Analysis of 2023 Mortgage Rates From Alliant Credit Union

Jan 31, 2023 By Triston Martin

Since its inception in 1935 as a credit union for United Airlines employees, Illinois-based Alliant Credit Union has served its membership well. More than 700,000 people are now members, and the credit union has become a prominent financial organization since its inception.

Those willing to become members of the non-profit Foster Care to Success can quickly meet the credit union's minimal membership standards. The two most appealing features are geared toward first-time homeowners.

For first-time homebuyers, the Alliant Advantage Mortgage program offers financing of up to $500,000 with no down payment and no monthly mortgage insurance premiums. If you use an associated real estate agent via Alliant's Property Rewards program, you can receive a reimbursement of up to $6,500 for finding your home on your own.

Mortgage Rates And Fees At Alliant Credit Union

Scroll down on Alliant's primary mortgage page and select "Get your customized rates" to generate personalized quotes. You'll need to give some background details, such as how much money you want to borrow, where the house is, and your credit score.

The type of mortgage you acquire will determine the amount of the origination fee you pay to Alliant Credit Union. A $1,795 origination fee is charged for fixed-rate mortgages, while borrowers of adjustable-rate mortgages pay just $995.

Home Loans from Alliant CU vs. Connexus CU

The credit unions Alliant and Connexus have a lot in common regarding the services they provide, but there are a few important distinctions between the two that might make one a better choice for you than the other.

The 5% down payment and no PMI option are also available to repeat purchasers. With a mortgage from Connexus Credit Union, the bare minimum down payment is 3%, and if your down payment is less than 20%, you'll have to pay private mortgage insurance.

Borrowers who want a mortgage with Alliant but don't meet the requirements for the Alliant Advantage Mortgage program can still receive one with a 3% down payment and PMI.

Ally Mortgages vs. Alliant Credit Union

Ally is a digital-only financial institution that provides conventional and jumbo mortgages with deposit minimums of just 3%. Because there are no financing costs with Ally, it is the clear winner when comparing fees. Unlike Alliant, which sells mortgages in all 50 states except Maryland, Ally only does so in a minority of states.

Loans from Alliant Credit Union: How They Work

A mortgage application can be submitted online or over the phone to Alliant. Maryland is the only state where a borrower cannot acquire a fixed-rate mortgage with Alliant. Mortgages through Alliant Advantage are not currently offered in Florida and Nevada.

Both conventional and jumbo mortgages are available for purchase and refinancing at Alliant Credit Union. The Alliant Advantage Mortgage program offers a reduced down payment alternative to those it considers to be "well-qualified purchasers."

First-time buyers can use these mortgages to buy a property up to $500,000 with no down payment and no private mortgage insurance. A property worth up to $650,000 can be purchased with a 5% down payment and no private mortgage insurance for repeat purchasers.

How Reliable Is Alliant Credit Union?

The Better Business Bureau has given Alliant Credit Union an A+ rating. The Better Business Bureau (BBB) assigns a rating to a company depending on how well it follows through on consumer complaints, how open it is about its business processes, and how truthful its advertising is. On Zillow, Alliant's page shows high marks from satisfied borrowers, and the company hasn't been involved in any recent controversies.

Potential Options

New American Funding can be an excellent option if you're looking for a certain kind of loan that Alliant doesn't provide. New American Financial Services offers several unique financing options.

Contemporary American provides various mortgage options, including FHA, VA, and USDA loans and stated income loans for self-employed people. Better may be a viable option for borrowers concerned about prices because it is an online-only lender.

Although Alliant isn't the most affordable lender, its origination costs are on par with the industry standard. On the other hand, Better requires no origination fees and is one of the few lenders that allows borrowers to view their actual rates without a negative impact on their credit.

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