 Year Conventional Purchase 6.05% 3/19/23
    15 Year Conventional Refi 5.98% 3/19/23
    15 Year Cash-out Refi 5.98% 3/19/23
    15 Year VA Purchase 5.83% 3/19/23
    15 Year VA Refi 6.18% 3/19/23
    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.


    Originations

    4,799

    Origination Dollar Volume (All Markets)

    $641,505,000
    Show all (13) awards

    Relative Rate

    Redstone Federal Credit Union's average 30 year fixed mortgage rate was 3.53%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.38%.

    Relative Fees (Closing Costs)

    Redstone Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,778.

    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 $4,750.

    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) 3,102 $407,260,000 $131,289 $2,624 3.57%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 364 $61,980,000 $170,275 $3,121 3.78%
    DECATUR, AL (FHA|USDA|VA) 411 $47,275,000 $115,024 $2,669 3.59%
    Albertville, AL (FHA|USDA|VA) 204 $29,830,000 $146,225 $2,681 3.56%
    Outside of Metro Areas 209 $28,765,000 $137,632 $2,893 3.52%
    Scottsboro, AL (FHA|USDA|VA) 123 $12,245,000 $99,553 $2,535 3.48%
    Cullman, AL (FHA|USDA|VA) 66 $8,140,000 $123,333 $2,710 3.49%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 65 $8,095,000 $124,538 $2,680 3.65%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 48 $6,580,000 $137,083 $2,726 3.56%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 38 $5,540,000 $145,789 $2,692 3.90%
    Fort Payne, AL (FHA|USDA|VA) 29 $3,525,000 $121,552 $2,734 3.99%
    Shelbyville, TN (FHA|USDA|VA) 16 $2,490,000 $155,625 $3,277 4.19%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 10 $2,080,000 $208,000 $2,855 3.39%
    Lewisburg, TN (FHA|USDA|VA) 11 $2,045,000 $185,909 $3,343 3.61%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 9 $1,785,000 $198,333 $3,379 3.19%
    GADSDEN, AL (FHA|USDA|VA) 17 $1,765,000 $103,824 $2,573 3.71%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 7 $1,595,000 $227,857 $3,942 3.34%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 11 $1,575,000 $143,182 $2,902 4.10%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 9 $1,315,000 $146,111 $2,824 4.06%
    Crossville, TN (FHA|USDA|VA) 6 $1,200,000 $200,000 $2,923 2.92%
    MOBILE, AL (FHA|USDA|VA) 6 $990,000 $165,000 $3,006 2.75%
    MONTGOMERY, AL (FHA|USDA|VA) 5 $795,000 $159,000 $2,797 3.88%
    KNOXVILLE, TN (FHA|USDA|VA) 4 $610,000 $152,500 $3,195 3.66%
    Jasper, AL (FHA|USDA|VA) 3 $605,000 $201,667 $2,941 3.00%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 4 $590,000 $147,500 $2,465 3.25%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 6 $550,000 $91,667 $2,622 3.31%
    Lawrenceburg, TN (FHA|USDA|VA) 3 $445,000 $148,333 $4,777 3.21%
    Sevierville, TN (FHA|USDA|VA) 1 $415,000 $415,000 $0 2.63%
    McMinnville, TN (FHA|USDA|VA) 3 $335,000 $111,667 $3,118 3.83%
    Enterprise, AL (FHA|USDA|VA) 1 $265,000 $265,000 $2,221 3.25%
    Alexander City, AL (FHA|USDA|VA) 2 $220,000 $110,000 $2,647 3.44%
    Cookeville, TN (FHA|USDA|VA) 1 $175,000 $175,000 $2,406 2.88%
    Ozark, AL (FHA|USDA|VA) 1 $155,000 $155,000 $2,972 3.63%
    TUSCALOOSA, AL (FHA|USDA|VA) 1 $95,000 $95,000 $2,782 2.50%
    JACKSON, TN (FHA|USDA|VA) 1 $85,000 $85,000 $2,764 4.63%
    DOTHAN, AL (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.25%
    Martin, TN (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.88%
    Redstone Federal Credit Union's top markets include Huntsville, Nashville, Decatur, Albertville, and Scottsboro among others.

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

    • Similar Lenders

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

    Florence Federal Credit Union
    Similarity Rank: 43
    TVA Community Credit Union
    Similarity Rank: 171
    Citizens Tri-County Bank
    Similarity Rank: 270
    KELLEY MORTGAGE, LLC
    Similarity Rank: 336
    SmartBank
    Similarity Rank: 481
    First Vision Bank of Tennessee
    Similarity Rank: 657
    Liberty Mortgage Corporation
    Similarity Rank: 675
    US COMMUNITY
    Similarity Rank: 686
    Jefferson Credit Union
    Similarity Rank: 900
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 952

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,688 $500,480,000 $186,190 $2,668 3.17%
    HELOC 2,077 $132,985,000 $64,027 n/a 4.15%
    VA 34 $8,040,000 $236,471 $4,634 3.00%

    For 2021, Redstone Federal Credit Union's most frequently originated type of loan was Conventional, with 2,688 originations. Their 2nd most popular type was HELOC, with 2,077 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,345 $208,945,000 $155,349 $2,543 3.07%
    Home Improvement 1,246 $73,630,000 $59,093 $2,510 4.09%
    Home Purchase 1,084 $209,420,000 $193,192 $2,910 3.64%
    Cash Out Refi 667 $122,515,000 $183,681 $2,665 3.15%
    Other 457 $26,995,000 $59,070 $2,663 4.27%

    For 2021, Redstone Federal Credit Union's most frequently cited loan purpose was Refi, with 1,345 originations. The 2nd most popular reason was Home Improvement, with 1,246 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 1,977 $259,125,000 $131,070 $2,549 3.39%
    30 Year 1,502 $303,180,000 $201,851 $2,778 3.53%
    10 Year 1,157 $48,955,000 $42,312 $2,466 4.06%
    20 Year 107 $18,665,000 $174,439 $2,494 3.07%
    Other 42 $5,790,000 $137,857 $2,667 3.66%
    30+ year 14 $5,790,000 $413,571 $5,425 3.38%

    For 2021, Redstone Federal Credit Union's most frequently cited loan duration was 15 Year, with 1,977 originations. The 2nd most popular length was 30 Year, with 1,502 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,430 $455,180,000 $187,317
    $1k-2k 126 $21,920,000 $173,968
    $2k-3k 20 $5,110,000 $255,500
    $3k-4k 14 $2,420,000 $172,857
    $5k+ 8 $2,750,000 $343,750
    $4k-5k 6 $1,530,000 $255,000

    Redstone Federal Credit Union's average total fees were $2,778, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,430 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 2,316 $319,840,000 $138,100
    4-5% 980 $82,040,000 $83,714
    2.5-3% 698 $127,920,000 $183,266
    <2.5% 599 $95,255,000 $159,023
    5-6% 170 $14,720,000 $86,588
    6-7% 36 $1,730,000 $48,056

    During 2021, Redstone Federal Credit Union's average interest rate for loans was 3.53%, while their most frequently originated rate bucket for loans was 3-4%, with 2,316 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,148 $110,980,000 $51,667 $2,325 3.96%
    $100k-200k 1,643 $238,755,000 $145,316 $2,571 3.32%
    $200k-400k 904 $238,640,000 $263,982 $2,943 3.25%
    $400k-600k 93 $43,655,000 $469,409 $3,499 3.18%
    $600k-1MM 10 $6,870,000 $687,000 $5,063 3.36%
    $1MM+ 1 $2,605,000 $2,605,000 $0 3.50%

    2021 saw Redstone Federal Credit Union place emphasis on $100,000 or less loans with 2,148 originations, totaling $110,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,217 $170,785,000 $140,333 $2,719 3.53%
    $50k-75k 943 $112,675,000 $119,486 $2,679 3.60%
    $75k-100k 833 $108,875,000 $130,702 $2,701 3.59%
    $150k-250k 760 $123,420,000 $162,395 $2,897 3.58%
    $50k or less 739 $72,545,000 $98,166 $2,585 3.66%
    $250k+ 149 $30,175,000 $202,517 $3,346 3.53%

    Redstone Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,217 originations. The second most popular income band? $50k-75k, with 943 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,380 $189,010,000 $136,964 $2,707 3.48%
    <20% 965 $117,005,000 $121,249 $2,523 3.36%
    30-36% 875 $121,435,000 $138,783 $2,690 3.63%
    41% 142 $21,000,000 $147,887 $2,806 3.73%
    42% 141 $20,655,000 $146,489 $2,730 3.89%
    50-60% 131 $9,885,000 $75,458 $2,939 4.24%
    40% 131 $19,155,000 $146,221 $2,794 3.85%
    39% 130 $17,580,000 $135,231 $2,754 3.80%
    38% 128 $17,610,000 $137,578 $2,779 3.77%
    36% 125 $16,325,000 $130,600 $2,686 3.63%
    43% 115 $15,535,000 $135,087 $2,839 3.74%
    37% 113 $14,655,000 $129,690 $2,784 3.86%
    44% 88 $12,330,000 $140,114 $2,780 3.64%
    45% 73 $9,565,000 $131,027 $2,615 3.57%
    46% 69 $10,665,000 $154,565 $2,941 3.65%
    48% 62 $6,720,000 $108,387 $2,679 3.75%
    47% 57 $7,725,000 $135,526 $3,337 3.82%
    49% 51 $6,925,000 $135,784 $3,117 3.79%
    >60% 9 $1,295,000 $143,889 $2,807 3.75%

    Redstone Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,380 originations. The next most common DTI ratio? <20%, with 965 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,707 $499,465,000 $134,736 $2,706 3.57%
    Black 468 $57,900,000 $123,718 $2,641 3.69%
    Not provided 456 $56,810,000 $124,583 $2,633 3.62%
    Asian 59 $10,185,000 $172,627 $2,808 3.48%
    American Indian 80 $8,500,000 $106,250 $2,513 3.62%
    Not applicable 11 $5,915,000 $537,727 $0 3.89%
    Asian Indian 7 $1,365,000 $195,000 $2,906 3.41%
    Native Hawaiian or Islander 6 $460,000 $76,667 $2,223 3.79%
    Vietnamese 2 $380,000 $190,000 $2,811 3.19%
    Other Asian 1 $275,000 $275,000 $3,801 3.38%
    Filipino 2 $250,000 $125,000 $1,961 3.06%

    Approval Rates

    Total approvals of all applications
    85.56%

    Redstone Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.12%

    Redstone Federal Credit Union 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 4,799 $641,505,000 $133,675

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    4,799 $641,505,000 $133,675

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 827 $69,385,000 $83,900 $2,412 3.89%
    40-60% 706 $102,710,000 $145,482 $2,495 3.01%
    60-80% 1,195 $228,585,000 $191,285 $2,674 3.11%
    80-100% 809 $172,465,000 $213,183 $2,906 3.58%
    Over 100% 70 $17,300,000 $247,143 $3,072 4.64%
    Under 20% 1,192 $51,060,000 $42,836 $2,197 4.15%