Alabama Credit Union Mortgage Rates, Fees & Info
Tuscaloosa, ALLEI: 549300XDZHJDR5G01Q52
Tax ID: 63-0440014
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Mortgage Data
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. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Tuscaloosa, Daphne, Birmingham, Huntsville, and Mobile among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Alabama 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 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 | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
286Origination Dollar Volume (All Markets)
$46,970,000Awards
ALABAMA CREDIT UNION - 2019
ALABAMA CREDIT UNION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 110 | $19,490,000 | $177,182 | $2,972 | 4.13% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 60 | $11,030,000 | $183,833 | $3,037 | 4.29% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 37 | $6,005,000 | $162,297 | $2,959 | 4.45% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 18 | $3,680,000 | $204,444 | $2,684 | 3.69% |
| Outside of Metro Areas | 17 | $1,565,000 | $92,059 | $2,801 | 5.19% |
| MOBILE, AL (FHA|USDA|VA) | 14 | $1,560,000 | $111,429 | $2,388 | 4.03% |
| DECATUR, AL (FHA|USDA|VA) | 12 | $1,460,000 | $121,667 | $2,471 | 3.59% |
| Alexander City, AL (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $4,350 | 3.50% |
| Cullman, AL (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $3,350 | 5.96% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,226 | 3.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,453 | 4.25% |
| GADSDEN, AL (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $1,625 | 5.38% |
| Jasper, AL (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $1,714 | 3.38% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 6.13% |
| MONTGOMERY, AL (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 6.38% |
| DOTHAN, AL (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 6.13% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.75% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $2,659 | 4.63% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 283 | $46,805,000 | $165,389 | $2,925 | 4.27% |
| USDA | 2 | $130,000 | $65,000 | $1,436 | 5.06% |
| FHA | 1 | $35,000 | $35,000 | $1,244 | 6.75% |
For 2019, Alabama Credit Union's most frequently originated type of loan was Conventional, with 283 originations. Their 2nd most popular type was USDA, with 2 originations.
Loan Reason
For 2019, Alabama Credit Union's most frequently cited loan purpose was Home Purchase, with 126 originations. The 2nd most popular reason was Cash Out Refi, with 114 originations.
Loan Duration/Length
For 2019, Alabama Credit Union's most frequently cited loan duration was 15 Year, with 109 originations. The 2nd most popular length was 30 Year, with 74 originations.
Origination Fees/Closing Costs
Alabama Credit Union's average total fees were $2,722, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 167 originations.
Interest Rates
During 2019, Alabama Credit Union's average interest rate for loans was 3.92%, while their most frequently originated rate bucket for loans was 3-4%, with 154 originations.
Loan Sizing
2019 saw Alabama Credit Union place emphasis on $100k-200k loans with 109 originations, totaling $15,405,000 in origination value.
Applicant Income
Alabama Credit Union lent most frequently to those with incomes in the $50k-75k range, with 71 originations. The second most popular income band? $50k or less, with 64 originations.
Applicant Debt to Income Ratio
Alabama Credit Union lent most frequently to those with DTI ratios of 20-30%, with 113 originations. The next most common DTI ratio? <20%, with 67 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.55%
Alabama Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination71.68%
Alabama Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 2 | $130,000 | $65,000 |
| 1404.89 | 1 | $45,000 | $45,000 |
| 1549.84 | 1 | $35,000 | $35,000 |
| 1606.02 | 1 | $45,000 | $45,000 |
| 1749.33 | 1 | $45,000 | $45,000 |
| 2044.06 | 1 | $65,000 | $65,000 |
| 2086.33 | 1 | $65,000 | $65,000 |
| 2253.93 | 1 | $55,000 | $55,000 |
| 2271.11 | 1 | $45,000 | $45,000 |
| 2303.24 | 1 | $75,000 | $75,000 |
| 2328.31 | 1 | $75,000 | $75,000 |
| 2563.01 | 1 | $85,000 | $85,000 |
| 2677.77 | 1 | $65,000 | $65,000 |
| 2690.72 | 1 | $85,000 | $85,000 |
| 2940.0 | 1 | $65,000 | $65,000 |
| 799.0 | 26 | $1,580,000 | $60,769 |
| 802.42 | 1 | $45,000 | $45,000 |
| NA | 243 | $44,365,000 | $182,572 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 43 | $2,605,000 | $60,581 |
| Single Family (1-4 Units):Site-Built | 243 | $44,365,000 | $182,572 |
LTV Distribution
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% |