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Alliant Credit Union Mortgage Review 2024

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At a glance

Alliant Credit Union
NMLS: 197185
Editor's take

Alliant Credit Union doesn’t have as flexible membership requirements as some other major credit unions, but if you’re a member, you’ll have access to one especially attractive mortgage option: the adjustable-rate Alliant Advantage Mortgage for up to $500,000 without a down payment or mortgage insurance payments.

Bankrate Score
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4.5
Rating: 4.5 stars out of 5
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Customer Rating
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5.0
Rating: 5 stars out of 5

34 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

All U.S. states except Hawaii, Maryland and New York

Dollar Coin

Min. down payment

5% for conventional loans

At a glance

Alliant Credit Union

NMLS: 197185

4.5

Rating: 4.5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states except Hawaii, Maryland and New York

Credit Good

Min. credit score required

Undisclosed

Alliant Credit Union overview

Headquartered in Illinois, Alliant Credit Union has been in business since 1935, when it was founded as a credit union for employees of United Airlines. Since then, the credit union has grown into a major financial institution with more than 800,000 members. The credit union imposes eligibility requirements for membership, but it can be easy to join if you’re willing to become a member of the nonprofit Foster Care to Success. Notably, the credit union has tiered rate-locks: 120 days for new construction or end loans (mortgage once you complete the construction of a home); 60 days for refinancing; and 45 days for new purchases. There’s also an incentive to find your home directly through Alliant’s Home Rewards program, which can score you a rebate of up to $6,500 if you work with an affiliated real estate agent.

Pros and cons of Alliant Credit Union

Pros
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    Easy-to-use website with breakdown of customized rates and closing cost estimates

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    Low- and no-down payment options, plus a no-PMI product

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    Up to $6,500 back through the Alliant Home Rewards program

Cons
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    Doesn’t disclose minimum borrower requirements online

Our Editor’s Take on Alliant Credit Union

Alliant Credit Union doesn’t have as flexible membership requirements as some other major credit unions, but if you’re a member, you’ll have access to one especially attractive mortgage option: the adjustable-rate Alliant Advantage Mortgage for up to $500,000 without a down payment or mortgage insurance payments.

How Bankrate scored Alliant Credit Union

  • Affordability: Alliant Credit Union’s mortgage rates aren’t as competitive as those of other lenders (as of this review), but the credit union also doesn’t levy a membership fee or application fees on home loans.
  • Availability: Alliant Credit Union’s mortgage offerings are available to members in the majority of states, and it offers some flexible loan terms.
  • Borrower experience: Alliant Credit Union has an A+ rating from the Better Business Bureau. If you need assistance with your loan, you can expect to hear back from a loan officer within one to two business days.

Affordability: 9.6/10

Alliant Credit Union charges an origination fee between $995 and $1,350, depending on loan type. The credit union doesn’t charge an application fee, however, and there are no membership fees. It also displays mortgage rates on its website, including the interest rate and APR, and you can get an estimate of a personalized rate based on what you plan to contribute to a down payment and your credit score.

Availability: 8.6/10

Alliant Credit Union’s mortgage products include conventional and jumbo loans with either a fixed or adjustable rate and options to refinance. The credit union also offers home equity lines of credit (HELOCs) to borrowers in several states.While it doesn’t specifically disclose borrower requirements online, its rate tool does offer a glimpse into its application standards. You can apply for a preapproval and your mortgage relatively quickly through the website, in a process that takes 20 minutes, according to the credit union. Its website also features a simple tool to estimate your monthly payments and closing fees based on a few key points: the home’s purchase price, where it’s located, your down payment and your credit score. You don’t have to share your contact information for the customized quote, and the tool allows you to compare different types of loans, as well.

Borrower experience: 8.9/10

Alliant Credit Union was founded in 1935. It is accredited by the Better Business Bureau with an A+ rating. It has a “Bad” rating on Trustpilot, but that’s based on less than 50 testimonials as of this review. Borrowers can contact the credit union any time at 800-328-1935 or by email. Its website also includes contact forms for each of its loan officers.

Refinancing with Alliant Credit Union

Alliant Credit Union offers both rate-and-term and cash-out refinancing options. With as little as 5 percent equity in your home, you can also use the Alliant Advantage Mortgage program to refinance into a lender-paid mortgage insurance ARM. The credit union’s online rate quote tool offers a complete breakdown of refinance fees, closing costs and rates.

How to apply for a mortgage with Alliant Credit Union

You can apply for a mortgage with Alliant Credit Union online or by phone at 800-328-1935. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Compare Alliant Credit Union to other lenders

Alliant Credit Union
Rating: 4.5 stars out of 5
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4.5

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Old National Bank
Rating: 4.6 stars out of 5
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4.6

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Read full review
Veterans United Home Loans
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Min. credit score required

Undisclosed

Min. credit score required

620 for conventional loans, 640 for FHA loans, 680 for VA loans

Min. credit score required

620 for conventional loans, 620 for VA loans

Down payment

5% for conventional loans

Down payment

Undisclosed

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states except Hawaii, Maryland and New York

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states

Alliant Credit Union customer ratings and reviews

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NMLS: 197185

5.0

Rating: 5 stars out of 5

34 ratings

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This lender has 34 recent reviews.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
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100%
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100% of customers would recommend this lender.

of 34 reviews

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