Alabama State Employees Credit Union Mortgage Rates, Fees & Info

Montgomery, AL

LEI: 549300IL6X4MHW0HHI39

Tax ID: 63-0348156

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Alabama State Employees Credit Union is a smaller credit union specializing in Cash Out Refi loans. Alabama State Employees Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Montgomery, Birmingham, Daphne, Selma, and Alexander City among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alabama State Employees Credit Union has a below average approval rate when compared to the average across all lenders.

    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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    15 Year Conventional Purchase 5.04% 12/16/24
    15 Year Conventional Refi 5.61% 12/16/24
    15 Year Cash-out Refi 5.61% 12/16/24
    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.

    Alabama State Employees Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Alabama State Employees 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

    91

    Origination Dollar Volume (All Markets)

    $5,125,000

    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
    MONTGOMERY, AL (FHA|USDA|VA) 60 $3,350,000 $55,833 $2,942 4.50%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 9 $665,000 $73,889 $2,978 4.15%
    Outside of Metro Areas 11 $565,000 $51,364 $2,425 4.30%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $170,000 $85,000 $3,492 3.98%
    Selma, AL (FHA|USDA|VA) 3 $115,000 $38,333 $0 4.17%
    Alexander City, AL (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    Jasper, AL (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $45,000 $45,000 $1,858 3.95%
    Enterprise, AL (FHA|USDA|VA) 1 $45,000 $45,000 $2,862 6.25%
    Troy, AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.00%
    DECATUR, AL (FHA|USDA|VA) 1 $25,000 $25,000 $644 5.75%
    Alabama State Employees Credit Union's top markets include Montgomery, Birmingham, Daphne, Selma, and Alexander City among others.

    Their top states include:
  • Alabama (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 61 $2,825,000 $46,311 n/a 4.50%
    Conventional 30 $2,300,000 $76,667 $2,667 4.29%

    For 2020, Alabama State Employees Credit Union's most frequently originated type of loan was HELOC, with 61 originations. Their 2nd most popular type was Conventional, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 68 $4,010,000 $58,971 $2,994 4.40%
    Home Improvement 8 $350,000 $43,750 $2,193 4.81%
    Refi 8 $430,000 $53,750 $1,704 4.56%
    Home Purchase 7 $335,000 $47,857 $2,481 4.14%

    For 2020, Alabama State Employees Credit Union's most frequently cited loan purpose was Cash Out Refi, with 68 originations. The 2nd most popular reason was Home Improvement, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 84 $4,880,000 $58,095 $2,961 4.46%
    10 Year 4 $150,000 $37,500 $1,826 4.04%
    Other 2 $70,000 $35,000 $1,311 3.95%
    5 Year 1 $25,000 $25,000 $1,968 3.95%

    For 2020, Alabama State Employees Credit Union's most frequently cited loan duration was 15 Year, with 84 originations. The 2nd most popular length was 10 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 24 $1,440,000 $60,000
    $1k-2k 5 $645,000 $129,000
    $2k-3k 1 $215,000 $215,000

    Alabama State Employees Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 24 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 53 $3,255,000 $61,415
    4-5% 25 $1,355,000 $54,200
    5-6% 9 $375,000 $41,667
    6-7% 3 $95,000 $31,667

    During 2020, Alabama State Employees Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 53 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 78 $3,190,000 $40,897 $2,462 4.48%
    $100k-200k 11 $1,415,000 $128,636 $2,975 4.23%
    $200k-400k 2 $520,000 $260,000 $4,485 3.88%

    2020 saw Alabama State Employees Credit Union place emphasis on $100,000 or less loans with 78 originations, totaling $3,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 25 $1,165,000 $46,600 $2,380 4.62%
    $50k or less 23 $845,000 $36,739 $2,740 4.32%
    $100k-150k 20 $1,150,000 $57,500 $2,273 4.61%
    $75k-100k 14 $980,000 $70,000 $2,598 4.15%
    $150k-250k 7 $885,000 $126,429 $3,718 4.21%
    $250k+ 2 $100,000 $50,000 $0 4.50%

    Alabama State Employees Credit Union lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $50k or less, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 33 $1,715,000 $51,970 $2,262 4.33%
    30-36% 17 $765,000 $45,000 $3,254 4.79%
    <20% 16 $1,310,000 $81,875 $2,813 4.25%
    42% 6 $210,000 $35,000 $2,760 4.41%
    36% 3 $195,000 $65,000 $0 5.00%
    37% 3 $185,000 $61,667 $1,601 3.83%
    38% 3 $175,000 $58,333 $0 5.00%
    50-60% 2 $60,000 $30,000 $0 4.00%
    41% 2 $120,000 $60,000 $3,158 4.38%
    45% 2 $70,000 $35,000 $3,028 3.88%
    39% 1 $45,000 $45,000 $2,908 5.25%
    48% 1 $115,000 $115,000 $2,143 3.95%
    49% 1 $55,000 $55,000 $0 5.00%
    40% 1 $105,000 $105,000 $3,718 3.95%

    Alabama State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 71 $4,265,000 $60,070 $2,782 4.42%
    Black 18 $780,000 $43,333 $2,684 4.49%
    Not provided 2 $80,000 $40,000 $0 4.00%

    Approval Rates

    Total approvals of all applications
    68.94%

    Alabama State Employees Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 61 $2,825,000 $46,311
    NA 30 $2,300,000 $76,667

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 91 $5,125,000 $56,319

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $1,485,000 $51,207 $2,249 4.62%
    40-60% 13 $965,000 $74,231 $3,059 4.16%
    60-80% 9 $675,000 $75,000 $2,542 4.29%
    80-100% 7 $985,000 $140,714 $3,454 4.36%
    Under 20% 33 $1,015,000 $30,758 $1,339 4.43%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Alabama Housing Finance Authority Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 9.1%
    Alabama Housing Finance Authority Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 9.1%
    Alabama Housing Finance Authority Conventional home mortgage Struggling to pay mortgage 1 9.1%
    Alabama Housing Finance Authority Conventional home mortgage Trouble during payment process 3 27.3%
    Alabama Housing Finance Authority FHA mortgage Struggling to pay mortgage 3 27.3%
    Alabama Housing Finance Authority FHA mortgage Trouble during payment process 2 18.2%