Redstone Federal Credit Union Mortgage Rates, Fees & Info

Huntsville, AL

LEI: 549300G6RZM5T8NQJW74

Tax ID: 63-0322374

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Home Purchase loans. Redstone Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Huntsville, Decatur, Nashville, Albertville, and Scottsboro among others. We have data for 32 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% 11/22/24
    30 Year Conventional Purchase 7.01% 11/22/24
    30 Year Conventional Refi 6.54% 11/22/24
    30 Year Cash-out Refi 6.77% 11/22/24
    30 Year FHA Purchase 7.22% 11/22/24
    30 Year FHA Refi 7.63% 11/22/24
    30 Year VA Purchase 6.20% 11/22/24
    30 Year VA Refi 6.27% 11/22/24
    15 Year Conventional Purchase 6.04% 11/22/24
    15 Year Conventional Refi 6.05% 11/22/24
    15 Year Cash-out Refi 6.05% 11/22/24
    15 Year VA Purchase 5.68% 11/22/24
    15 Year VA Refi 5.68% 11/22/24
    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

    2,833

    Origination Dollar Volume (All Markets)

    $263,165,000

    Awards

    REDSTONE Federal Credit Union 30 Year Conventional Loans gold REDSTONE Federal Credit Union VA Loans gold REDSTONE Federal Credit Union VA Loans silver REDSTONE Federal Credit Union VA Loans silver
    Show all (4) awards

    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) 1,850 $173,140,000 $93,589 $2,934 5.41%
    DECATUR, AL (FHA|USDA|VA) 321 $30,685,000 $95,592 $2,987 5.31%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 116 $12,070,000 $104,052 $3,294 5.72%
    Albertville, AL (FHA|USDA|VA) 141 $11,245,000 $79,752 $2,634 5.35%
    Outside of Metro Areas 128 $11,210,000 $87,578 $2,936 5.33%
    Scottsboro, AL (FHA|USDA|VA) 83 $6,095,000 $73,434 $2,471 5.44%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 43 $4,565,000 $106,163 $2,825 5.59%
    Cullman, AL (FHA|USDA|VA) 43 $3,315,000 $77,093 $2,569 5.58%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 26 $2,560,000 $98,462 $2,730 5.53%
    Fort Payne, AL (FHA|USDA|VA) 14 $1,570,000 $112,143 $2,832 4.94%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 14 $930,000 $66,429 $2,832 6.11%
    Jasper, AL (FHA|USDA|VA) 3 $745,000 $248,333 $3,470 4.17%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 6 $680,000 $113,333 $3,054 5.10%
    TUSCALOOSA, AL (FHA|USDA|VA) 4 $630,000 $157,500 $3,363 4.63%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 4 $410,000 $102,500 $2,414 4.59%
    MOBILE, AL (FHA|USDA|VA) 4 $380,000 $95,000 $2,524 5.38%
    GADSDEN, AL (FHA|USDA|VA) 6 $360,000 $60,000 $2,419 6.00%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 4 $340,000 $85,000 $2,165 5.41%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $320,000 $160,000 $2,913 5.25%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 4 $260,000 $65,000 $1,935 5.31%
    Sevierville, TN (FHA|USDA|VA) 2 $230,000 $115,000 $3,308 3.75%
    MONTGOMERY, AL (FHA|USDA|VA) 2 $230,000 $115,000 $2,902 5.31%
    Lawrenceburg, TN (FHA|USDA|VA) 2 $210,000 $105,000 $3,541 6.38%
    Alexander City, AL (FHA|USDA|VA) 1 $205,000 $205,000 $3,728 4.13%
    McMinnville, TN (FHA|USDA|VA) 1 $165,000 $165,000 $3,044 7.00%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $145,000 $145,000 $3,025 4.63%
    Atmore, AL (FHA|USDA|VA) 1 $115,000 $115,000 $2,191 6.38%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.38%
    Shelbyville, TN (FHA|USDA|VA) 2 $90,000 $45,000 $0 5.88%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 2 $70,000 $35,000 $1,767 5.75%
    Lewisburg, TN (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.00%
    Paris, TN (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.75%
    Redstone Federal Credit Union's top markets include Huntsville, Decatur, Nashville, 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.

    TVA Community Credit Union
    Similarity Rank: 30
    Alabama Central Credit Union
    Similarity Rank: 112
    Jefferson Credit Union
    Similarity Rank: 228
    Eco Credit Union
    Similarity Rank: 368
    KELLEY MORTGAGE, LLC
    Similarity Rank: 412
    Liberty Mortgage Corporation
    Similarity Rank: 432
    US COMMUNITY
    Similarity Rank: 555
    Southeast Financial Credit Union
    Similarity Rank: 742
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 750
    APCO EMPLOYEES
    Similarity Rank: 957

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,415 $68,915,000 $48,703 n/a 5.81%
    Conventional 1,306 $171,900,000 $131,623 $2,794 5.08%
    VA 99 $20,465,000 $206,717 $4,200 4.16%
    USDA 13 $1,885,000 $145,000 $4,470 4.58%

    For 2018, Redstone Federal Credit Union's most frequently originated type of loan was HELOC, with 1,415 originations. Their 2nd most popular type was Conventional, with 1,306 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,000 $148,030,000 $148,030 $3,057 5.12%
    Home Improvement 783 $36,375,000 $46,456 $2,153 5.73%
    Other 621 $35,025,000 $56,401 $2,340 5.80%
    Refi 267 $21,545,000 $80,693 $2,665 5.17%
    Cash Out Refi 161 $22,105,000 $137,298 $2,883 4.56%
    NA 1 $85,000 $85,000 $1,343 5.88%

    For 2018, Redstone Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 1,000 originations. The 2nd most popular reason was Home Improvement, with 783 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 1,748 $109,090,000 $62,408 $2,569 5.54%
    30 Year 840 $128,850,000 $153,393 $3,037 5.26%
    Other 107 $7,835,000 $73,224 $3,795 5.48%
    10 Year 70 $5,490,000 $78,429 $2,291 4.72%
    20 Year 45 $5,775,000 $128,333 $2,831 4.61%
    30+ year 22 $5,940,000 $270,000 $5,068 4.31%
    3 Year 1 $185,000 $185,000 $0 5.75%

    For 2018, Redstone Federal Credit Union's most frequently cited loan duration was 15 Year, with 1,748 originations. The 2nd most popular length was 30 Year, with 840 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 706 $119,780,000 $169,660
    $<1k 606 $50,640,000 $83,564
    $2k-3k 46 $16,520,000 $359,130
    $3k-4k 2 $1,210,000 $605,000

    Redstone Federal Credit Union's average total fees were $3,037, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 706 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 1,450 $85,260,000 $58,800
    4-5% 749 $115,205,000 $153,812
    6-7% 294 $28,100,000 $95,578
    3-4% 191 $27,095,000 $141,859
    7-8% 127 $6,835,000 $53,819
    Over 8% 22 $670,000 $30,455

    During 2018, Redstone Federal Credit Union's average interest rate for loans was 5.26%, while their most frequently originated rate bucket for loans was 5-6%, with 1,450 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,821 $86,595,000 $47,554 $2,251 5.65%
    $100k-200k 768 $109,130,000 $142,096 $2,941 5.09%
    $200k-400k 228 $59,510,000 $261,009 $4,066 4.58%
    $400k-600k 14 $6,250,000 $446,429 $6,319 4.73%
    $1MM+ 1 $1,025,000 $1,025,000 $0 4.85%
    $600k-1MM 1 $655,000 $655,000 $7,018 5.50%

    2018 saw Redstone Federal Credit Union place emphasis on $100,000 or less loans with 1,821 originations, totaling $86,595,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 679 $60,915,000 $89,713 $2,831 5.45%
    $100k-150k 651 $66,115,000 $101,559 $3,231 5.34%
    $50k or less 591 $44,955,000 $76,066 $2,533 5.50%
    $75k-100k 537 $49,985,000 $93,082 $3,061 5.39%
    $150k-250k 277 $30,655,000 $110,668 $3,483 5.37%
    $250k+ 52 $6,280,000 $120,769 $3,564 5.42%

    Redstone Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 679 originations. The second most popular income band? $100k-150k, with 651 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 729 $69,365,000 $95,151 $2,879 5.30%
    30-36% 455 $45,935,000 $100,956 $2,808 5.40%
    <20% 378 $28,120,000 $74,392 $2,809 5.21%
    50-60% 176 $10,020,000 $56,932 $2,667 5.84%
    38% 94 $10,100,000 $107,447 $3,039 5.56%
    41% 93 $9,235,000 $99,301 $2,911 5.50%
    42% 89 $8,705,000 $97,809 $2,829 5.57%
    37% 89 $7,905,000 $88,820 $2,863 5.56%
    39% 86 $9,420,000 $109,535 $3,370 5.43%
    40% 84 $8,400,000 $100,000 $3,112 5.67%
    36% 83 $8,485,000 $102,229 $3,061 5.50%
    43% 76 $9,370,000 $123,289 $3,269 5.55%
    45% 72 $6,800,000 $94,444 $3,048 5.37%
    44% 62 $5,590,000 $90,161 $2,756 5.77%
    46% 60 $5,670,000 $94,500 $2,684 5.18%
    47% 50 $5,360,000 $107,200 $3,000 5.19%
    48% 43 $4,005,000 $93,140 $2,847 5.63%
    49% 35 $3,895,000 $111,286 $2,841 5.41%
    >60% 32 $2,310,000 $72,188 $2,524 5.71%

    Redstone Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 729 originations. The next most common DTI ratio? 30-36%, with 455 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,282 $210,660,000 $92,314 $2,887 5.40%
    Black 269 $24,195,000 $89,944 $2,794 5.66%
    Not provided 161 $16,595,000 $103,075 $3,004 5.32%
    Asian 37 $4,275,000 $115,541 $3,942 5.45%
    Not applicable 42 $3,910,000 $93,095 $0 4.96%
    American Indian 36 $2,570,000 $71,389 $3,344 5.41%
    Native Hawaiian or Islander 4 $790,000 $197,500 $3,824 4.63%
    Korean 1 $125,000 $125,000 $2,526 5.00%
    Samoan 1 $45,000 $45,000 $2,283 6.50%

    Approval Rates

    Total approvals of all applications
    81.08%

    Redstone Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.07%

    Redstone Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,833 $263,165,000 $92,893

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 2,833 $263,165,000 $92,893

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 634 $37,360,000 $58,927 $2,153 5.70%
    40-60% 242 $21,170,000 $87,479 $2,615 5.02%
    60-80% 394 $53,510,000 $135,812 $2,939 4.73%
    80-100% 750 $115,720,000 $154,293 $3,018 5.17%
    Over 100% 63 $9,835,000 $156,111 $4,228 5.95%
    Under 20% 741 $24,445,000 $32,989 $1,650 5.84%