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
  • Complaints
  • 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. They have a low ratio of USDA loans. Their top markets by origination volume include: Huntsville, Nashville, Decatur, Albertville, and Scottsboro among others. We have data for 33 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.62% 11/17/24
    30 Year Conventional Purchase 7.01% 11/17/24
    30 Year Conventional Refi 6.54% 11/17/24
    30 Year Cash-out Refi 6.77% 11/17/24
    30 Year FHA Purchase 7.22% 11/17/24
    30 Year FHA Refi 7.63% 11/17/24
    30 Year VA Purchase 6.20% 11/17/24
    30 Year VA Refi 6.27% 11/17/24
    15 Year Conventional Purchase 6.04% 11/17/24
    15 Year Conventional Refi 6.05% 11/17/24
    15 Year Cash-out Refi 6.05% 11/17/24
    15 Year VA Purchase 5.68% 11/17/24
    15 Year VA Refi 5.68% 11/17/24
    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

    4,739

    Origination Dollar Volume (All Markets)

    $669,615,000
    Show all (9) 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) 3,191 $456,195,000 $142,963 $2,694 3.66%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 316 $57,780,000 $182,848 $2,976 3.68%
    DECATUR, AL (FHA|USDA|VA) 422 $48,110,000 $114,005 $2,713 3.90%
    Albertville, AL (FHA|USDA|VA) 202 $24,750,000 $122,525 $2,647 3.73%
    Outside of Metro Areas 168 $21,060,000 $125,357 $2,701 3.77%
    Scottsboro, AL (FHA|USDA|VA) 126 $14,770,000 $117,222 $2,702 3.60%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 62 $9,090,000 $146,613 $2,574 3.69%
    Cullman, AL (FHA|USDA|VA) 64 $8,930,000 $139,531 $3,009 3.89%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 36 $4,970,000 $138,056 $2,474 3.83%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 25 $4,595,000 $183,800 $3,170 3.71%
    Fort Payne, AL (FHA|USDA|VA) 34 $3,740,000 $110,000 $2,701 3.88%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 11 $2,425,000 $220,455 $2,911 3.05%
    Shelbyville, TN (FHA|USDA|VA) 12 $2,270,000 $189,167 $3,033 3.79%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 10 $1,930,000 $193,000 $2,488 3.63%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 9 $1,505,000 $167,222 $3,268 3.28%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 6 $980,000 $163,333 $2,879 3.90%
    Lewisburg, TN (FHA|USDA|VA) 6 $960,000 $160,000 $2,961 4.44%
    Alexander City, AL (FHA|USDA|VA) 3 $815,000 $271,667 $2,498 3.21%
    TUSCALOOSA, AL (FHA|USDA|VA) 4 $700,000 $175,000 $2,489 3.06%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $630,000 $315,000 $2,411 3.25%
    KNOXVILLE, TN (FHA|USDA|VA) 5 $575,000 $115,000 $3,464 3.90%
    GADSDEN, AL (FHA|USDA|VA) 6 $490,000 $81,667 $2,391 3.56%
    McMinnville, TN (FHA|USDA|VA) 2 $380,000 $190,000 $4,162 4.50%
    MOBILE, AL (FHA|USDA|VA) 2 $310,000 $155,000 $2,118 3.63%
    Lawrenceburg, TN (FHA|USDA|VA) 2 $310,000 $155,000 $3,685 3.88%
    Sevierville, TN (FHA|USDA|VA) 2 $250,000 $125,000 $2,387 3.38%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 3 $235,000 $78,333 $2,595 3.71%
    CLEVELAND, TN (FHA|USDA|VA) 1 $225,000 $225,000 $2,927 3.25%
    Cookeville, TN (FHA|USDA|VA) 1 $145,000 $145,000 $2,637 3.00%
    Newport, TN (FHA|USDA|VA) 1 $145,000 $145,000 $2,607 4.00%
    COLUMBUS, GA-AL (FHA|USDA|VA) 1 $135,000 $135,000 $3,135 5.25%
    MONTGOMERY, AL (FHA|USDA|VA) 3 $135,000 $45,000 $0 5.25%
    JACKSON, TN (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.38%
    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)
  • (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: 72
    SmartBank
    Similarity Rank: 160
    FNB Bank
    Similarity Rank: 220
    TVA Community Credit Union
    Similarity Rank: 260
    Citizens Tri-County Bank
    Similarity Rank: 266
    Liberty Mortgage Corporation
    Similarity Rank: 630
    Old Hickory Credit Union
    Similarity Rank: 680
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 684
    Jefferson Credit Union
    Similarity Rank: 702
    Legacy Home Loans, LLC
    Similarity Rank: 832

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,287 $583,405,000 $177,489 $2,715 3.30%
    HELOC 1,429 $81,705,000 $57,176 n/a 4.59%
    VA 20 $4,070,000 $203,500 $3,941 3.33%
    USDA 3 $435,000 $145,000 $4,713 3.54%

    For 2020, Redstone Federal Credit Union's most frequently originated type of loan was Conventional, with 3,287 originations. Their 2nd most popular type was HELOC, with 1,429 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,696 $289,770,000 $170,855 $2,633 3.10%
    Home Purchase 1,037 $180,375,000 $173,939 $2,874 3.84%
    Home Improvement 981 $57,675,000 $58,792 $2,601 4.48%
    Cash Out Refi 710 $123,920,000 $174,535 $2,749 3.36%
    Other 315 $17,875,000 $56,746 $2,404 4.73%

    For 2020, Redstone Federal Credit Union's most frequently cited loan purpose was Refi, with 1,696 originations. The 2nd most popular reason was Home Purchase, with 1,037 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 2,695 $297,625,000 $110,436 $2,603 3.77%
    30 Year 1,672 $312,130,000 $186,681 $2,794 3.64%
    20 Year 141 $27,345,000 $193,936 $2,694 3.12%
    Other 101 $10,335,000 $102,327 $2,991 4.23%
    10 Year 95 $11,805,000 $124,263 $2,380 2.84%
    30+ year 32 $9,820,000 $306,875 $4,794 3.70%
    1 Year 3 $555,000 $185,000 $0 5.70%

    For 2020, Redstone Federal Credit Union's most frequently cited loan duration was 15 Year, with 2,695 originations. The 2nd most popular length was 30 Year, with 1,672 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,769 $493,695,000 $178,294
    $1k-2k 285 $45,335,000 $159,070
    $2k-3k 101 $20,685,000 $204,802
    $3k-4k 28 $6,530,000 $233,214
    $4k-5k 15 $3,485,000 $232,333
    $5k+ 15 $4,365,000 $291,000

    Redstone Federal Credit Union's average total fees were $2,794, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,769 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,341 $254,935,000 $190,108
    4-5% 1,331 $100,995,000 $75,879
    2.5-3% 1,239 $220,995,000 $178,366
    5-6% 473 $39,385,000 $83,266
    <2.5% 306 $50,270,000 $164,281
    6-7% 26 $2,020,000 $77,692
    7-8% 21 $905,000 $43,095
    Over 8% 2 $110,000 $55,000

    During 2020, Redstone Federal Credit Union's average interest rate for loans was 3.64%, while their most frequently originated rate bucket for loans was 3-4%, with 1,341 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,905 $280,635,000 $147,315 $2,619 3.46%
    $100,000 or less 1,772 $93,140,000 $52,562 $2,373 4.22%
    $200k-400k 979 $254,575,000 $260,036 $3,008 3.22%
    $400k-600k 73 $34,205,000 $468,562 $3,773 3.25%
    $600k-1MM 10 $7,060,000 $706,000 $4,003 3.64%

    2020 saw Redstone Federal Credit Union place emphasis on $100k-200k loans with 1,905 originations, totaling $280,635,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,206 $190,970,000 $158,350 $2,823 3.58%
    $50k-75k 998 $120,830,000 $121,072 $2,666 3.72%
    $75k-100k 906 $126,850,000 $140,011 $2,784 3.66%
    $50k or less 733 $68,905,000 $94,004 $2,623 3.91%
    $150k-250k 636 $114,650,000 $180,267 $2,892 3.65%
    $250k+ 94 $21,070,000 $224,149 $3,237 3.72%

    Redstone Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,206 originations. The second most popular income band? $50k-75k, with 998 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,371 $205,045,000 $149,559 $2,708 3.56%
    <20% 924 $130,730,000 $141,483 $2,626 3.37%
    30-36% 816 $120,760,000 $147,990 $2,766 3.71%
    50-60% 156 $9,660,000 $61,923 $2,105 4.58%
    42% 141 $21,615,000 $153,298 $2,754 3.80%
    38% 132 $18,730,000 $141,894 $2,716 3.82%
    40% 129 $17,455,000 $135,310 $2,728 3.85%
    37% 127 $17,195,000 $135,394 $2,776 3.79%
    41% 125 $17,235,000 $137,880 $2,848 3.79%
    43% 122 $15,990,000 $131,066 $2,856 3.99%
    36% 119 $18,595,000 $156,261 $2,865 3.87%
    39% 116 $16,670,000 $143,707 $2,817 3.94%
    44% 113 $15,255,000 $135,000 $2,745 4.03%
    46% 75 $9,715,000 $129,533 $2,771 3.88%
    45% 66 $8,660,000 $131,212 $3,105 3.96%
    47% 59 $7,175,000 $121,610 $2,741 3.99%
    48% 56 $6,430,000 $114,821 $2,737 4.09%
    49% 49 $4,845,000 $98,878 $2,554 4.10%
    >60% 27 $3,135,000 $116,111 $0 4.57%

    Redstone Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,371 originations. The next most common DTI ratio? <20%, with 924 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,907 $550,385,000 $140,872 $2,716 3.68%
    Black 376 $49,080,000 $130,532 $2,812 3.93%
    Not provided 296 $45,640,000 $154,189 $2,716 3.49%
    Asian 72 $9,760,000 $135,556 $2,466 3.63%
    American Indian 54 $7,440,000 $137,778 $2,811 3.60%
    Not applicable 16 $4,720,000 $295,000 $0 5.15%
    Asian Indian 6 $860,000 $143,333 $3,209 3.38%
    Native Hawaiian or Islander 5 $645,000 $129,000 $3,114 3.68%
    Korean 2 $490,000 $245,000 $9,477 3.69%
    Filipino 2 $310,000 $155,000 $0 3.63%
    Other Pacific Islander 1 $165,000 $165,000 $2,933 3.13%
    Japanese 1 $65,000 $65,000 $0 4.25%
    Other Asian 1 $55,000 $55,000 $2,451 3.88%

    Approval Rates

    Total approvals of all applications
    87.40%

    Redstone Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    60.03%

    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 4,739 $669,615,000 $141,299

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $145,000 $145,000
    Single Family (1-4 Units):Site-Built 4,738 $669,470,000 $141,298

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 611 $45,095,000 $73,805 $2,366 4.23%
    40-60% 692 $98,760,000 $142,717 $2,549 3.19%
    60-80% 1,542 $282,330,000 $183,093 $2,730 3.22%
    80-100% 1,029 $198,395,000 $192,804 $2,895 3.65%
    Over 100% 67 $14,385,000 $214,701 $2,816 5.10%
    Under 20% 798 $30,650,000 $38,409 $2,090 4.56%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Redstone Funding, LLC Conventional home mortgage Closing on a mortgage 1 100.0%