Alabama One Credit Union Mortgage Rates, Fees & Info
Tuscaloosa, ALLEI: 549300WOJH0MSG0OIM41
Tax ID: 63-0353833
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Mortgage Data
Review & Overview
Alabama One Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Alabama One Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Tuscaloosa, Birmingham, Daphne, Mobile, and Panama City among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Alabama One 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 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 11.46% | 4/21/24 |
| 30 Year Conventional Refi | 10.88% | 4/21/24 |
| 30 Year Cash-out Refi | 11.26% | 4/21/24 |
| 15 Year Conventional Purchase | 10.96% | 4/21/24 |
| 15 Year Conventional Refi | 9.15% | 4/21/24 |
| 15 Year Cash-out Refi | 9.15% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
341Origination Dollar Volume (All Markets)
$35,695,000Top 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) | 304 | $31,180,000 | $102,566 | $1,789 | 5.12% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 13 | $1,605,000 | $123,462 | $2,461 | 5.34% |
| Outside of Metro Areas | 10 | $850,000 | $85,000 | $2,032 | 5.50% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $3,948 | 4.08% |
| MOBILE, AL (FHA|USDA|VA) | 4 | $530,000 | $132,500 | $2,766 | 4.84% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,197 | 4.63% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,678 | 4.75% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,320 | 5.25% |
| Jasper, AL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,948 | 4.75% |
| Albertville, AL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,989 | 4.75% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,131 | 4.38% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,714 | 3.38% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 341 | $35,695,000 | $104,677 | $1,875 | 5.11% |
For 2018, Alabama One Credit Union's most frequently originated type of loan was Conventional, with 341 originations.
Loan Reason
For 2018, Alabama One Credit Union's most frequently cited loan purpose was Other, with 138 originations. The 2nd most popular reason was Cash Out Refi, with 91 originations.
Loan Duration/Length
For 2018, Alabama One Credit Union's most frequently cited loan duration was 30 Year, with 111 originations. The 2nd most popular length was 15 Year, with 90 originations.
Origination Fees/Closing Costs
Alabama One Credit Union's average total fees were $2,972, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 268 originations.
Interest Rates
During 2018, Alabama One Credit Union's average interest rate for loans was 4.96%, while their most frequently originated rate bucket for loans was 4-5%, with 177 originations.
Loan Sizing
2018 saw Alabama One Credit Union place emphasis on $100,000 or less loans with 205 originations, totaling $9,835,000 in origination value.
Applicant Income
Alabama One Credit Union lent most frequently to those with incomes in the $50k-75k range, with 115 originations. The second most popular income band? $50k or less, with 89 originations.
Applicant Debt to Income Ratio
Alabama One Credit Union lent most frequently to those with DTI ratios of 20-30%, with 103 originations. The next most common DTI ratio? 30-36%, with 63 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.20%
Alabama One Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination75.07%
Alabama One Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 341 | $35,695,000 | $104,677 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 341 | $35,695,000 | $104,677 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Alabama Housing Finance Authority | Conventional home mortgage | Struggling to pay mortgage | 3 | 16.7% |
| Alabama Housing Finance Authority | Conventional home mortgage | Trouble during payment process | 1 | 5.6% |
| Alabama Housing Finance Authority | FHA mortgage | Struggling to pay mortgage | 6 | 33.3% |
| Alabama Housing Finance Authority | FHA mortgage | Trouble during payment process | 6 | 33.3% |
| Alabama Housing Finance Authority | Other type of mortgage | Struggling to pay mortgage | 2 | 11.1% |