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 Home Purchase and Cash Out Refi loans. Alabama One Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Tuscaloosa, Birmingham, Daphne, Mobile, and Talladega among others. We have data for 13 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% | 12/16/24 |
| 30 Year Conventional Refi | 10.88% | 12/16/24 |
| 30 Year Cash-out Refi | 11.26% | 12/16/24 |
| 15 Year Conventional Purchase | 10.96% | 12/16/24 |
| 15 Year Conventional Refi | 9.15% | 12/16/24 |
| 15 Year Cash-out Refi | 9.15% | 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 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
424Origination Dollar Volume (All Markets)
$54,390,000Top 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) | 369 | $46,865,000 | $127,005 | $2,397 | 4.44% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 16 | $2,130,000 | $133,125 | $3,091 | 4.40% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 9 | $1,985,000 | $220,556 | $3,598 | 4.39% |
| Outside of Metro Areas | 12 | $1,180,000 | $98,333 | $2,389 | 4.63% |
| MOBILE, AL (FHA|USDA|VA) | 9 | $665,000 | $73,889 | $2,190 | 4.74% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $6,624 | 3.50% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,779 | 4.06% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,985 | 4.13% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,620 | 4.38% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,416 | 3.75% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,410 | 4.38% |
| Selma, AL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,597 | 4.50% |
| Columbus, MS (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,165 | 4.13% |
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 | 424 | $54,390,000 | $128,278 | $2,484 | 4.44% |
For 2019, Alabama One Credit Union's most frequently originated type of loan was Conventional, with 424 originations.
Loan Reason
For 2019, Alabama One Credit Union's most frequently cited loan purpose was Home Purchase, with 167 originations. The 2nd most popular reason was Cash Out Refi, with 111 originations.
Loan Duration/Length
For 2019, Alabama One Credit Union's most frequently cited loan duration was 30 Year, with 186 originations. The 2nd most popular length was 15 Year, with 120 originations.
Origination Fees/Closing Costs
Alabama One Credit Union's average total fees were $3,274, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 269 originations.
Interest Rates
During 2019, Alabama One Credit Union's average interest rate for loans was 4.18%, while their most frequently originated rate bucket for loans was 3-4%, with 164 originations.
Loan Sizing
2019 saw Alabama One Credit Union place emphasis on $100,000 or less loans with 189 originations, totaling $9,775,000 in origination value.
Applicant Income
Alabama One Credit Union lent most frequently to those with incomes in the $50k-75k range, with 78 originations. The second most popular income band? $50k or less, with 77 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 1 | $175,000 | $175,000 | $3,561 | 4.25% |
| 30-36% | 1 | $135,000 | $135,000 | $3,330 | 4.50% |
Alabama One Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.22%
Alabama One Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination69.58%
Alabama One Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 424 | $54,390,000 | $128,278 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 15 | $1,265,000 | $84,333 |
| Single Family (1-4 Units):Site-Built | 409 | $53,125,000 | $129,890 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 80-100% | 2 | $310,000 | $155,000 | $3,446 | 4.38% |
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% |