Alabama Credit Union Mortgage Rates, Fees & Info

Tuscaloosa, AL

LEI: 549300XDZHJDR5G01Q52

Tax ID: 63-0440014

5 stars - Updated: 12/16/24 - out of 5 stars, based on 12 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Alabama Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Tuscaloosa, Daphne, Birmingham, Huntsville, and Mobile among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Alabama 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 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 6.02% 12/16/24
    30 Year Conventional Refi 5.97% 12/16/24
    30 Year Cash-out Refi 6.15% 12/16/24
    30 Year FHA Purchase 6.27% 12/16/24
    15 Year Conventional Purchase 5.86% 12/16/24
    15 Year Conventional Refi 5.78% 12/16/24
    15 Year Cash-out Refi 5.78% 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 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 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

    144

    Origination Dollar Volume (All Markets)

    $32,950,000
    Show all (7) awards

    Relative Rate

    Alabama Credit Union's average 30 year fixed mortgage rate was 5.67%.

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

    This yields a difference of -0.81%.

    Relative Fees (Closing Costs)

    Alabama Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,989.

    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) 46 $9,090,000 $197,609 $3,696 6.14%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 35 $8,885,000 $253,857 $4,261 5.88%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 29 $8,085,000 $278,793 $3,685 5.77%
    HUNTSVILLE, AL (FHA|USDA|VA) 8 $1,760,000 $220,000 $3,329 6.34%
    MOBILE, AL (FHA|USDA|VA) 7 $1,525,000 $217,857 $5,677 5.91%
    Outside of Metro Areas 6 $790,000 $131,667 $2,266 6.60%
    DECATUR, AL (FHA|USDA|VA) 3 $695,000 $231,667 $2,338 5.46%
    Cullman, AL (FHA|USDA|VA) 3 $605,000 $201,667 $2,803 6.20%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $575,000 $575,000 $2,681 5.50%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $275,000 $275,000 $4,513 5.75%
    Atmore, AL (FHA|USDA|VA) 1 $205,000 $205,000 $5,081 6.25%
    Jasper, AL (FHA|USDA|VA) 1 $185,000 $185,000 $3,196 6.25%
    Albertville, AL (FHA|USDA|VA) 2 $170,000 $85,000 $1,209 6.75%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,153 5.50%
    Alabama Credit Union's top markets include Tuscaloosa, Daphne, Birmingham, Huntsville, and Mobile among others.

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

    • Similar Lenders

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

    New Horizons Credit Union
    Similarity Rank: 156
    Liberty Mortgage Corporation
    Similarity Rank: 348
    Mutual Savings Credit Union
    Similarity Rank: 360
    Alabama One Credit Union
    Similarity Rank: 494
    FIRST CONTINENTAL MORTGAGE, LTD.
    Similarity Rank: 600
    ALABAMA CREDIT UNION
    Similarity Rank: 602
    DSLD MORTGAGE, LLC
    Similarity Rank: 648
    Merchants & Marine Bank
    Similarity Rank: 690
    Listerhill Credit Union
    Similarity Rank: 799
    Pen Air Federal Credit Union
    Similarity Rank: 806

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 144 $32,950,000 $228,819 $3,784 6.01%

    For 2023, Alabama Credit Union's most frequently originated type of loan was Conventional, with 144 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 71 $17,725,000 $249,648 $4,790 6.06%
    Cash Out Refi 41 $10,105,000 $246,463 $3,088 5.75%
    Refi 28 $4,780,000 $170,714 $2,664 6.08%
    NA 4 $340,000 $85,000 $2,123 7.19%

    For 2023, Alabama Credit Union's most frequently cited loan purpose was Home Purchase, with 71 originations. The 2nd most popular reason was Cash Out Refi, with 41 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 81 $24,185,000 $298,580 $3,989 5.67%
    15 Year 31 $5,715,000 $184,355 $3,404 5.77%
    10 Year 21 $2,045,000 $97,381 $3,442 6.93%
    20 Year 10 $950,000 $95,000 $4,287 7.31%
    Other 1 $55,000 $55,000 $3,433 8.25%

    For 2023, Alabama Credit Union's most frequently cited loan duration was 30 Year, with 81 originations. The 2nd most popular length was 15 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 104 $23,200,000 $223,077
    $1k-2k 22 $4,520,000 $205,455
    $2k-3k 5 $1,545,000 $309,000
    $3k-4k 4 $1,970,000 $492,500
    $4k-5k 2 $890,000 $445,000

    Alabama Credit Union's average total fees were $3,989, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 104 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 73 $18,015,000 $246,781
    6-7% 41 $7,885,000 $192,317
    4-5% 16 $5,980,000 $373,750
    7-8% 7 $475,000 $67,857
    Over 8% 7 $595,000 $85,000

    During 2023, Alabama Credit Union's average interest rate for loans was 5.67%, while their most frequently originated rate bucket for loans was 5-6%, with 73 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 48 $14,010,000 $291,875 $4,075 5.62%
    $100k-200k 43 $6,175,000 $143,605 $3,439 6.06%
    $100,000 or less 33 $2,085,000 $63,182 $2,253 6.82%
    $400k-600k 14 $6,600,000 $471,429 $6,798 5.42%
    $600k-1MM 6 $4,080,000 $680,000 $4,016 5.65%

    2023 saw Alabama Credit Union place emphasis on $200k-400k loans with 48 originations, totaling $14,010,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 40 $9,970,000 $249,250 $3,620 5.92%
    $150k-250k 25 $6,085,000 $243,400 $3,856 5.96%
    $75k-100k 23 $4,855,000 $211,087 $3,402 6.10%
    $50k-75k 21 $3,075,000 $146,429 $3,626 6.01%
    $50k or less 19 $2,105,000 $110,789 $3,221 6.22%
    $250k+ 16 $6,860,000 $428,750 $5,458 5.94%

    Alabama Credit Union lent most frequently to those with incomes in the $100k-150k range, with 40 originations. The second most popular income band? $150k-250k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 45 $11,645,000 $258,778 $4,477 5.92%
    30-36% 26 $6,640,000 $255,385 $3,306 6.14%
    <20% 22 $4,700,000 $213,636 $3,555 5.81%
    42% 8 $1,800,000 $225,000 $3,852 5.63%
    36% 7 $1,575,000 $225,000 $2,891 5.70%
    50-60% 7 $915,000 $130,714 $2,178 6.43%
    40% 6 $1,080,000 $180,000 $4,433 6.92%
    41% 6 $1,410,000 $235,000 $3,681 5.90%
    38% 5 $1,295,000 $259,000 $4,354 5.60%
    39% 4 $900,000 $225,000 $5,062 6.47%
    37% 4 $470,000 $117,500 $3,132 6.56%
    48% 2 $180,000 $90,000 $2,790 6.06%
    >60% 1 $95,000 $95,000 $2,457 6.25%

    Alabama Credit Union lent most frequently to those with DTI ratios of 20-30%, with 45 originations. The next most common DTI ratio? 30-36%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 132 $30,500,000 $231,061 $3,802 6.02%
    Asian 6 $1,580,000 $263,333 $3,819 5.50%
    Black 5 $605,000 $121,000 $3,196 6.33%
    Not provided 1 $265,000 $265,000 $3,558 5.50%

    Approval Rates

    Total approvals of all applications
    87.38%

    Alabama Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.33%

    Alabama Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1250.0 1 $75,000 $75,000
    1720.03 1 $45,000 $45,000
    1828.1 1 $55,000 $55,000
    2345.11 1 $75,000 $75,000
    3707.82 1 $85,000 $85,000
    NA 139 $32,615,000 $234,640

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    144 $32,950,000 $228,819

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $3,770,000 $171,364 $3,216 5.95%
    40-60% 31 $7,905,000 $255,000 $4,383 5.75%
    60-80% 36 $8,990,000 $249,722 $3,838 5.99%
    80-100% 38 $11,210,000 $295,000 $4,404 5.96%
    Under 20% 17 $1,075,000 $63,235 $2,009 6.71%