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Alliant Credit Union Mortgage Review
Founded in 1935, Alliant Credit Union has been serving customers for more than 85 years. The lender initially started as a credit union for United Airlines employees but has since expanded to serve more than 500,000 members as one of the nation’s largest credit unions.
Today, Alliant Credit Union provides a fully online mortgage experience to home buyers. The lender boasts competitive rates and perks that include 0% down payment loans for first-time homebuyers.
Looking for a loan from this lender? We rated Alliant Credit Union based on perks, hard/soft credit checks, customer satisfaction, product variety and fees using our SimpleScore methodology.
Alliant Credit Union at a glance
|APR Range||15-year fixed: 2.60%|
20-year fixed: 2.95%
30-year fixed: 3.18%
3/6 ARM: 2.64%
5/6 ARM: 2.61%
7/6 ARM: 2.61%
10/6 ARM: 2.70%
|Available products||Fixed-rate mortgages|
|Term lengths||15, 20, 30|
|Applicable fees||No application fee or escrow waiver fee|
$995 origination fee for adjustable-rate mortgages
$1,795 origination fee for fixed-rate mortgages
|Best for…||First-time homebuyers|
|Not for…||People who want a lender with a physical presence|
What we like about Alliant Credit Union mortgages
Competitive interest rates
Alliant Credit Unions mortgage rates are competitive with some of the best in the industry, and in many cases, they’re lower than the competitors. This makes this lender a solid option for anyone who wants a low rate on a mortgage loan — which is pretty much everyone.
0% downpayment for first-time homebuyers
While the minimum down payment requirement for repeat buyers is 5%, Alliant allows first-time homebuyers to get a mortgage with 0% down in some cases. This makes homeownership more accessible to those who are struggling to save.
Alliant provides a lot of information about its fees on its website. While that may not seem unusual, it’s a rare find. Most lenders don’t disclose that information on their site. This lender also has no application fee and fully discloses the origination fee online, too.
[ Read: Compare the Best Mortgage Rates ]
Things to consider
No FHA, VA, and USDA loans
Alliant Credit Union doesn’t offer and government-backed mortgages — which is unusual for a lender like this. Most lenders offer at least a couple of those loans to customers. If you’re in the market for an FHA, VA or USDA loan, this isn’t the lender for you.
No J.D. Power customer satisfaction rating
Alliant Credit Union wasn’t included in any of the recent J.D. Power customer satisfaction surveys, so we can’t thoroughly compare Alliant to the competition.
No physical branches
Alliant Credit Union provides an online mortgage experience and has ATMs across the United States. For those that want a lender with a physical presence, Alliant may not be the right choice. You’ll have to rely on digital and phone communications with Alliant, which won’t be the right fit for every buyer.
Alliant Credit Union vs. the competition
Navy Federal Credit Union
Navy Federal Credit Union is consistently ranked the nation’s top credit union. As a result, it makes sense to discuss NFCU as an option for those looking for a mortgage through a credit union.
- Customer service: Both Alliant Credit Union and Navy Federal Credit Union have A+ ratings with the Better Business Bureau. Navy Federal Credit Union ranks well above-average in the J.D Power customer satisfaction survey for mortgage servicers, while Alliant didn’t make the list at all.
- Products available: Navy Federal Credit Union has a better lineup of available mortgage products. While Alliant only offers standard fixed-rate and adjustable-rate loans, Navy Federal offers VA loans and special loans for servicemembers and veterans ineligible for a VA loan.
- Rates: Both companies offer competitive rates.
- Fees: Alliant offers a fixed origination fee, while Navy Federal’s origination fee is a percentage of the home’s value. For most homes, Alliant’s origination fee is lower.
- Perks: Both credit unions offer 0% down payment mortgages to certain buyers.
Read our full Navy Federal Credit Union mortgage review.
Rocket Mortgage (a Quicken Loans product) is the nation’s largest online-only mortgage lender. While Alliant Credit Union is smaller and has less name recognition, it also provides a fully online mortgage experience.
- Customer service: Both Alliant Credit Union and Quicken Loans have A+ ratings with the Better Business Bureau. Quicken Loans ranks at the top of the list in the J.D. Power customer satisfaction survey for mortgage services, while Alliant didn’t make the list at all.
- Products available: Both lenders offer fixed-rate and adjustable-rate mortgages. Rocket Mortgage also offers FHA and VA loans for those who qualify.
- Rates: Alliant offers more competitive APRs than Rocket Mortgage.
- Fees: We can’t compare the two companies based on fees, as Rocket Mortgage doesn’t disclose theirs until you fill out an application.
- Perks: Both companies have the perk of a full online mortgage experience, but with Alliant’s 0% down for first-time homebuyers, it has the edge over Rocket Mortgage.
Bank of America
Bank of America is one of the nation’s largest financial institutions, and it offers an impressive array of products and branches across the United States. It is also one of the nation’s top mortgage providers.
- Customer service: Both Alliant Credit Union and Bank of America have A+ ratings with the Better Business Bureau. Bank of America ranks above-average in the J.D. Power customer satisfaction survey for mortgage services, while Alliant didn’t make the list at all.
- Products available: Given its size, it doesn’t come as a surprise that Bank of America offers a more impressive list of mortgage products. In addition to the fixed-rate and adjustable-rate mortgages that Alliant offers, Bank of America also provides FHA loans, VA loans and jumbo loans.
- Rates: The two companies are extremely competitive when it comes to rates.
- Fees: Bank of America doesn’t disclose its fees on the website. However, it does offer an origination fee reduction for Preferred Rewards clients. As a result, current Bank of America customers may get the best deals.
- Perks: For buyers who want a physical location and personal touch with their mortgage lender, Bank of America can provide that. On the flip side, Alliant is a great choice for those who want an online mortgage process.
Read our full Bank of America mortgage review.
How much will an Alliant Credit Union mortgage cost?
Your monthly mortgage payment consists of your principal, interest, taxes and home insurance. The lower your interest rate, the less you’ll pay in interest each month.
In addition to your monthly payment, mortgages typically come with a variety of fees. Alliant Credit Union doesn’t charge an application fee, but it does not have an origination fee of either $995 or $1,795.
Other closing costs you may incur include:
- Appraisal fee
- Home insurance
- Mortgage insurance
- Property taxes
- Upfront interest payments
- Third-party closing costs
[ Read: Best Online Lenders of 2020 ]
Cheaper alternatives to Alliant Credit Union
While Alliant Credit Union does offer competitive interest rates, the rates aren’t the lowest on the market. For those who prefer to work with a credit union, Navy Federal Credit Union offers lower interest rates. That being said, Alliant Credit Union has a lower origination fee than Navy Federal for most buyers, so everyone will have to run the numbers for their situation.
Alliant Credit Union in the news
- In October 2020, CNBC named Alliant Credit Union the nation’s best overall credit union, with ranking criteria including ease to join, nationwide availability, variety of financial products, variety of online services, and National Credit Union Administration insurance.
- Alliant Credit Union named a new CEO in July 2020, after its previous executive retired after 17 years.
- Alliant Credit Union decided to permanently close the doors to some of its offices in 2020. The company had temporarily closed offices due to COVID-19 precautions and couldn’t justify reopening them, given the focus on online banking.