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 Improvement and Home Purchase loans. Redstone Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Huntsville, Nashville, Decatur, Albertville, and Scottsboro among others. We have data for 38 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.

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    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

    4,525

    Origination Dollar Volume (All Markets)

    $551,755,000
    Show all (14) 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) 2,750 $313,870,000 $114,135 $2,838 5.27%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 461 $73,785,000 $160,054 $4,780 5.40%
    DECATUR, AL (FHA|USDA|VA) 399 $48,135,000 $120,639 $2,603 5.31%
    Albertville, AL (FHA|USDA|VA) 219 $25,805,000 $117,831 $2,808 5.39%
    Outside of Metro Areas 181 $22,065,000 $121,906 $3,118 5.29%
    Scottsboro, AL (FHA|USDA|VA) 129 $12,655,000 $98,101 $2,525 5.29%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 66 $8,620,000 $130,606 $2,210 5.43%
    Cullman, AL (FHA|USDA|VA) 66 $8,230,000 $124,697 $2,879 5.30%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 33 $7,265,000 $220,152 $3,838 5.40%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 48 $4,420,000 $92,083 $2,265 5.36%
    Fort Payne, AL (FHA|USDA|VA) 31 $3,605,000 $116,290 $3,465 5.19%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 14 $3,540,000 $252,857 $6,219 5.15%
    Shelbyville, TN (FHA|USDA|VA) 17 $2,105,000 $123,824 $5,971 4.94%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 11 $1,995,000 $181,364 $2,748 4.90%
    McMinnville, TN (FHA|USDA|VA) 11 $1,825,000 $165,909 $3,435 6.14%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 15 $1,815,000 $121,000 $3,247 5.48%
    Oxford, MS (FHA|USDA|VA) 1 $1,555,000 $1,555,000 $0 4.17%
    GADSDEN, AL (FHA|USDA|VA) 12 $1,540,000 $128,333 $2,537 5.85%
    Lewisburg, TN (FHA|USDA|VA) 7 $1,125,000 $160,714 $3,318 5.13%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 5 $1,085,000 $217,000 $1,725 5.75%
    MONTGOMERY, AL (FHA|USDA|VA) 7 $755,000 $107,857 $2,366 4.14%
    Jasper, AL (FHA|USDA|VA) 3 $755,000 $251,667 $3,109 5.08%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $705,000 $705,000 $0 5.75%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 4 $630,000 $157,500 $3,322 5.81%
    Lawrenceburg, TN (FHA|USDA|VA) 5 $625,000 $125,000 $3,598 4.73%
    KNOXVILLE, TN (FHA|USDA|VA) 4 $580,000 $145,000 $5,717 4.91%
    DOTHAN, AL (FHA|USDA|VA) 3 $415,000 $138,333 $4,835 5.83%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 5 $405,000 $81,000 $2,385 5.53%
    Sevierville, TN (FHA|USDA|VA) 2 $400,000 $200,000 $0 5.56%
    MOBILE, AL (FHA|USDA|VA) 4 $390,000 $97,500 $1,759 5.31%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $385,000 $385,000 $0 3.99%
    TUSCALOOSA, AL (FHA|USDA|VA) 3 $195,000 $65,000 $0 6.50%
    CLEVELAND, TN (FHA|USDA|VA) 2 $150,000 $75,000 $2,726 4.75%
    Troy, AL (FHA|USDA|VA) 1 $95,000 $95,000 $3,952 4.63%
    LaGrange, GA-AL (FHA|USDA|VA) 1 $85,000 $85,000 $2,821 5.38%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $75,000 $75,000 $3,098 5.25%
    Crossville, TN (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.13%
    Alexander City, AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.25%
    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)
  • Mississippi (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Florida (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: 24
    US COMMUNITY
    Similarity Rank: 295
    Liberty Mortgage Corporation
    Similarity Rank: 343
    Eco Credit Union
    Similarity Rank: 392
    First Farmers and Merchants Bank
    Similarity Rank: 456
    Jefferson Credit Union
    Similarity Rank: 555
    AVADIAN
    Similarity Rank: 609
    Citizens Tri-County Bank
    Similarity Rank: 693
    APCO EMPLOYEES
    Similarity Rank: 700
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 868

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 3,046 $234,690,000 $77,049 n/a 5.40%
    Conventional 1,415 $298,455,000 $210,922 $2,827 5.09%
    VA 58 $17,260,000 $297,586 $6,862 4.89%
    FHA 6 $1,350,000 $225,000 $7,086 6.38%

    For 2022, Redstone Federal Credit Union's most frequently originated type of loan was HELOC, with 3,046 originations. Their 2nd most popular type was Conventional, with 1,415 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,654 $112,260,000 $67,872 $2,766 5.26%
    Home Purchase 1,132 $246,180,000 $217,473 $3,171 5.39%
    Other 667 $43,085,000 $64,595 $2,688 5.77%
    Refi 650 $78,270,000 $120,415 $2,562 5.04%
    Cash Out Refi 422 $71,960,000 $170,521 $2,848 4.85%

    For 2022, Redstone Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 1,654 originations. The 2nd most popular reason was Home Purchase, with 1,132 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,405 $416,155,000 $173,037 $3,110 5.32%
    20 Year 1,787 $75,805,000 $42,420 $2,665 5.42%
    15 Year 304 $54,120,000 $178,026 $2,618 4.45%
    10 Year 21 $4,355,000 $207,381 $2,198 4.41%
    Other 4 $600,000 $150,000 $3,264 4.57%
    3 Year 2 $200,000 $100,000 $0 5.65%
    5 Year 1 $335,000 $335,000 $0 5.43%
    30+ year 1 $185,000 $185,000 $5,799 4.38%

    For 2022, Redstone Federal Credit Union's most frequently cited loan duration was 30 Year, with 2,405 originations. The 2nd most popular length was 20 Year, with 1,787 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,202 $248,240,000 $206,522
    $1k-2k 98 $19,150,000 $195,408
    $2k-3k 35 $8,595,000 $245,571
    $4k-5k 26 $7,390,000 $284,231
    $5k+ 24 $9,010,000 $375,417
    $3k-4k 18 $4,080,000 $226,667

    Redstone Federal Credit Union's average total fees were $3,110, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,202 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,313 $153,565,000 $116,957
    6-7% 1,054 $114,610,000 $108,738
    3-4% 841 $103,655,000 $123,252
    5-6% 761 $123,165,000 $161,846
    7-8% 398 $37,570,000 $94,397
    Over 8% 84 $6,530,000 $77,738
    2.5-3% 51 $8,925,000 $175,000
    <2.5% 23 $3,735,000 $162,391

    During 2022, Redstone Federal Credit Union's average interest rate for loans was 5.32%, while their most frequently originated rate bucket for loans was 4-5%, with 1,313 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,476 $124,470,000 $50,271 $2,235 5.42%
    $100k-200k 1,147 $160,185,000 $139,656 $2,592 5.09%
    $200k-400k 807 $212,515,000 $263,340 $3,500 5.26%
    $400k-600k 75 $34,325,000 $457,667 $3,710 5.06%
    $600k-1MM 14 $9,960,000 $711,429 $7,275 4.98%
    $1MM+ 6 $10,300,000 $1,716,667 $0 4.03%

    2022 saw Redstone Federal Credit Union place emphasis on $100,000 or less loans with 2,476 originations, totaling $124,470,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,249 $149,565,000 $119,748 $3,275 5.38%
    $50k-75k 886 $98,420,000 $111,084 $2,880 5.31%
    $75k-100k 803 $99,055,000 $123,356 $3,162 5.35%
    $150k-250k 784 $106,210,000 $135,472 $3,317 5.19%
    $50k or less 513 $44,945,000 $87,612 $2,601 5.21%
    $250k+ 164 $28,040,000 $170,976 $3,617 5.24%

    Redstone Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,249 originations. The second most popular income band? $50k-75k, with 886 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,167 $127,695,000 $109,422 $2,722 5.10%
    30-36% 838 $103,760,000 $123,819 $3,228 5.36%
    <20% 604 $54,240,000 $89,801 $2,442 4.93%
    50-60% 273 $26,765,000 $98,040 $5,024 5.83%
    38% 168 $22,460,000 $133,690 $2,800 5.46%
    42% 151 $24,555,000 $162,616 $3,077 5.63%
    37% 146 $19,300,000 $132,192 $3,325 5.40%
    39% 143 $18,725,000 $130,944 $2,835 5.59%
    41% 133 $19,815,000 $148,985 $3,049 5.56%
    44% 122 $16,740,000 $137,213 $2,938 5.31%
    40% 119 $18,205,000 $152,983 $3,548 5.56%
    36% 119 $15,775,000 $132,563 $2,794 5.42%
    43% 112 $16,570,000 $147,946 $3,273 5.22%
    48% 91 $10,995,000 $120,824 $3,088 5.30%
    46% 84 $10,340,000 $123,095 $2,818 5.68%
    49% 79 $11,425,000 $144,620 $3,745 5.28%
    45% 78 $9,070,000 $116,282 $4,453 5.62%
    47% 70 $9,700,000 $138,571 $3,078 5.31%
    >60% 12 $2,230,000 $185,833 $24,635 5.85%

    Redstone Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,167 originations. The next most common DTI ratio? 30-36%, with 838 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,371 $401,345,000 $119,058 $2,951 5.27%
    Not provided 538 $61,970,000 $115,186 $3,191 5.38%
    Black 456 $55,850,000 $122,478 $3,231 5.39%
    Not applicable 14 $11,110,000 $793,571 $0 4.71%
    Asian 62 $10,720,000 $172,903 $3,757 5.49%
    American Indian 66 $8,580,000 $130,000 $2,842 5.56%
    Other Pacific Islander 3 $595,000 $198,333 $3,994 6.71%
    Korean 2 $500,000 $250,000 $2,951 5.38%
    Vietnamese 3 $465,000 $155,000 $0 5.25%
    Asian Indian 5 $315,000 $63,000 $0 5.48%
    Other Asian 2 $140,000 $70,000 $2,508 4.81%
    Native Hawaiian or Islander 1 $75,000 $75,000 $0 4.25%
    Chinese 1 $55,000 $55,000 $0 4.13%
    Guamanian 1 $35,000 $35,000 $0 4.50%

    Approval Rates

    Total approvals of all applications
    80.66%

    Redstone Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.25%

    Redstone Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,525 $551,755,000 $121,935

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    4,525 $551,755,000 $121,935

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,113 $114,765,000 $103,113 $2,483 5.31%
    40-60% 444 $71,750,000 $161,599 $2,540 4.70%
    60-80% 505 $108,965,000 $215,772 $2,964 4.91%
    80-100% 628 $147,480,000 $234,841 $3,092 5.43%
    Over 100% 92 $23,580,000 $256,304 $4,766 6.01%
    Under 20% 1,743 $85,215,000 $48,890 $2,301 5.47%