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Alliant Credit Union mortgage review
Offers competitive interest rates, but you can only get support for your home loan online.
finder.com’s rating: 2.8 / 5.0
★★★★★
Fixed- and adjustable-rate mortgages, with a break for first-time buyers with high credit scores.
- Choose this lender for competitive rates
- Choose another lender if you want in-person service
- A good option for first-time homebuyers
Details
| Loan products offered | Conventional, Jumbo, HELOC, Refinance |
|---|---|
| Minimum credit score | Conventional: 620 |
| Minimum down payment (Conventional) | 3% |
| State availability | Available in all states |
| NMLS # | 197185 |
Alliant Credit Union requirements
To find out if you’re eligible for an Alliant Credit Union home loan, visit the company’s website. Basic eligibility for a mortgage loan includes:
- Two years’ history of employment
- A FICO credit score of 620 or higher
- No history of bankruptcy in the past two years
Requirements
To qualify for an Alliant Credit Union home loan, you must first become an Alliant member. Those eligible to join Alliant include:
- Employees of qualifying companies or organizations
- Immediate family members of Alliant members
- Residents of qualifying Chicagoland communities
- Members of Alliant’s partner charity, Foster Care to Success (joining requires a $5 membership fee, which Alliant will pay on your behalf)
Documentation
The documents you’ll need to apply for a home loan from Alliant Credit Union include:
- Full name and contact information
- Social Security number
- Employment information
- Two most recent pay stubs
- W-2s and 1099s from the past year
- Personal tax return from the past year
- Profit and loss statements if self-employed
- List of assets, including savings, real estate, car titles and other investment records
- Complete list of debts, including student loans, auto loans, personal loans and credit cards
Costs and fees
Alliant doesn’t charge borrowers an application fee or escrow waiver fee, but you’ll pay an origination fee of $995 for adjustable-rate mortgages and $1,795 for fixed-rate loans.
In addition to origination fees, expect to pay about 1.5% to 4% of your loan’s total value in closing fees, which may include:
- Appraisal fees
- Credit report fee
- Title charges
- Closing fees
- State taxes
How to apply for a mortgage with Alliant Credit Union
To get started:
- Go to Alliant Credit Union’s website and select Apply Now.
- Enter your email address and date of birth and select whether you’re purchasing, want a preapproval or a refinance.
- Select a loan officer from the drop-down menu and agree to receive your disclosures electronically.
- Enter details about the property, your personal information, the loan program you want and your assets, expenses and income information.
- Answer the questions under About this Property and Your Money for this Loan.
- Answer the demographic questions, then choose Submit Application.
- Wait to be contacted by a loan officer who will help lock in your rate.
What types of mortgages can I get through Alliant Credit Union?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by Alliant Credit Union
Alliant Credit Union also offers these specialized types of mortgages.
- Alliant Advantage Mortgage. This loan offers 0% down for first-time homebuyers and has no private mortgage insurance (PMI) requirement.
- Mortgage refinancing. This type of loan can help reduce your interest rate, lower your monthly mortgage payment and get rid of PMI.
How Alliant Credit Union’s mortgage products compare to other lenders
Compared to other lenders, Alliant Credit Union offers a standard range of home mortgage options, including conventional and government-backed loans. What makes Alliant Credit Union different from other lenders is its ability to offer competitive rates and a few unique offerings, including its 0% down, no PMI Alliant Advantage Mortgage and rebate programs.
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Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Alliant Credit Union reviews and complaints
Alliant Credit Union has been accredited with the Better Business Bureau (BBB) since 2004 and has an A+ business rating with 80 complaints registered in the past three years. As of August 2021, Alliant Credit Union has a 1.17 out of 5 customer rating with the BBB and a 5 out of 5 rating on Zillow from just a handful of customers. While many customers appreciate Alliant’s competitive rates, many online reviews complain of subpar customer service, website bugs and long waits on hold.
Pros and cons of Alliant Credit Union
Pros
- No down payment. If you’re a first-time homebuyer, you could qualify for a 0% down home loan with no private mortgage insurance through the Alliant Advantage Mortgage program.
- Cashback rebates. The Alliant Home Rewards program offers up to $6,500 (if you buy or sell) or $13,000 (if you buy and sell) in cashback rebates based on your home’s value.
- Rate locks. Lock your rate for up to 120 days on new construction loans, 75 days for refinances and up to 45 days for purchase loans. Generally, rate locks are good for 30 to 60 days, so borrowers may benefit from these longer timeframes.
Cons
- Must be a member. You must be a member of Alliant Credit Union to apply for a loan. However, the membership requirements are relatively lenient compared to other credit unions.
- Limited support. While Alliant mortgages are available nationwide, branch locations can only be found in Chicago. And we were told by a customer representative in April 2021 that the company no longer offers in-person service and loan officers don’t take phone calls if you’re inquiring about a new loan. Instead, you must email the company for information and wait for a response.
- Scant loan information. You won’t find much information online about the specific loan programs available. If you call the company for information, you’ll be directed to send an email instead.
What is Alliant Credit Union?
Alliant Credit Union is a not-for-profit, member-owned financial cooperative. It was founded in 1935 as the United Airlines Employees’ Credit Union and now has over $13 billion in assets and over 550,000 members nationwide. Alliant Credit Union offers a full suite of financial products, including checking and savings accounts, credit cards and investment services.
Review by
Shannon Terrell
shannon.terrell@finder.comShannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
Expert review
Alliant Credit Union mortgages may be best suited for first-time homebuyers and those looking for loans with low or no down payments. It offers traditional and government-backed loans, with some special loan programs in the mix.
But while this credit union has plenty of personal, business and investment products to offer, it only offers online service for its mortgages at this time and you may find the customer service slow and frustrating compared to other lenders.