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 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.

    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

    251

    Origination Dollar Volume (All Markets)

    $55,605,000

    Awards

    ALABAMA CREDIT UNION 30 Year Conventional Loans silver ALABAMA CREDIT UNION 30 Year Conventional Loans gold ALABAMA CREDIT UNION 30 Year Conventional Loans gold ALABAMA CREDIT UNION 30 Year Conventional Loans silver
    Show all (4) 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) 77 $18,275,000 $237,338 $3,729 3.99%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 62 $12,450,000 $200,806 $3,403 4.30%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 37 $8,885,000 $240,135 $3,842 4.21%
    HUNTSVILLE, AL (FHA|USDA|VA) 23 $7,195,000 $312,826 $6,002 3.68%
    Outside of Metro Areas 15 $2,115,000 $141,000 $3,332 4.06%
    Cullman, AL (FHA|USDA|VA) 7 $1,505,000 $215,000 $4,295 3.80%
    MOBILE, AL (FHA|USDA|VA) 7 $1,165,000 $166,429 $2,523 4.75%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 3 $715,000 $238,333 $3,715 3.08%
    DECATUR, AL (FHA|USDA|VA) 5 $675,000 $135,000 $4,177 3.83%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $560,000 $280,000 $3,205 3.69%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $425,000 $425,000 $8,008 5.75%
    Jasper, AL (FHA|USDA|VA) 5 $395,000 $79,000 $3,053 4.80%
    GADSDEN, AL (FHA|USDA|VA) 1 $325,000 $325,000 $3,032 4.00%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $315,000 $315,000 $4,331 4.38%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $255,000 $255,000 $10,037 6.00%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $165,000 $165,000 $3,964 4.88%
    MONTGOMERY, AL (FHA|USDA|VA) 1 $105,000 $105,000 $2,596 4.50%
    Scottsboro, AL (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.75%
    Troy, AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.75%
    Alabama Credit Union's top markets include Tuscaloosa, Daphne, Birmingham, Huntsville, and Cullman among others.

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

    Pen Air Federal Credit Union
    Similarity Rank: 144
    New Horizons Credit Union
    Similarity Rank: 315
    Liberty Mortgage Corporation
    Similarity Rank: 343
    Eco Credit Union
    Similarity Rank: 392
    Jefferson Credit Union
    Similarity Rank: 555
    SmartBank
    Similarity Rank: 576
    AVADIAN
    Similarity Rank: 609
    Listerhill Credit Union
    Similarity Rank: 676
    APCO EMPLOYEES
    Similarity Rank: 700
    AMERICA'S FIRST
    Similarity Rank: 1190

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 251 $55,605,000 $221,534 $3,870 4.13%

    For 2022, Alabama Credit Union's most frequently originated type of loan was Conventional, with 251 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 112 $24,920,000 $222,500 $3,523 3.72%
    Home Purchase 88 $21,860,000 $248,409 $4,926 4.56%
    Refi 50 $8,800,000 $176,000 $2,973 4.26%
    Other 1 $25,000 $25,000 $952 4.99%

    For 2022, Alabama Credit Union's most frequently cited loan purpose was Cash Out Refi, with 112 originations. The 2nd most popular reason was Home Purchase, with 88 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 127 $37,435,000 $294,764 $4,651 4.25%
    15 Year 65 $11,815,000 $181,769 $3,225 3.64%
    10 Year 36 $3,570,000 $99,167 $2,281 4.27%
    20 Year 20 $2,520,000 $126,000 $3,989 4.50%
    Other 2 $150,000 $75,000 $2,709 5.06%
    5 Year 1 $115,000 $115,000 $2,734 4.50%

    For 2022, Alabama Credit Union's most frequently cited loan duration was 30 Year, with 127 originations. The 2nd most popular length was 15 Year, with 65 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 122 $22,790,000 $186,803
    $1k-2k 68 $13,320,000 $195,882
    $2k-3k 33 $9,355,000 $283,485
    $4k-5k 9 $4,105,000 $456,111
    $3k-4k 8 $2,760,000 $345,000
    $5k+ 5 $2,935,000 $587,000

    Alabama Credit Union's average total fees were $4,651, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 122 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 105 $26,215,000 $249,667
    4-5% 50 $10,910,000 $218,200
    5-6% 37 $8,955,000 $242,027
    2.5-3% 34 $6,270,000 $184,412
    6-7% 14 $1,810,000 $129,286
    <2.5% 8 $1,170,000 $146,250
    7-8% 2 $220,000 $110,000
    Over 8% 1 $55,000 $55,000

    During 2022, Alabama Credit Union's average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was 3-4%, with 105 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 82 $22,210,000 $270,854 $4,231 4.00%
    $100k-200k 81 $11,685,000 $144,259 $3,343 3.88%
    $100,000 or less 55 $3,395,000 $61,727 $2,322 4.68%
    $400k-600k 22 $10,190,000 $463,182 $7,510 4.08%
    $600k-1MM 10 $7,120,000 $712,000 $4,803 4.11%
    $1MM+ 1 $1,005,000 $1,005,000 $3,356 5.13%

    2022 saw Alabama Credit Union place emphasis on $200k-400k loans with 82 originations, totaling $22,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 61 $14,925,000 $244,672 $3,860 4.10%
    $50k-75k 47 $6,965,000 $148,191 $3,175 4.26%
    $50k or less 44 $4,740,000 $107,727 $2,921 4.01%
    $75k-100k 42 $6,990,000 $166,429 $3,463 3.96%
    $150k-250k 38 $12,480,000 $328,421 $5,867 4.23%
    $250k+ 19 $9,505,000 $500,263 $4,702 4.28%

    Alabama Credit Union lent most frequently to those with incomes in the $100k-150k range, with 61 originations. The second most popular income band? $50k-75k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 71 $15,865,000 $223,451 $3,946 4.22%
    30-36% 54 $12,050,000 $223,148 $3,740 4.25%
    <20% 50 $11,100,000 $222,000 $3,699 3.86%
    39% 14 $2,600,000 $185,714 $3,370 3.85%
    42% 12 $2,630,000 $219,167 $3,363 3.91%
    37% 11 $3,015,000 $274,091 $8,141 4.28%
    40% 10 $2,040,000 $204,000 $2,811 3.93%
    41% 10 $2,220,000 $222,000 $3,431 3.70%
    36% 6 $1,640,000 $273,333 $4,509 3.75%
    38% 4 $810,000 $202,500 $2,923 4.37%
    48% 2 $610,000 $305,000 $3,803 5.50%
    45% 2 $260,000 $130,000 $3,231 6.19%
    44% 2 $600,000 $300,000 $3,922 3.69%
    43% 2 $100,000 $50,000 $1,126 5.68%
    46% 1 $65,000 $65,000 $1,181 7.38%

    Alabama Credit Union lent most frequently to those with DTI ratios of 20-30%, with 71 originations. The next most common DTI ratio? 30-36%, with 54 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 213 $48,025,000 $225,469 $3,925 4.15%
    Black 28 $4,530,000 $161,786 $3,436 3.93%
    Asian 8 $2,640,000 $330,000 $4,168 4.48%
    American Indian 1 $205,000 $205,000 $3,082 2.75%
    Not provided 1 $205,000 $205,000 $3,049 2.63%

    Approval Rates

    Total approvals of all applications
    90.72%

    Alabama Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.26%

    Alabama Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1692.25 1 $55,000 $55,000
    1873.06 1 $65,000 $65,000
    1899.05 1 $65,000 $65,000
    2196.38 1 $75,000 $75,000
    499.0 1 $45,000 $45,000
    999.0 1 $35,000 $35,000
    NA 245 $55,265,000 $225,571

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    251 $55,605,000 $221,534

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $5,015,000 $128,590 $2,823 4.11%
    40-60% 42 $8,250,000 $196,429 $3,576 4.07%
    60-80% 86 $21,740,000 $252,791 $4,452 3.95%
    80-100% 72 $20,060,000 $278,611 $4,342 4.14%
    Under 20% 12 $540,000 $45,000 $1,426 5.53%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Alabama Housing Finance Authority Conventional home mortgage Struggling to pay mortgage 1 100.0%