Alliant Credit Union Mortgage Review 2022

Good for: First-time home buyers who are open to credit union membership, prefer a digital application process and want to avoid mortgage insurance.

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Our Take

4.5

NerdWallet rating 

The bottom line:

Alliant Credit Union offers a wide range of conventional purchase and refinance options, and lets you shop rates and apply online, but it doesn't offer government-backed loans.

Alliant
Alliant: NMLS#197185
National / regional
National
Min. down payment
3%
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable

Pros & Cons

Pros

  • Low- or no-down-payment options with no mortgage insurance.
  • Offers a home equity line of credit, or HELOC.
  • Mortgages are available for non-warrantable condominiums.

Cons

  • Doesn't offer government-backed mortgages, like FHA or VA loans.
  • Mortgage origination fees are on the high side, according to the latest federal data.

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Full Review

What borrowers say about Alliant Credit Union mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. NerdWallet assesses borrowers’ subjective experiences with lenders using customer satisfaction scores from J.D. Power and Zillow. Alliant Credit Union didn’t have sufficient data from either source for NerdWallet to share.

Alliant Credit Union mortgage variety of loan types

  • 5 of 5 stars

Alliant Credit Union offers a variety of fixed and adjustable rate loans, including traditional purchase mortgages and refinance options. The Alliant Advantage Mortgage program allows qualified buyers to make a down payment as low as 0% (for first-time home buyers) or 5% (for repeat buyers) and skip private mortgage insurance.

Alliant Credit Union HELOC

The lender also offers a home equity line of credit, or HELOC. These first or second mortgages are a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation. Alliant Credit Union offers variable-rate HELOCs with terms from 15 to 30 years.

Alliant Credit Union mortgage ease of application

  • 4 of 5 stars

The bulk of Alliant's mortgage business is done online, including nearly all of its loan applications. You can upload documents, download disclosures and e-sign most required paperwork.

You'll need to become a member of Alliant after you're approved for a mortgage. Membership qualifications are broad, and if you aren't already eligible, you can become eligible by making a small donation to the credit union's partner charity.

Alliant Credit Union mortgage rates and fees

  • 2.5 of 5 stars

  • Alliant Credit Union earns 2 of 5 stars for average origination fee.

  • Alliant Credit Union earns 3 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Alliant Credit Union mortgage rate transparency

  • 5 of 5 stars

Alliant’s website displays sample rates for all of its mortgage products, and it lays out the assumptions built into those rates. It also has an easy-to-use form that generates a customized rate quote based on details you input about the loan type, the property and your credit score.

Alternatives to Alliant Credit Union mortgage

Here are some comparable lenders we review that borrowers can consider.

PenFed Credit Union also scores highly for digital convenience and ease of application. If you’re interested in a government-backed FHA loan, Bethpage Federal Credit Union offers those — but you have to speak with a loan officer to get customized rates.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

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More from NerdWallet

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).