Alliant Credit Union Mortgage Review 2022
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At a glance
Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC)
Available in all U.S. states
Min. credit score required
Minimum credit score requirements not available
Pros and cons
- Easy-to-use website with breakdown of customized rates and closing cost estimates
- Low- and no-down payment options, plus a no-PMI product
- Up to $6,500 back through the Alliant Home Rewards program
- No government-backed loans such as FHA or VA
- Doesn’t disclose minimum borrower requirements online
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 600,000 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.
Borrowers who can join the credit union or who are first-time buyers who want to avoid paying separately for mortgage insurance
- Rate-and-term and cash-out refinancing
- Home equity line of credit (HELOC) (Not available in every state)
Alliant Credit Union charges an origination fee, but the cost varies by loan type. For adjustable-rate mortgages, it’s $995, and for fixed-rate options, it’s $1,795. In some cases, borrowers might receive a partial credit for the charge. The credit union doesn’t charge application or escrow waiver fees. It is transparent about costs in its online quote tool.
Alliant Credit Union 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. As with many mortgage lenders, you can choose to pay upfront points to obtain a discount on your rate with this lender.
Alliant’s Trustpilot rating is a 2.3, but that rating is only based on 10 testimonials as of this review.
You can apply for a mortgage preapproval on Alliant Credit Union’s website, which takes between 10 and 15 minutes, and you can complete your full application online, too. The credit union’s website features a simple tool that estimates 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.
Minimum borrower requirements
While Alliant Credit Union doesn’t specifically disclose borrower requirements online, its rate tool does offer a glimpse into its application standards. Even with a credit score below 620, borrowers can still get an estimate, which is a positive sign for borrowers with subpar credit.
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.
Not sure if Alliant Credit Union is right for you? Consider these alternatives
- Chase Home Lending review – While it’s not the same feel as a credit union, Chase offers a similar set of loan programs with high customer service marks.
- Bethpage Federal Credit Union mortgage review – Based in New York, this large credit union also offers FHA loans.
- Watermark Home Loans review – If you’re really looking to avoid that individual PMI payment, Watermark Home Loans offers piggyback mortgages.
- First Midwest Bank mortgage review – This bank has a bigger selection of loan offerings and a transparent $750 fee for processing and underwriting.
- Interfirst Mortgage Company review – This lender has a similar selection of loans, no fees and an A+ rating from the Better Business Bureau.
Breakdown of Alliant Credit Union overall review score
- Affordability: 5/5
- Availability: 3.8/5
- Borrower experience: 5/5
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.
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