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Alliant Credit Union Mortgage Review 2023

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At a glance

Alliant Credit Union

Editor's take

Alliant Credit Union is good for borrowers who can join the credit union or are first-time buyers who want to avoid paying separately for mortgage insurance.

Bankrate Score
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4.3
Rating: 4.3 stars out of 5
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Mortgage Percent

Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC)

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

Available in all states except Hawaii, Maryland and New York

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Min. down payment

5% for conventional loans

At a glance

Alliant Credit Union

4.3

Rating: 4.3 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC)

Location

Nationwide Availability

Available in all 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 700,000 members. The credit union has some eligibility requirements for membership, but can be easy to join if you’re willing to become a member of the nonprofit Foster Care to Success. It has two especially attractive programs for homebuyers. The Alliant Advantage Mortgage program allows first-time buyers to borrow up to $500,000 without a down payment or mortgage insurance payments. (Instead, these adjustable-rate mortgages come with lender-paid mortgage insurance, which means you’ll pay a higher interest rate). 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. 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.

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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    No government-backed loans such as FHA or VA

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    Doesn’t disclose minimum borrower requirements online

Our Editor’s Take on Alliant Credit Union

Alliant Credit Union is good for borrowers who can join the credit union or are first-time buyers who want to avoid paying separately for mortgage insurance.

Breakdown of Alliant Credit Union overall score

  • Affordability: Alliant Credit Union’s mortgage rates aren’t as competitive as those of other lenders, but the credit union doesn’t levy a membership fee or application fees on home loans.
  • Availability: Alliant Credit Union’s mortgage offerings are available to borrowers 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, and if you need assistance with your loan, you can expect to hear back from a loan officer within one to two business days.

Affordability: 4/5

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: 4/5

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: 5/5

Alliant Credit Union was founded in 1935. It is accredited by the Better Business Bureau with an A+ rating. It has a “Poor” rating on Trustpilot, but that’s based on less than 20 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

You can refinance your existing mortgage with Alliant Credit Union, and take cash out if you qualify. 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.

Alternatives to Alliant Credit Union

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