Alliant Credit Union Mortgage Review 2023
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Our Take
4.0
Alliant Credit Union offers a wide range of terms for conventional fixed- and adjustable-rate mortgages, but does not offer any government-backed loans. While it offers home equity lines of credit (HELOCs), the lender does not advertise home equity loans. Those who qualify for membership may access lower-than-average rates, according to the latest federal data.
Pros & Cons
Pros
- Borrowers can apply entirely online. The lender is also very transparent about what borrowers can expect from the process, including nontraditional customers.
- Borrowers do not need to become members of the credit union until they’ve reached the closing process, meaning that interested home buyers can apply and get rate offers without committing to membership.
- Offers customized rate quotes, including a detailed breakdown of estimated closing costs.
Cons
- Does not offer VA, FHA or USDA loans.
- Membership is contingent on belonging to or joining a partner organization, or living in an eligible Chicago-area community.
Compare to Other Lenders
Full Review
What borrowers say about Alliant Credit Union
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from Zillow.
Alliant Credit Union receives a customer rating of 5 out of 5 on Zillow, as of the date of publication. The rating reflects more than 30 customer reviews.
Alliant Credit Union’s mortgage loan options
3 of 5 stars
Alliant Credit Union offers both fixed-rate conventional mortgages (10-year, 15-year, 20-year, 25-year and 30-year) and adjustable-rate mortgages (3-year, 5-year, 7-year and 10-year) with a wide variety of term options. The lender also offers jumbo loans and HELOCs, but does not advertise home equity loans and doesn’t offer government-backed mortgages like FHA, VA or USDA loans.
Alliant Credit Union HELOC
Alliant Credit Union offers a home equity line of credit, or HELOC. These 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. The lender does not advertise a home equity loan option.
» MORE: Best HELOC lenders
What it’s like to apply for an Alliant Credit Union mortgage
4 of 5 stars
Alliant Credit Union’s online application is easy to access on its website. Borrowers are not able to apply at a branch location. When we spoke to an agent by phone, she said that it may be possible to apply by phone, but this would be unusual and less convenient than applying online. However, borrowers who have questions during the application process are encouraged to connect with a representative.
» MORE: How to apply for a mortgage
Alliant Credit Union’s mortgage rates and fees
3.5 of 5 stars
Alliant Credit Union earns 3 of 5 stars for average origination fee.
Alliant Credit Union earns 4 of 5 stars for average mortgage interest rates.
NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders.
While Alliant Credit Union has average origination fees, the lender has lower mortgage interest rates than some competitors.
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’s mortgage rate transparency
5 of 5 stars
The lender’s extensive and customizable rates include details rarely seen in sample mortgage rates, including a breakdown of costs and mortgage points.
Alternatives to a home loan from Alliant Credit Union
Borrowers who are interested in working with a credit union and do want to explore government loan options may want to consider Bethpage Federal Credit Union. Meanwhile, Guaranteed Rate may be a great alternative for borrowers to consider if they want to apply entirely online.
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).
