Alliant Credit Union Mortgage Review 2025

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: up to 365 days for construction loans and up to 90 days for refinance and purchase loans. 

Pros and cons of Alliant Credit Union

Affordability: 5/5

Because of its competitive interest rates, array of affordable loan options and fewer fees than some other lenders, Alliant Credit Union earns 5 out of 5 stars for affordability. 

• Interest rates: Alliant Credit Union reports competitive annual percentage rates (APRs) compared to Bankrate's national average, at the time of this review. It also displays rate and APR information on its website and allows you to estimate a personalized mortgage rate based on your credit score and down payment amount.
• Down payment: Alliant Credit Union offers conventional loans for just 3 percent down, as well as FHA loans for 3.5 percent down. If you choose a VA or USDA loan, no down payment is required. The credit union also offers a no-down-payment loan option for first-time homeowners with no private mortgage insurance (PMI). 
• Fees: Alliant Credit Union charges an origination fee between $995 and $1,200, depending on the loan type. However, the credit union doesn’t charge an application fee, membership fee or escrow waiver fee.
• Closing costs: Alliant Credit Union takes a “no surprises” approach to fees, disclosing all closing costs upfront.

Availability: 5/5

Many lenders offer some mortgage types but not others; Alliant’s product lineup includes government-backed and conventional loans, as well as fixed- and adjustable-rate options. Robust product offerings and nationwide availability contribute to the lender's perfect 5 out of 5 stars for availability.

• Products offered: Alliant provides its customers with conventional, jumbo, FHA, VA, USDA, construction loans, refinancing and more. Fixed-rate loans and a variety of adjustable-rate mortgages are available.
• Footprint: The credit union features nationwide availability in all U.S. states except Maryland.
• Where to find: Banking services, including mortgages, are online only. There are physical corporate offices (not open to customers), but no branch locations to do your business.

Borrower experience: 4.2/5 

Straightforward access to rate estimates and a speedy online preapplication process contribute to a positive customer experience. However, the lender lacks some convenience factors and transparency about qualifying criteria online. For these reasons, Alliant gets 4.2 out of 5 stars for borrower experience. 

• Application and preapproval process: To get started with obtaining a mortgage through Alliant, you'll connect with a loan officer over a 10-minute phone call. The credit union boasts mortgage preapproval times of 10-15 minutes. Once a seller accepts your offer on a home, you can complete an online mortgage application. However, the lender does not have an online dashboard to check loan status, or offer remote notarization services.

• Transparency: While the lender doesn’t disclose specific borrower requirements online, its rate tool does offer a glimpse into its application standards. Its website also features a 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 also allows you to compare different types of loans.
• Customer service: 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.

Alliant Credit Union is one of the largest credit unions in the country, accredited by the Better Business Bureau with an A+ rating. However, the credit union receives a "Bad" rating on the review site Trustpilot, based on over 60 customer reviews. Alliant was not ranked in J.D. Power's latest mortgage origination satisfaction study for 2024. 

Two borrowing options stand out as unique to Alliant’s product lineup. One is the Home Rewards Program, which incentivizes buyers to work with a select network of real estate agents in exchange for a rebate at closing of anywhere from $350 to $6,500, depending on the home's sales price. The other is an option for first-time buyers allowing a down payment of as little as $0 and no private mortgage insurance.

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 rates, fees and closing costs.

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 application 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 a home appraisal. (If you’re refinancing, you might or might not need an appraisal.)