Alliant Credit Union Mortgage Review 2024

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 800,000 members. The credit union imposes eligibility requirements for membership, but it can be easy to join if you’re willing to become a member of the nonprofit Foster Care to Success. 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. 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.

Pros and cons of Alliant Credit Union

How Bankrate scored Alliant Credit Union

• Affordability: Alliant Credit Union’s mortgage rates aren’t as competitive as those of other lenders (as of this review), but the credit union also doesn’t levy a membership fee or application fees on home loans.
• Availability: Alliant Credit Union’s mortgage offerings are available to members in the majority of states, and it offers some flexible loan terms.
• Borrower experience: Alliant Credit Union has an A+ rating from the Better Business Bureau. If you need assistance with your loan, you can expect to hear back from a loan officer within one to two business days.

Affordability: 9.6/10

Alliant Credit Union charges an origination fee between $995 and $1,350, depending on loan type. The credit union doesn’t charge an application fee, however, and there are no membership fees. It also 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.

Availability: 8.6/10

Alliant Credit Union’s mortgage products include conventional and jumbo loans with either a fixed or adjustable rate and options to refinance. The credit union also offers home equity lines of credit (HELOCs) to borrowers in several states.While it doesn’t specifically disclose borrower requirements online, its rate tool does offer a glimpse into its application standards. You can apply for a preapproval and your mortgage relatively quickly through the website, in a process that takes 20 minutes, according to the credit union. Its website also features a simple tool to estimate 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, as well.

Borrower experience: 8.9/10

Alliant Credit Union was founded in 1935. It is accredited by the Better Business Bureau with an A+ rating. It has a “Bad” rating on Trustpilot, but that’s based on less than 50 testimonials as of this review. Borrowers can contact the credit union any time at 800-328-1935 or by email. Its website also includes contact forms for each of its loan officers.

Refinancing with Alliant Credit Union

Alliant Credit Union offers both rate-and-term and cash-out refinancing options. 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.

How to apply for a mortgage with Alliant Credit Union

You can apply for a mortgage with Alliant Credit Union online or by phone at 800-328-1935. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.