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Alliant Credit Union Mortgage Review 2022

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Alliant Credit Union is a Chicago-based credit union founded in 1935 and now boasting more than 600,000 members. The credit union does not have physical branches but offers access to some 80,000 ATMs nationwide. Anyone in the U.S. is eligible to become a member of the credit union by joining (at no cost) the nonprofit Foster Care to Success (FC2S), which supports teens in foster care attending college. Mortgage loans are available across the country.

Who is this lender for?
  • First-time homebuyers
  • Rate-shoppers
  • People seeking a bigger mortgage

7/10 LendingTree’s mortgage lender rating 

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

  1.   Application online 
  2.   Product info online 
  3.   Rates listed online 
  4.   Helpful articles about mortgages and homebuying
  5.   Standard product offerings (Conventional/FHA/VA/USDA)
  6.   Special programs
  7.   Info about how to qualify for products offered online
  8.   E-closing availability 
  9.   Licensed in at least 35 states 
  10.   After-hours and weekend access to loan officers 

Alliant Credit Union pros and cons

Pros

  Low-down payment mortgages. Alliant Credit Union offers an in-house mortgage program that offers low down payment options — sometimes even 0% — without private mortgage insurance (PMI).

  Ability to track mortgage rates. The credit union posts current mortgage rates online, and also lets potential customers subscribe to a “Rate Watch” feature and get notified when rates fall to a level they select.

  Available nationwide. Alliant Credit Union is licensed to lend across the country, though not all products are available in every state.

  Detailed rate quotes offered. The credit union’s rate quote tool offers detailed options instantly with just a bit of information on the type of property you’re looking to buy.

Cons

  Limited loan options. Alliant appears to offer a limited selection of loans, and doesn’t seem to offer FHA, VA or USDA loans. However, it does have fixed-rate and adjustable-rate mortgages.

  No qualifying information online. It is unclear what credit score is required to qualify for a mortgage with Alliant Credit Union.

  No physical branches. Alliant Credit Union operates primarily by phone and online, so if you’re looking for in-person service, you won’t find that here.

  Origination fee charged. While some lenders don’t charge a mortgage origination fee, Alliant does — from $995 to $1,795, depending on the type of loan.

Alliant Credit Union borrowing requirements

Minimum credit scoreNot disclosed
Minimum credit score Not disclosed
Minimum down payment 0%
Available loan terms 30-, 20- and 15-year, fixed-rate mortgages; 3/6, 5/6, 7/6 and 10/6 ARMs
Available loan types Fixed-rate and adjustable-rate conventional loans, jumbo

Alliant Credit Union mortgage rates and fees

Alliant Credit Union publishes mortgage rates online and allows customers to fill out a form to get an instant rate quote online. Advertised rates include a 45-day lock period, and borrowers can choose between a 60-, 75- or 90-day lock period when requesting a rate quote.

Alliant charges an origination fee that ranges from $995 to $1,795 depending on the size and type of the loan. In most cases, the fee for a fixed-rate loan will be $1,795. Adjustable-rate origination fees are typically $995.

Alliant Credit Union mortgage products

Purchase

Conventional loans. Alliant offers fixed-rate mortgages in 15-, 20- and 30-year terms. Adjustable-rate loans include 3/6, 5/6, 7/6 and 10/6 terms. 

Jumbo mortgage. These loans are offered to people who need to borrow more than $647,200.

A review of Alliant’s website indicates the credit union doesn’t appear to offer government-backed loans, including those from the U.S. Department of Veterans Affairs (VA loans), Federal Housing Administration (FHA loans) or U.S. Department of Agriculture (USDA loans).

Refinance

Alliant Credit Union offers conventional and jumbo refinance loans.

Home equity

Home equity line of credit (HELOC). Alliant Credit Union offers an interest-only HELOC, in addition to the more traditional version. The biggest difference between the two is that if you opt for the interest-only product, you won’t have to make payments on the principal for the first 10 years of your repayment period. There is a $50 annual fee for the interest-only HELOC, which is waived for your first year, compared with no fee for the traditional option. Alliant doesn’t charge closing costs for either of its HELOC programs for loans of up to $250,000.

Special programs

Alliant Advantage Mortgage (AAM). This program offers low down payments and is especially generous to first-time homebuyers. First-time buyers can borrow up to $500,000 with 0% down and no private mortgage insurance (PMI) payments. Repeat buyers can purchase with only 5% down or refinance with as little as 5% equity without having to pay PMI.

Alliant Home Rewards. Customers can get a cash rebate of up to $6,500 when they buy or sell their home with a participating local real estate agent. Customers who are both buying and selling through the program can receive up to $13,000. The amount of the rebate is dependent on the sale or purchase price, and the program is not available in Alaska, Iowa, Louisiana or Missouri. (Alliant Credit Union partners with HomeStory Real Estate Services for this incentive program.)

How does Alliant Credit Union compare to other lenders?

Alliant Credit UnionPenFedChurchill Mortgage
Minimum credit score Not disclosed650620
Minimum down payment 0%5% (3% for first-time homebuyers)0% VA and USDA 3% Conventional 3.5% FHA
Loan products and types Conventional, jumbo, HELOCConventional, VA, jumbo, HELOCConventional, FHA, VA, USDA, jumbo, “no score”
Special programs offered Alliant Advantage Mortgage, Alliant Home RewardsFirst Time Home Buyer Advantage, lender credits“No score” loans for people with non-traditional credit histories
Lender ReviewPenFedChurchill Mortgage

 

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