Does Alliant Credit Union Service Their Own Mortages?

Details

Features

Loan products offered	Conventional, Jumbo, HELOC, Refinance
Minimum credit score	Conventional: 620
Minimum down payment (Conventional)	3%
Country availability	Available in all states
NMLS #	197185

Alliant Credit Union requirements

To find out if y'all're eligible for an Alliant Credit Spousal relationship dwelling loan, visit the visitor'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 defalcation in the past two years

Requirements

To qualify for an Alliant Credit Union abode loan, y'all 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 Intendance 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 by twelvemonth
Personal taxation return from the past year
Profit and loss statements if self-employed
List of assets, including savings, real estate, auto titles and other investment records
Consummate list of debts, including educatee loans, automobile 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 adaptable-rate mortgages and $1,795 for fixed-rate loans.

In addition to origination fees, await to pay virtually ane.5% to iv% 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 use 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 officeholder from the drib-down menu and agree to receive your disclosures electronically.
Enter details about the property, your personal information, the loan plan you lot want and your assets, expenses and income information.
Reply the questions under Almost this Property and Your Coin for this Loan.
Answer the demographic questions, then choose Submit Awarding.
Expect to be contacted by a loan officer who volition help lock in your rate.

What types of mortgages tin I become through Alliant Credit Marriage?

Conventional

USDA

Jumbo

This company accepts mortgage refinance applications.

Other mortgage products offered past Alliant Credit Matrimony

Alliant Credit Union also offers these specialized types of mortgages.

Alliant Advantage Mortgage. This loan offers 0% downwards for first-time homebuyers and has no individual mortgage insurance (PMI) requirement.
Mortgage refinancing. This type of loan can help reduce your interest charge per unit, lower your monthly mortgage payment and get rid of PMI.

How Alliant Credit Union'south mortgage products compare to other lenders

Compared to other lenders, Alliant Credit Marriage offers a standard range of home mortgage options, including conventional and government-backed loans. What makes Alliant Credit Union dissimilar from other lenders is its power to offer competitive rates and a few unique offerings, including its 0% downward, no PMI Alliant Advantage Mortgage and rebate programs.

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Compare acme brands by home loan type, state availability and credit score. Select Meet rates to provide the lender with basic property and financial details for personalized rates.

Alliant Credit Spousal relationship reviews and complaints

Alliant Credit Spousal relationship 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 Spousal relationship has a 1.17 out of 5 customer rating with the BBB and a v out of 5 rating on Zillow from just a scattering of customers. While many customers appreciate Alliant's competitive rates, many online reviews mutter of subpar client service, website bugs and long waits on hold.

Pros and cons of Alliant Credit Spousal relationship

Pros

No downwards payment. If you lot're a first-time homebuyer, you could qualify for a 0% downwards home loan with no private mortgage insurance through the Alliant Advantage Mortgage program.
Cashback rebates. The Alliant Home Rewards program offers upwards to $6,500 (if you buy or sell) or $13,000 (if you buy and sell) in cashback rebates based on your dwelling house's value.
Rate locks. Lock your charge per unit for upward to 120 days on new structure loans, 75 days for refinances and up to 45 days for purchase loans. More often than not, rate locks are skillful for xxx to 60 days, so borrowers may benefit from these longer timeframes.

Cons

Must be a member. You must exist a member of Alliant Credit Matrimony to utilise 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 tin can only exist plant in Chicago. And we were told by a client representative in April 2021 that the visitor no longer offers in-person service and loan officers don't take telephone calls if you lot're inquiring about a new loan. Instead, you must email the company for information and wait for a response.
Scant loan data. You won't discover much information online about the specific loan programs available. If you call the company for information, you'll exist directed to send an email instead.

What is Alliant Credit Union?

Alliant Credit Union is a not-for-turn a profit, fellow member-owned financial cooperative. Information technology was founded in 1935 as the United Airlines Employees' Credit Union and now has over $thirteen billion in avails and over 550,000 members nationwide. Alliant Credit Union offers a full suite of fiscal products, including checking and savings accounts, credit cards and investment services.

Review by

Shannon Terrell

shannon.terrell@finder.com

Shannon 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 showtime-time homebuyers and those looking for loans with low or no downward payments. Information technology offers traditional and regime-backed loans, with some special loan programs in the mix.

Merely while this credit union has plenty of personal, business organization and investment products to offer, it only offers online service for its mortgages at this time and y'all may observe the customer service slow and frustrating compared to other lenders.

Source: https://www.finder.com/mortgages/alliant-credit-union-mortgage

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