Redstone Federal Credit Union Mortgage Rates, Fees & Info
Huntsville, ALLEI: 549300G6RZM5T8NQJW74
Tax ID: 63-0322374
2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
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 include Huntsville, Nashville, Decatur, Albertville, and Scottsboro among others. Redstone Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Redstone Federal Credit Union is typically a low fee lendor.Originations
4,799Origination Dollar Volume (All Markets)
$641,505,000Awards
REDSTONE Federal Credit Union - 2021
REDSTONE Federal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for REDSTONE Federal Credit Union?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
Redstone Federal Credit Union's average 30 year fixed rate mortgage of loans were
3.53%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.38%.
Relative Fees
Redstone Federal Credit Union's average total fees for a 30 year fixed rate
mortgage are $2,778.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| 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.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 4,765 | $633,465,000 | $132,941 | $2,668 | 3.59% |
| VA | 34 | $8,040,000 | $236,471 | $4,634 | 3.00% |
For the 2021 period, Redstone Federal Credit Union's most frequently originated loan type of loans were Conventional, with 4,765 originations. Their 2nd most popular type is VA, with 34 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average 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 the 2021, Redstone Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 1,345 originations. The 2nd most popular reason of loans were 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 the 2021, Redstone Federal Credit Union's most frequently cited loan length of loans were 15 Year, with 1,977 originations. The 2nd most popular length of loans were 30 Year, with 1,502 originations.
Origination Fees
| Origination Fee | 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 | 20 | $3,950,000 | $197,500 |
| $5k+ | 8 | $2,750,000 | $343,750 |
$2,778 of loans were Redstone Federal Credit Union's average total fees, while their most frequently occuring range of origination fees 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 of loans were 3.53%, while their most frequently originated rate bucket of loans were 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 | 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 applications84.84%
Redstone Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination65.81%
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% |
