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 Cash Out Refi and Home Purchase 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 19 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% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
331Origination Dollar Volume (All Markets)
$58,225,000Top 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) | 129 | $23,845,000 | $184,845 | $3,241 | 3.08% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 69 | $11,865,000 | $171,957 | $3,449 | 3.29% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 43 | $8,525,000 | $198,256 | $3,907 | 3.11% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 26 | $4,590,000 | $176,538 | $3,879 | 3.20% |
| Cullman, AL (FHA|USDA|VA) | 12 | $1,930,000 | $160,833 | $3,186 | 3.13% |
| MOBILE, AL (FHA|USDA|VA) | 13 | $1,545,000 | $118,846 | $2,936 | 3.88% |
| DECATUR, AL (FHA|USDA|VA) | 11 | $1,385,000 | $125,909 | $3,252 | 3.48% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $1,335,000 | $1,335,000 | $10,875 | 2.50% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 3 | $1,115,000 | $371,667 | $7,867 | 2.92% |
| Outside of Metro Areas | 12 | $960,000 | $80,000 | $2,495 | 3.78% |
| Alexander City, AL (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,373 | 4.00% |
| Jasper, AL (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $2,958 | 4.00% |
| GADSDEN, AL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,357 | 2.88% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.75% |
| Selma, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.25% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,774 | 2.75% |
| Troy, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.25% |
| Albertville, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.25% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $2,279 | 3.13% |
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.
Similarity Rank: 592
Similarity Rank: 632
Similarity Rank: 675
Similarity Rank: 900
Similarity Rank: 1504
Similarity Rank: 1600
Similarity Rank: 1638
Similarity Rank: 1900
Similarity Rank: 2604
Similarity Rank: 2675
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 331 | $58,225,000 | $175,906 | $3,459 | 3.24% |
For 2021, Alabama Credit Union's most frequently originated type of loan was Conventional, with 331 originations.
Loan Reason
For 2021, Alabama Credit Union's most frequently cited loan purpose was Cash Out Refi, with 191 originations. The 2nd most popular reason was Home Purchase, with 87 originations.
Loan Duration/Length
For 2021, Alabama Credit Union's most frequently cited loan duration was 30 Year, with 126 originations. The 2nd most popular length was 15 Year, with 99 originations.
Origination Fees/Closing Costs
Alabama Credit Union's average total fees were $4,249, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 138 originations.
Interest Rates
During 2021, Alabama Credit Union's average interest rate for loans was 3.16%, while their most frequently originated rate bucket for loans was 2.5-3%, with 130 originations.
Loan Sizing
2021 saw Alabama Credit Union place emphasis on $100k-200k loans with 142 originations, totaling $20,660,000 in origination value.
Applicant Income
Alabama Credit Union lent most frequently to those with incomes in the $50k-75k range, with 91 originations. The second most popular income band? $50k or less, with 76 originations.
Applicant Debt to Income Ratio
Alabama Credit Union lent most frequently to those with DTI ratios of 20-30%, with 108 originations. The next most common DTI ratio? 30-36%, with 70 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.01%
Alabama Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.59%
Alabama Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $55,000 | $55,000 |
| 1042.45 | 1 | $55,000 | $55,000 |
| 1195.72 | 1 | $55,000 | $55,000 |
| 1377.34 | 1 | $65,000 | $65,000 |
| 1416.16 | 1 | $45,000 | $45,000 |
| 1526.26 | 1 | $75,000 | $75,000 |
| 1601.67 | 1 | $55,000 | $55,000 |
| 1703.78 | 1 | $55,000 | $55,000 |
| 1712.32 | 1 | $45,000 | $45,000 |
| 1979.4 | 1 | $65,000 | $65,000 |
| 1980.56 | 1 | $75,000 | $75,000 |
| 2097.78 | 1 | $75,000 | $75,000 |
| 2142.72 | 1 | $85,000 | $85,000 |
| 2281.26 | 1 | $85,000 | $85,000 |
| 2364.59 | 1 | $85,000 | $85,000 |
| 2396.21 | 1 | $85,000 | $85,000 |
| 2620.46 | 1 | $85,000 | $85,000 |
| 2641.59 | 1 | $95,000 | $95,000 |
| 3059.69 | 1 | $105,000 | $105,000 |
| 790.55 | 1 | $35,000 | $35,000 |
| 799.0 | 1 | $105,000 | $105,000 |
| 999.0 | 1 | $45,000 | $45,000 |
| NA | 309 | $56,695,000 | $183,479 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Alabama Housing Finance Authority | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.7% |
| Alabama Housing Finance Authority | FHA mortgage | Incorrect information on your report | 1 | 7.7% |
| Alabama Housing Finance Authority | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 7.7% |
| Alabama Housing Finance Authority | FHA mortgage | Struggling to pay mortgage | 3 | 23.1% |
| Alabama Housing Finance Authority | FHA mortgage | Trouble during payment process | 6 | 46.2% |
| Alabama Housing Finance Authority | Other type of mortgage | Struggling to pay mortgage | 1 | 7.7% |