Alabama One Credit Union Mortgage Rates, Fees & Info

Tuscaloosa, AL

LEI: 549300WOJH0MSG0OIM41

Tax ID: 63-0353833

5 stars - Updated: 3/29/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

Alabama One Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Alabama One Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Tuscaloosa, Birmingham, Daphne, Atlanta, and Mobile among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Alabama One Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Alabama One 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.

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 11.46% 3/29/24
30 Year Conventional Refi 10.88% 3/29/24
30 Year Cash-out Refi 11.26% 3/29/24
15 Year Conventional Purchase 10.96% 3/29/24
15 Year Conventional Refi 9.15% 3/29/24
15 Year Cash-out Refi 9.15% 3/29/24
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 One 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 One 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

237

Origination Dollar Volume (All Markets)

$36,475,000

Awards

Alabama One Credit Union 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Alabama One Credit Union's average 30 year fixed mortgage rate was 6.96%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.48%.

Relative Fees (Closing Costs)

Alabama One Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,053.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
TUSCALOOSA, AL (FHA|USDA|VA) 155 $21,245,000 $137,065 $2,900 7.16%
Outside of Metro Areas 31 $5,525,000 $178,226 $3,295 7.08%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 18 $3,250,000 $180,556 $3,198 7.27%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 5 $1,395,000 $279,000 $5,815 6.90%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $795,000 $265,000 $4,550 6.71%
MOBILE, AL (FHA|USDA|VA) 8 $570,000 $71,250 $2,587 7.80%
LaGrange, GA-AL (FHA|USDA|VA) 1 $475,000 $475,000 $2,220 7.38%
DOTHAN, AL (FHA|USDA|VA) 2 $470,000 $235,000 $5,010 6.94%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $465,000 $465,000 $2,600 7.25%
HUNTSVILLE, AL (FHA|USDA|VA) 2 $430,000 $215,000 $3,180 7.19%
DECATUR, AL (FHA|USDA|VA) 1 $415,000 $415,000 $7,032 7.75%
Cullman, AL (FHA|USDA|VA) 1 $395,000 $395,000 $6,663 6.25%
Alexander City, AL (FHA|USDA|VA) 2 $270,000 $135,000 $2,740 6.88%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 2 $250,000 $125,000 $3,336 6.00%
GADSDEN, AL (FHA|USDA|VA) 1 $205,000 $205,000 $4,399 6.25%
MONTGOMERY, AL (FHA|USDA|VA) 1 $135,000 $135,000 $3,619 6.63%
Troy, AL (FHA|USDA|VA) 1 $135,000 $135,000 $3,847 6.88%
Fort Payne, AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.88%
Selma, AL (FHA|USDA|VA) 1 $15,000 $15,000 $2,355 6.88%
Alabama One Credit Union's top markets include Tuscaloosa, Birmingham, Daphne, Atlanta, and Mobile among others.

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

    We use machine learning to identify the top lenders compared against Alabama One Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Liberty Mortgage Corporation
    Similarity Rank: 348
    Mutual Savings Credit Union
    Similarity Rank: 360
    ALABAMA CREDIT UNION
    Similarity Rank: 378
    Alabama One Credit Union
    Similarity Rank: 494
    APCO EMPLOYEES
    Similarity Rank: 891
    AMERICA'S FIRST
    Similarity Rank: 1003
    INSPIRE HOME LOANS INC.
    Similarity Rank: 1144
    RELIANCE FIRST CAPITAL, LLC
    Similarity Rank: 1242
    CHERRY CREEK MORTGAGE, LLC
    Similarity Rank: 1526
    AVADIAN
    Similarity Rank: 1530

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 236 $36,440,000 $154,407 $3,110 7.15%
    HELOC 1 $35,000 $35,000 n/a 8.88%

    For 2023, Alabama One Credit Union's most frequently originated type of loan was Conventional, with 236 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 95 $16,465,000 $173,316 $4,242 6.87%
    Other 59 $6,105,000 $103,475 $1,972 7.80%
    Refi 42 $8,520,000 $202,857 $2,710 7.14%
    Cash Out Refi 41 $5,385,000 $131,341 $2,504 6.90%

    For 2023, Alabama One Credit Union's most frequently cited loan purpose was Home Purchase, with 95 originations. The 2nd most popular reason was Other, with 59 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 103 $22,855,000 $221,893 $4,053 6.96%
    15 Year 64 $6,390,000 $99,844 $2,202 7.49%
    10 Year 25 $1,205,000 $48,200 $952 7.66%
    20 Year 24 $1,950,000 $81,250 $3,066 6.77%
    1 Year 15 $3,885,000 $259,000 $5,133 7.40%
    5 Year 6 $190,000 $31,667 $698 5.75%

    For 2023, Alabama One Credit Union's most frequently cited loan duration was 30 Year, with 103 originations. The 2nd most popular length was 15 Year, with 64 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 132 $12,700,000 $96,212
    $1k-2k 57 $8,175,000 $143,421
    $2k-3k 26 $6,760,000 $260,000
    $3k-4k 12 $4,130,000 $344,167
    $4k-5k 6 $2,620,000 $436,667
    $5k+ 3 $2,055,000 $685,000

    Alabama One Credit Union's average total fees were $4,053, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 132 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 101 $16,665,000 $165,000
    7-8% 78 $13,890,000 $178,077
    Over 8% 35 $2,765,000 $79,000
    5-6% 21 $3,015,000 $143,571
    4-5% 2 $140,000 $70,000

    During 2023, Alabama One Credit Union's average interest rate for loans was 6.96%, while their most frequently originated rate bucket for loans was 6-7%, with 101 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 108 $5,840,000 $54,074 $1,706 7.40%
    $100k-200k 65 $9,305,000 $143,154 $3,506 6.93%
    $200k-400k 49 $13,245,000 $270,306 $4,763 6.96%
    $400k-600k 11 $4,975,000 $452,273 $5,192 6.92%
    $600k-1MM 3 $2,085,000 $695,000 $6,210 7.17%
    $1MM+ 1 $1,025,000 $1,025,000 $14,294 6.50%

    2023 saw Alabama One Credit Union place emphasis on $100,000 or less loans with 108 originations, totaling $5,840,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 137 $19,585,000 $142,956 $3,037 7.51%
    $75k-100k 31 $4,265,000 $137,581 $2,795 6.68%
    $50k-75k 30 $3,550,000 $118,333 $3,006 6.43%
    $100k-150k 27 $5,225,000 $193,519 $3,311 6.91%
    $150k-250k 11 $2,825,000 $256,818 $3,668 6.65%
    $250k+ 1 $1,025,000 $1,025,000 $14,294 6.50%

    Alabama One Credit Union lent most frequently to those with incomes in the $50k or less range, with 137 originations. The second most popular income band? $75k-100k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 26 $3,610,000 $138,846 $2,970 6.64%
    30-36% 23 $2,675,000 $116,304 $1,990 6.67%
    <20% 10 $710,000 $71,000 $2,794 6.20%
    43% 10 $1,370,000 $137,000 $2,873 7.33%
    37% 9 $955,000 $106,111 $2,884 6.78%
    41% 7 $975,000 $139,286 $1,602 6.64%
    39% 6 $1,290,000 $215,000 $3,433 6.90%
    42% 6 $1,860,000 $310,000 $5,090 6.85%
    44% 6 $980,000 $163,333 $3,531 6.77%
    40% 5 $1,175,000 $235,000 $4,604 6.58%
    36% 5 $1,025,000 $205,000 $3,618 7.00%
    49% 4 $700,000 $175,000 $3,914 6.25%
    38% 4 $370,000 $92,500 $2,434 6.78%
    45% 3 $225,000 $75,000 $2,875 6.63%
    46% 2 $690,000 $345,000 $6,383 7.13%
    48% 2 $260,000 $130,000 $3,537 6.38%
    50-60% 1 $145,000 $145,000 $3,975 6.88%

    Alabama One Credit Union lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? 30-36%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 189 $31,595,000 $167,169 $3,273 7.09%
    Black 44 $4,400,000 $100,000 $2,405 7.43%
    Asian 2 $280,000 $140,000 $3,655 6.75%
    Other Pacific Islander 1 $135,000 $135,000 $2,641 7.63%
    American Indian 1 $65,000 $65,000 $2,711 7.00%

    Approval Rates

    Total approvals of all applications
    96.18%

    Alabama One Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    83.54%

    Alabama One Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 237 $36,475,000 $153,903

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    237 $36,475,000 $153,903

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $1,750,000 $72,917 $1,418 7.38%
    40-60% 23 $2,775,000 $120,652 $2,949 6.47%
    60-80% 41 $9,025,000 $220,122 $4,068 6.55%
    80-100% 22 $4,700,000 $213,636 $4,788 6.60%
    Under 20% 19 $765,000 $40,263 $743 6.62%