Alabama Central Credit Union Mortgage Rates, Fees & Info

BIRMINGHAM, AL

LEI: 549300K6MDR5BGOE0B97

Tax ID: 63-0002236

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

Jump to:

Mortgage Data

Review & Overview

Alabama Central Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Alabama Central Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Florence, Birmingham, Mobile, Huntsville, and Cullman among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Alabama Central Credit Union has an average approval rate when compared to the average across all lenders. Alabama Central 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.

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
30 Year Conventional Purchase 6.27% 10/31/24
30 Year Conventional Refi 6.27% 10/31/24
30 Year Cash-out Refi 6.27% 10/31/24
15 Year Conventional Purchase 5.68% 10/31/24
15 Year Conventional Refi 5.68% 10/31/24
15 Year Cash-out Refi 5.68% 10/31/24
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 Central 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 Central 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

114

Origination Dollar Volume (All Markets)

$21,140,000

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
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 61 $10,695,000 $175,328 $0 4.15%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 16 $3,030,000 $189,375 $0 4.05%
Outside of Metro Areas 14 $2,390,000 $170,714 $0 4.11%
MOBILE, AL (FHA|USDA|VA) 9 $2,095,000 $232,778 $0 4.17%
HUNTSVILLE, AL (FHA|USDA|VA) 4 $1,160,000 $290,000 $0 4.00%
Cullman, AL (FHA|USDA|VA) 1 $685,000 $685,000 $0 4.75%
TUSCALOOSA, AL (FHA|USDA|VA) 6 $600,000 $100,000 $0 4.00%
DECATUR, AL (FHA|USDA|VA) 2 $250,000 $125,000 $0 4.63%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.25%
Alabama Central Credit Union's top markets include Florence, Birmingham, Mobile, Huntsville, and Cullman among others.

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

    We use machine learning to identify the top lenders compared against Alabama Central 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
    Listerhill Credit Union
    Similarity Rank: 156
    Consumer First Mortgage, Inc.
    Similarity Rank: 368
    Bank Independent
    Similarity Rank: 575
    CB&S Bank, Inc.
    Similarity Rank: 840
    REDSTONE Federal Credit Union
    Similarity Rank: 912
    Progress Bank and Trust
    Similarity Rank: 1410
    First Federal Bank, A FSB
    Similarity Rank: 1938
    CIS Financial Services, Inc.
    Similarity Rank: 2599
    Renasant Bank
    Similarity Rank: 2882

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 112 $20,960,000 $187,143 $0 4.12%
    HELOC 2 $180,000 $90,000 n/a 5.00%

    For 2022, Alabama Central Credit Union's most frequently originated type of loan was Conventional, with 112 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 41 $8,645,000 $210,854 $0 4.00%
    Home Purchase 33 $7,125,000 $215,909 $0 4.05%
    Cash Out Refi 25 $3,495,000 $139,800 $0 4.49%
    Home Improvement 10 $1,060,000 $106,000 $0 3.95%
    Other 5 $815,000 $163,000 $0 4.30%

    For 2022, Alabama Central Credit Union's most frequently cited loan purpose was Refi, with 41 originations. The 2nd most popular reason was Home Purchase, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 42 $12,670,000 $301,667 $0 4.17%
    15 Year 33 $4,395,000 $133,182 $0 3.98%
    20 Year 22 $3,180,000 $144,545 $0 4.35%
    10 Year 13 $775,000 $59,615 $0 4.08%
    Other 3 $85,000 $28,333 $0 4.17%
    5 Year 1 $35,000 $35,000 $0 4.00%

    For 2022, Alabama Central Credit Union's most frequently cited loan duration was 30 Year, with 42 originations. The 2nd most popular length was 15 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 6 $1,100,000 $183,333

    Alabama Central 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 6 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 71 $13,925,000 $196,127
    4-5% 29 $5,035,000 $173,621
    5-6% 13 $2,085,000 $160,385

    During 2022, Alabama Central Credit Union's average interest rate for loans was 4.17%, while their most frequently originated rate bucket for loans was 3-4%, with 71 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 41 $2,745,000 $66,951 $0 4.02%
    $100k-200k 39 $5,715,000 $146,538 $0 4.24%
    $200k-400k 23 $6,515,000 $283,261 $0 4.28%
    $400k-600k 8 $3,820,000 $477,500 $0 3.88%
    $600k-1MM 3 $2,345,000 $781,667 $0 3.83%

    2022 saw Alabama Central Credit Union place emphasis on $100,000 or less loans with 41 originations, totaling $2,745,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 21 $3,855,000 $183,571 $0 4.26%
    $50k-75k 19 $2,575,000 $135,526 $0 4.22%
    $75k-100k 16 $2,720,000 $170,000 $0 4.14%
    $50k or less 13 $1,025,000 $78,846 $0 4.15%
    $150k-250k 9 $3,375,000 $375,000 $0 4.00%
    $250k+ 7 $2,645,000 $377,857 $0 4.07%

    Alabama Central Credit Union lent most frequently to those with incomes in the $100k-150k range, with 21 originations. The second most popular income band? $50k-75k, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $6,710,000 $186,389 $0 4.13%
    30-36% 22 $4,050,000 $184,091 $0 4.28%
    <20% 21 $2,695,000 $128,333 $0 4.11%
    42% 7 $1,725,000 $246,429 $0 4.14%
    41% 4 $1,300,000 $325,000 $0 3.94%
    36% 4 $630,000 $157,500 $0 4.06%
    37% 4 $1,000,000 $250,000 $0 4.19%
    43% 3 $625,000 $208,333 $0 4.17%
    >60% 3 $585,000 $195,000 $0 4.00%
    44% 1 $485,000 $485,000 $0 4.00%
    40% 1 $65,000 $65,000 $0 5.25%
    48% 1 $115,000 $115,000 $0 3.75%
    50-60% 1 $195,000 $195,000 $0 3.75%
    47% 1 $95,000 $95,000 $0 0.00%
    38% 1 $25,000 $25,000 $0 4.25%

    Alabama Central Credit Union lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 74 $15,330,000 $207,162 $0 4.15%
    Not applicable 26 $4,070,000 $156,538 $0 4.01%
    Black 11 $965,000 $87,727 $0 4.16%
    Other Asian 1 $515,000 $515,000 $0 3.50%
    Not provided 2 $260,000 $130,000 $0 5.38%

    Approval Rates

    Total approvals of all applications
    70.24%

    Alabama Central Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $55,000 $55,000
    NA 113 $21,085,000 $186,593

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    114 $21,140,000 $185,439

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $515,000 $57,222 $0 4.22%
    40-60% 16 $2,210,000 $138,125 $0 4.23%
    60-80% 55 $8,925,000 $162,273 $0 3.97%
    80-100% 31 $9,375,000 $302,419 $0 4.36%
    Under 20% 3 $115,000 $38,333 $0 3.92%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Alabama Housing Finance Authority Conventional home mortgage Struggling to pay mortgage 1 100.0%