Alabama Credit Union Mortgage Rates, Fees & Info

Tuscaloosa, AL

LEI: 549300XDZHJDR5G01Q52

Tax ID: 63-0440014

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 Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi loans. Alabama Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Tuscaloosa, Daphne, Birmingham, Huntsville, and Cullman among others. We have data for 16 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 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 6.02% 4/28/24
    30 Year Conventional Refi 5.97% 4/28/24
    30 Year Cash-out Refi 6.15% 4/28/24
    30 Year FHA Purchase 6.27% 4/28/24
    15 Year Conventional Purchase 5.86% 4/28/24
    15 Year Conventional Refi 5.78% 4/28/24
    15 Year Cash-out Refi 5.78% 4/28/24
    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

    201

    Origination Dollar Volume (All Markets)

    $27,675,000

    Awards

    ALABAMA CREDIT UNION 30 Year Conventional Loans silver
    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
    TUSCALOOSA, AL (FHA|USDA|VA) 87 $12,265,000 $140,977 $5,697 4.08%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 38 $7,460,000 $196,316 $3,116 4.07%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 24 $3,110,000 $129,583 $2,674 5.04%
    HUNTSVILLE, AL (FHA|USDA|VA) 14 $1,800,000 $128,571 $2,814 4.04%
    Outside of Metro Areas 13 $1,065,000 $81,923 $2,786 4.63%
    Cullman, AL (FHA|USDA|VA) 8 $830,000 $103,750 $2,559 4.71%
    DECATUR, AL (FHA|USDA|VA) 4 $350,000 $87,500 $2,278 4.48%
    MOBILE, AL (FHA|USDA|VA) 2 $220,000 $110,000 $2,757 4.00%
    Jasper, AL (FHA|USDA|VA) 3 $205,000 $68,333 $3,173 6.50%
    DOTHAN, AL (FHA|USDA|VA) 2 $100,000 $50,000 $0 6.50%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $95,000 $95,000 $1,728 3.50%
    Ozark, AL (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.50%
    MONTGOMERY, AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.75%
    Fort Payne, AL (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.75%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.50%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $15,000 $15,000 $0 6.25%
    Alabama Credit Union's top markets include Tuscaloosa, Daphne, Birmingham, Huntsville, and Cullman among others.

    Their top states include:
  • Alabama (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.

    Jefferson Credit Union
    Similarity Rank: 228
    Alabama One Credit Union
    Similarity Rank: 288
    Eco Credit Union
    Similarity Rank: 368
    Liberty Mortgage Corporation
    Similarity Rank: 432
    SmartBank
    Similarity Rank: 558
    The Home Lending Group LLC
    Similarity Rank: 792
    APCO EMPLOYEES
    Similarity Rank: 957
    Tyndall Federal Credit Union
    Similarity Rank: 1032
    Bank Independent
    Similarity Rank: 1080
    AMERICA'S FIRST
    Similarity Rank: 1095

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 201 $27,675,000 $137,687 $4,242 4.40%

    For 2018, Alabama Credit Union's most frequently originated type of loan was Conventional, with 201 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 79 $9,205,000 $116,519 $3,300 5.01%
    Cash Out Refi 71 $10,685,000 $150,493 $6,114 3.99%
    Refi 51 $7,785,000 $152,647 $2,614 4.03%

    For 2018, Alabama Credit Union's most frequently cited loan purpose was Home Purchase, with 79 originations. The 2nd most popular reason was Cash Out Refi, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 91 $11,355,000 $124,780 $5,443 4.12%
    20 Year 53 $8,215,000 $155,000 $3,733 5.04%
    10 Year 25 $2,355,000 $94,200 $2,240 3.99%
    30 Year 23 $4,955,000 $215,435 $3,196 4.34%
    Other 8 $740,000 $92,500 $2,785 4.97%
    5 Year 1 $55,000 $55,000 $1,484 3.55%

    For 2018, Alabama Credit Union's most frequently cited loan duration was 15 Year, with 91 originations. The 2nd most popular length was 20 Year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 119 $13,855,000 $116,429
    $1k-2k 45 $8,305,000 $184,556
    $2k-3k 6 $1,800,000 $300,000
    $3k-4k 2 $630,000 $315,000
    $5k+ 2 $1,710,000 $855,000

    Alabama Credit Union's average total fees were $3,196, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 119 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 110 $15,460,000 $140,545
    4-5% 64 $10,840,000 $169,375
    6-7% 17 $855,000 $50,294
    5-6% 4 $260,000 $65,000
    7-8% 3 $125,000 $41,667
    Over 8% 3 $135,000 $45,000

    During 2018, Alabama Credit Union's average interest rate for loans was 4.34%, while their most frequently originated rate bucket for loans was 3-4%, with 110 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 85 $5,595,000 $65,824 $2,253 4.86%
    $100k-200k 81 $11,265,000 $139,074 $5,719 4.04%
    $200k-400k 31 $8,135,000 $262,419 $3,691 4.14%
    $400k-600k 2 $970,000 $485,000 $3,762 4.10%
    $1MM+ 1 $1,105,000 $1,105,000 $14,113 4.00%
    $600k-1MM 1 $605,000 $605,000 $9,997 4.25%

    2018 saw Alabama Credit Union place emphasis on $100,000 or less loans with 85 originations, totaling $5,595,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 56 $4,930,000 $88,036 $2,506 4.80%
    $50k-75k 54 $5,970,000 $110,556 $7,639 4.31%
    $100k-150k 43 $7,705,000 $179,186 $3,107 4.18%
    $75k-100k 26 $3,250,000 $125,000 $2,449 4.42%
    $150k-250k 16 $3,200,000 $200,000 $3,300 4.03%
    $250k+ 6 $2,620,000 $436,667 $6,061 3.96%

    Alabama Credit Union lent most frequently to those with incomes in the $50k or less range, with 56 originations. The second most popular income band? $50k-75k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 66 $9,620,000 $145,758 $2,884 4.31%
    <20% 48 $5,450,000 $113,542 $2,715 4.47%
    30-36% 46 $6,210,000 $135,000 $8,929 4.45%
    50-60% 6 $790,000 $131,667 $2,948 3.97%
    >60% 5 $1,225,000 $245,000 $4,154 4.18%
    38% 5 $595,000 $119,000 $2,652 4.98%
    39% 4 $460,000 $115,000 $2,711 4.46%
    43% 4 $710,000 $177,500 $3,454 3.68%
    37% 4 $720,000 $180,000 $2,318 4.85%
    36% 4 $400,000 $100,000 $2,586 4.50%
    42% 3 $425,000 $141,667 $3,826 5.58%
    47% 2 $220,000 $110,000 $1,892 4.00%
    41% 2 $420,000 $210,000 $2,008 4.00%
    45% 1 $55,000 $55,000 $1,484 3.55%
    48% 1 $375,000 $375,000 $9,666 4.63%

    Alabama Credit Union lent most frequently to those with DTI ratios of 20-30%, with 66 originations. The next most common DTI ratio? <20%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 186 $26,270,000 $141,237 $4,406 4.42%
    Asian 6 $730,000 $121,667 $2,662 3.95%
    Black 9 $675,000 $75,000 $2,120 4.26%

    Approval Rates

    Total approvals of all applications
    86.32%

    Alabama Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    68.16%

    Alabama 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
    1487.0 1 $35,000 $35,000
    1840.23 1 $95,000 $95,000
    1899.0 1 $55,000 $55,000
    2227.99 1 $75,000 $75,000
    300.0 1 $55,000 $55,000
    799.0 21 $1,025,000 $48,810
    NA 175 $26,335,000 $150,486

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 26 $1,340,000 $51,538
    Single Family (1-4 Units):Site-Built 175 $26,335,000 $150,486

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $1,775,000 $93,421 $2,411 3.83%
    40-60% 26 $3,270,000 $125,769 $2,403 3.91%
    60-80% 86 $11,810,000 $137,326 $2,861 4.20%
    80-100% 60 $10,420,000 $173,667 $8,501 4.84%
    Under 20% 3 $125,000 $41,667 $1,845 4.37%

    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%