Founded in 1935, Alliant Credit Union has been serving prospects for greater than 85 years. The lender initially began as a credit score union for United Airlines workers however has since expanded to serve greater than 500,000 members as one of many nation’s largest credit score unions.
Today, Alliant Credit Union gives a totally on-line mortgage expertise to residence consumers. The lender boasts aggressive charges and perks that embody 0% down fee loans for first-time homebuyers.
Looking for a mortgage from this lender? We rated Alliant Credit Union based mostly on perks, laborious/comfortable credit score checks, buyer satisfaction, product selection and costs utilizing our SimpleRating methodology.
Best for First-Time Homebuyers – Alliant Credit Union
Alliant Credit Union will not be the preferred child at school, however those that give it an opportunity could also be pleasantly stunned by all it has to supply.
4.3 / 5.0
SimpleRating Alliant Credit Union 4.3
Customer Satisfaction N/A
- Competitive rates of interest
- 0% down fee possibility for first-time homebuyers
- Transparent charges
- No FHA, VA or USDA loans
- No J.D. Power buyer satisfaction score
- No bodily branches
Alliant Credit Union at a look
|APR Range||15-year mounted: 2.471%
20-year mounted: 2.702%
30-year mounted: 2.803%
3/6 ARM: 2.822%
5/6 ARM: 2.818%
7/6 ARM: 2.846%
10/6 ARM: 2.904%
|Available merchandise||Fixed-rate mortgages
|Term lengths||15, 20, 30|
|Applicable charges||No software charge or escrow waiver charge
$995 origination charge for adjustable-rate mortgages
$1,795 origination charge for fixed-rate mortgages
|Best for…||First-time homebuyers|
|Not for…||People who desire a lender with a bodily presence|
What we like about Alliant Credit Union mortgages
Competitive rates of interest
Alliant Credit Unions mortgage charges are aggressive with a few of the greatest within the business, and in lots of circumstances, they’re decrease than the rivals. This makes this lender a stable possibility for anybody who desires a low charge on a mortgage mortgage — which is just about everybody.
0% downpayment for first-time homebuyers
While the minimal down fee requirement for repeat consumers is 5%, Alliant permits first-time homebuyers to get a mortgage with 0% down in some circumstances. This makes homeownership extra accessible to those that are struggling to avoid wasting.
Alliant gives lots of details about its charges on its web site. While that won’t appear uncommon, it’s a uncommon discover. Most lenders don’t disclose that info on their website. This lender additionally has no software charge and totally discloses the origination charge on-line, too.
[ Read: Compare the Best Mortgage Rates for October 2020 ]
Things to think about
No FHA, VA, and USDA loans
Alliant Credit Union doesn’t provide and government-backed mortgages — which is uncommon for a lender like this. Most lenders provide not less than a few these loans to prospects. If you’re out there for an FHA, VA or USDA mortgage, this isn’t the lender for you.
No J.D. Power buyer satisfaction score
Alliant Credit Union wasn’t included in any of the latest J.D. Power buyer satisfaction surveys, so we are able to’t completely evaluate Alliant to the competitors.
No bodily branches
Alliant Credit Union gives a web based mortgage expertise and has ATMs throughout the United States. For those who desire a lender with a bodily presence, Alliant will not be the precise alternative. You’ll need to depend on digital and telephone communications with Alliant, which gained’t be the precise match for each purchaser.
Alliant Credit Union vs. the competitors
Navy Federal Credit Union
Navy Federal Credit Union is persistently ranked the nation’s high credit score union. As a consequence, it is smart to debate NFCU as an possibility for these searching for a mortgage via a credit score union.
- Customer service: Both Alliant Credit Union and Navy Federal Credit Union have A+ rankings with the Better Business Bureau. Navy Federal Credit Union ranks properly above-average within the J.D Power buyer satisfaction survey for mortgage servicers, whereas Alliant didn’t make the record in any respect.
- Products accessible: Navy Federal Credit Union has a greater lineup of obtainable mortgage merchandise. While Alliant solely affords commonplace fixed-rate and adjustable-rate loans, Navy Federal affords VA loans and particular loans for servicemembers and veterans ineligible for a VA mortgage.
- Rates: Both corporations provide aggressive charges, however Navy Federal has a slight edge. APRs for its standard mortgages begin at 2.086% in comparison with 2.417% for Alliant.
- Fees: Alliant affords a hard and fast origination charge, whereas Navy Federal’s origination charge is a proportion of the house’s worth. For most houses, Alliant’s origination charge is decrease.
- Perks: Both credit score unions provide 0% down fee mortgages to sure consumers.
Read our full Navy Federal Credit Union mortgage evaluate.
Rocket Mortgage (a Quicken Loans product) is the nation’s largest online-only mortgage lender. While Alliant Credit Union is smaller and has much less identify recognition, it additionally gives a totally on-line mortgage expertise.
- Customer service: Both Alliant Credit Union and Quicken Loans have A+ rankings with the Better Business Bureau. Quicken Loans ranks on the high of the record within the J.D. Power buyer satisfaction survey for mortgage providers, whereas Alliant didn’t make the record in any respect.
- Products accessible: Both lenders provide fixed-rate and adjustable-rate mortgages. Rocket Mortgage additionally affords FHA and VA loans for many who qualify.
- Rates: Alliant affords extra aggressive APRs than Rocket Mortgage. The lowest APR accessible via Rocket Mortgage is 3.069%, whereas Alliant’s APRs go as little as 2.471%.
- Fees: We can’t evaluate the 2 corporations based mostly on charges, as Rocket Mortgage doesn’t disclose theirs till you fill out an software.
- Perks: Both corporations have the perk of a full on-line mortgage expertise, however with Alliant’s 0% down for first-time homebuyers, it has the sting over Rocket Mortgage.
Bank of America
Bank of America is likely one of the nation’s largest monetary establishments, and it affords a formidable array of merchandise and branches throughout the United States. It can be one of many nation’s high mortgage suppliers.
- Customer service: Both Alliant Credit Union and Bank of America have A+ rankings with the Better Business Bureau. Bank of America ranks above-average within the J.D. Power buyer satisfaction survey for mortgage providers, whereas Alliant didn’t make the record in any respect.
- Products accessible: Given its dimension, it doesn’t come as a shock that Bank of America affords a extra spectacular record of mortgage merchandise. In addition to the fixed-rate and adjustable-rate mortgages that Alliant affords, Bank of America additionally gives FHA loans, VA loans and jumbo loans.
- Rates: The two corporations are extraordinarily aggressive in relation to charges. While Alliant’s lowest accessible APR is 2.471%, Bank of America has a light-weight edge with a low APR of two.464%.
- Fees: Bank of America doesn’t disclose its charges on the web site. However, it does provide an origination charge discount for Preferred Rewards purchasers. As a consequence, present Bank of America prospects might get the perfect offers.
- Perks: For consumers who desire a bodily location and private contact with their mortgage lender, Bank of America can present that. On the flip aspect, Alliant is a superb alternative for many who need a web based mortgage course of.
Read our full Bank of America mortgage evaluate.
How a lot will an Alliant Credit Union mortgage price?
Your month-to-month mortgage fee consists of your principal, curiosity, taxes and residential insurance coverage. The decrease your rate of interest, the much less you’ll pay in curiosity every month.
In addition to your month-to-month fee, mortgages sometimes include quite a lot of charges. Alliant Credit Union doesn’t cost an software charge, nevertheless it doesn’t have an origination charge of both $995 or $1,795.
Other closing prices you could incur embody:
- Appraisal charge
- Home insurance coverage
- Mortgage insurance coverage
- Property taxes
- Upfront curiosity funds
- Third-party closing prices
[ Read: Best Online Lenders of 2020 ]
Cheaper alternate options to Alliant Credit Union
While Alliant Credit Union does provide aggressive rates of interest, the charges aren’t the bottom available on the market. For those that want to work with a credit score union, Navy Federal Credit Union affords decrease rates of interest. That being stated, Alliant Credit Union has a decrease origination charge than Navy Federal for many consumers, so everybody must run the numbers for his or her state of affairs.
Alliant Credit Union within the information
- In October 2020, CNBC named Alliant Credit Union the nation’s greatest total credit score union, with rating standards together with ease to affix, nationwide availability, number of monetary merchandise, number of on-line providers, and National Credit Union Administration insurance coverage.
- Alliant Credit Union named a brand new CEO in July 2020, after its earlier govt retired after 17 years.
- Alliant Credit Union determined to completely shut the doorways to a few of its places of work in 2020. The firm had briefly closed places of work as a result of COVID-19 precautions and couldn’t justify reopening them, given the deal with on-line banking.
Compare high mortgage lenders
Too lengthy, didn’t learn?
Alliant Credit Union is likely one of the nation’s high credit score unions and one of many few lenders providing a completely on-line mortgage expertise. This lender has loads of different perks, too, together with its aggressive rates of interest and 0% down for first-time homebuyers.
Angelica Leicht is a author and editor who makes a speciality of every thing mortgage-related for The Simple Dollar. Her work has spanned matters that embody lending product evaluations, rate of interest developments, racial biases in mortgage lending and the function of fintech in lending practices, and has appeared in publications akin to Interest, Bankrate, The Spruce, Houston Press and VeryWell, amongst others.