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

2021 Data | 2020 Data | 2019 Data | 2018 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

4,799

Origination Dollar Volume (All Markets)

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

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 applications
84.84%

Redstone Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
65.81%

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%