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:

  • 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

    Alabama Central Credit Union is a smaller credit union specializing in Cash Out 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, Tuscaloosa, and Decatur among others. We have data for 7 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. They have a below average pick rate when compared to similar 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 5/19/24
    30 Year Conventional Refi 6.27% 5/19/24
    30 Year Cash-out Refi 6.27% 5/19/24
    15 Year Conventional Purchase 5.68% 5/19/24
    15 Year Conventional Refi 5.68% 5/19/24
    15 Year Cash-out Refi 5.68% 5/19/24
    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

    60

    Origination Dollar Volume (All Markets)

    $5,830,000

    Awards

    Alabama Central Credit Union 30 Year Conventional Loans bronze
    Show all (1) 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
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 29 $2,445,000 $84,310 $2,064 4.66%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 9 $1,455,000 $161,667 $3,200 5.17%
    Outside of Metro Areas 8 $660,000 $82,500 $1,927 4.68%
    MOBILE, AL (FHA|USDA|VA) 7 $625,000 $89,286 $2,085 4.86%
    TUSCALOOSA, AL (FHA|USDA|VA) 5 $385,000 $77,000 $1,854 4.75%
    DECATUR, AL (FHA|USDA|VA) 1 $135,000 $135,000 $2,545 4.50%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $125,000 $125,000 $2,560 5.50%
    Alabama Central Credit Union's top markets include Florence, Birmingham, Mobile, Tuscaloosa, and Decatur 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: 91
    Alabama Central Credit Union
    Similarity Rank: 119
    Listerhill Credit Union
    Similarity Rank: 348
    Progress Bank and Trust
    Similarity Rank: 464
    Bank Independent
    Similarity Rank: 600
    First Federal Bank, A FSB
    Similarity Rank: 798
    SouthPoint Bank
    Similarity Rank: 924
    CB&S Bank, Inc.
    Similarity Rank: 966
    CIS Financial Services, Inc.
    Similarity Rank: 1224
    MORTGAGE INVESTORS GROUP, INC.
    Similarity Rank: 2562

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 60 $5,830,000 $97,167 $2,217 4.78%

    For 2019, Alabama Central Credit Union's most frequently originated type of loan was Conventional, with 60 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 47 $3,955,000 $84,149 $1,939 4.81%
    Home Purchase 12 $1,780,000 $148,333 $3,316 4.69%
    Refi 1 $95,000 $95,000 $2,114 4.50%

    For 2019, Alabama Central Credit Union's most frequently cited loan purpose was Cash Out Refi, with 47 originations. The 2nd most popular reason was Home Purchase, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 30 $2,940,000 $98,000 $2,435 4.98%
    30 Year 17 $2,315,000 $136,176 $2,632 4.32%
    10 Year 9 $435,000 $48,333 $1,138 5.02%
    5 Year 2 $70,000 $35,000 $1,397 4.38%
    Other 2 $70,000 $35,000 $1,098 4.88%

    For 2019, Alabama Central Credit Union's most frequently cited loan duration was 15 Year, with 30 originations. The 2nd most popular length was 30 Year, with 17 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 56 $4,620,000 $82,500
    $1k-2k 2 $340,000 $170,000
    $3k-4k 1 $385,000 $385,000
    $4k-5k 1 $485,000 $485,000

    Alabama Central Credit Union's average total fees were $2,632, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 56 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 38 $3,560,000 $93,684
    5-6% 20 $1,960,000 $98,000
    3-4% 2 $310,000 $155,000

    During 2019, Alabama Central Credit Union's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 4-5%, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 39 $2,085,000 $53,462 $1,789 4.86%
    $100k-200k 18 $2,580,000 $143,333 $2,548 4.56%
    $200k-400k 2 $680,000 $340,000 $4,840 4.88%
    $400k-600k 1 $485,000 $485,000 $7,745 5.50%

    2019 saw Alabama Central Credit Union place emphasis on $100,000 or less loans with 39 originations, totaling $2,085,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 15 $1,075,000 $71,667 $2,019 4.57%
    $50k-75k 12 $880,000 $73,333 $1,890 4.66%
    $100k-150k 11 $1,285,000 $116,818 $2,394 4.82%
    $75k-100k 11 $975,000 $88,636 $2,040 4.64%
    $250k+ 6 $1,010,000 $168,333 $3,667 5.50%
    $150k-250k 5 $605,000 $121,000 $1,859 5.05%

    Alabama Central Credit Union lent most frequently to those with incomes in the $50k or less range, with 15 originations. The second most popular income band? $50k-75k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 21 $2,505,000 $119,286 $2,651 5.00%
    20-30% 13 $1,065,000 $81,923 $1,937 4.56%
    30-36% 10 $1,100,000 $110,000 $2,316 4.60%
    38% 4 $280,000 $70,000 $1,697 4.48%
    36% 4 $290,000 $72,500 $1,792 4.88%
    39% 3 $195,000 $65,000 $1,757 4.67%
    47% 2 $130,000 $65,000 $1,758 5.38%
    37% 1 $195,000 $195,000 $2,844 3.75%
    44% 1 $35,000 $35,000 $2,123 5.50%
    >60% 1 $35,000 $35,000 $1,314 5.00%

    Alabama Central Credit Union lent most frequently to those with DTI ratios of <20%, with 21 originations. The next most common DTI ratio? 20-30%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 53 $5,365,000 $101,226 $2,255 4.77%
    Black 7 $465,000 $66,429 $1,933 4.82%

    Approval Rates

    Total approvals of all applications
    85.56%

    Alabama Central Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.67%

    Alabama Central Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 60 $5,830,000 $97,167

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 60 $5,830,000 $97,167

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $405,000 $45,000 $1,350 4.89%
    40-60% 8 $620,000 $77,500 $1,791 4.52%
    60-80% 20 $1,850,000 $92,500 $2,323 5.15%
    80-100% 20 $2,370,000 $118,500 $2,496 4.38%
    Over 100% 1 $485,000 $485,000 $7,745 5.50%
    Under 20% 2 $100,000 $50,000 $1,217 5.25%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Alabama Housing Finance Authority Other type of mortgage Trouble during payment process 1 7.7%
    Alabama Housing Finance Authority Conventional home mortgage Struggling to pay mortgage 1 7.7%
    Alabama Housing Finance Authority Conventional home mortgage Trouble during payment process 3 23.1%
    Alabama Housing Finance Authority FHA mortgage Struggling to pay mortgage 3 23.1%
    Alabama Housing Finance Authority FHA mortgage Trouble during payment process 5 38.5%