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Alliant Credit Union is an affordable mortgage lender that offers low average rates and fees and a strong variety of mortgage options to choose from. You'll need to become a member of this credit union to get a mortgage here, but it's relatively easy for anyone to join. However, not all of its products are available in every state.
620
3%
Conforming, jumbo, HELOC, FHA, VA, USDA, physician, construction
- Explore customized rates online
- Strong variety of loan types
- Average rates and fees are on the low end
- Must be an Alliant Credit Union member
- Hard to find information about its mortgages online
- Some mortgages aren’t available in every state
- Online-only mortgage lender
- Fixed-rate mortgages aren’t available in Maryland
- ARMs aren’t available in Maryland, Hawaii, or New York. HELOCs only available in 25 states and Washington, D.C.
- Minimum credit score and down payment displayed are for conforming mortgages
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Understanding Alliant Credit Union Mortgage
Membership Eligibility
Since Alliant is a credit union, you'll need to become a member prior to your mortgage closing. However, you don't need to be a member to apply for a mortgage.
To become an Alliant Credit Union member, you'll need to meet one of these criteria:
- Be an employee of one of the businesses or organizations Alliant partners with
- Be a domestic partner or immediate family member of a current member
- Live or work in one of the eligible communities near the credit union's Chicago headquarters
- Become a digital inclusion advocate for the Alliant Credit Union Foundation (this is free to you; Alliant will make a $5 contribution on your behalf)
Mortgages Offered
Alliant Credit Union offers the following types of mortgages:
Availability
Alliant lends mortgages in most U.S. states. You can't get a fixed-rate mortgage from this lender in Maryland, and it doesn't lend adjustable-rate mortgages in Maryland, Hawaii, or New York. HELOCs are only available in 25 states and Washington, DC.
Alliant Credit Union Mortgage Interest Rates and Fees
Based on our review of the latest Home Mortgage Disclosure Act data, Alliant's average rates are slightly low compared to other lenders.
The Alliant website lets you easily customize mortgage rates to your situation by scrolling down on its main mortgage page and clicking "Get your customized rates." You'll need to fill in some basic information about how much you plan to borrow, where the home you're purchasing or refinancing is located, and what range your credit score is in.
In 2022, the average borrower getting a conventional loan from this lender paid $2,206 in origination charges, according to HMDA data. This is on the low end compared to other lenders.
Alliant Credit Union Mortgage Overall Lender Rating
Loan Types: 4 out of 5
Alliant Credit Union offers a strong range of mortgage products that should meet most borrowers' needs. It has all the standard options, including conventional and government-backed loans, as well as HELOCs and a couple of more niche options.
Affordability: 4 out of 5
If you're looking to save money, you might like Alliant since its average rates and fees are relatively low. It also has multiple loan options that allow low or no down payments, including FHA loans, which allow credit scores down to 580 (or potentially lower if you have a 10% down payment).
Customer Satisfaction: 5 out of 5
There aren't that many online customer reviews of Alliant's mortgage process, but from what we found, borrowers seem to be pleased with the lender's customer service. On its Zillow lender profile, Alliant earned a 5 out of 5 star rating based on 40 customer reviews.
Trustworthiness: 5 out of 5
Alliant Credit Union has an A+ from the Better Business Bureau. A business' BBB grade is based on its honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
Alliant Credit Union Mortgage Pros and Cons
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Easily Explore Personalized Rates
Alliant offers a convenient tool that lets you see what rates and monthly payments are available to you based on the details of your loan. Once you plug in your information, you can see options for multiple loan types and term lengths, including rates with and without discount points included. Discount points require you to pay more at closing in exchange for a lower mortgage rate.
Lacks Transparency Around Its Mortgage Offerings
On Alliant's website, it's hard to find specific information about its mortgages, including credit and down payment requirements. Though this isn't necessarily a dealbreaker, many lenders make it clear what their basic requirements are so you can get an idea of how likely you are to be approved with them.
HELOCs Only Available in Certain States
With Alliant, you can only get a HELOC in Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, North Carolina, New Jersey, Nevada, New York, Ohio, Pennsylvania, Tennessee, Utah, Virginia, Washington, Wisconsin, or Washington, DC.
What Borrowers Are Saying About Alliant Credit Union
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Alliant Credit Union as a mortgage lender.
Skilled, Helpful Loan Officers
In online reviews, Alliant borrowers spoke highly of the mortgage pros they worked with. They said their loan officers were communicative and knowledgeable and that the process was smooth even when the borrower had a less common situation (which can make processing a loan more challenging).
We did see a few complaints about poor customer service from borrowers and those whose mortgages are serviced by Alliant, but overall the reviews were positive.
How Alliant Credit Union Compares
Alliant Credit Union vs. Navy Federal Credit Union Mortgages
Navy Federal Credit Union is one of our favorite credit unions, but it's not as easy for anyone to join as it is with Alliant. To qualify for a Navy Federal membership, you'll need to be affiliated with the military.
Navy Federal offers conventional loans, VA loans, home equity loans, and HELOCs. It also has a couple of specialty mortgage options that allow no down payment, including one for borrowers who aren't eligible for a VA loan. So you might like this lender if you want to avoid a down payment. But if you're looking to save money on your mortgage payment, Alliant's average rates are lower.
Navy Federal Credit Union Mortgage Review
Alliant Credit Union vs. Ally Mortgages
Ally Home is a completely online bank that offers conforming and jumbo mortgages. If you want a larger range of loan options to choose from, you'll probably prefer Alliant.
But if you're planning to get a conventional loan, Ally is an extremely affordable lender. Its average rates and fees are significantly lower than other lenders, and it offers a $5,000 homebuyer grant in certain parts of the Charlotte, Detroit, and Philadelphia metro areas.
Is Alliant Credit Union Worth It For a Mortgage?
If you prefer to work with a credit union over a bank or mortgage lender, you might like Alliant Credit Union. Its average rates and fees are on the low end, and it ranks high in customer satisfaction.
But it may also be worth looking into a credit union that's local to you. Smaller, local lenders can often provide more personalized support and may be more willing to work with borrowers with less-than-perfect credit or those with unusual situations.
Alliant Credit Union Mortgage FAQs
Alliant makes it relatively easy for anyone to become a member. You're eligible if you work for a business that partners with Alliant, if you live or work near the credit union's Chicago headquarters, or if your domestic partner or immediate family member is a current member. If none of these apply, you can sign up to be a digital inclusion advocate for the Alliant Credit Union Foundation, which is free.
Yes, as long as you're working with a reputable organization, credit unions are as safe as other mortgage lending options.
Yes, Alliant Credit Union is a legitimate credit union that's been around since 1935. According to its site, Alliant has more than 800,000 members. Alliant's deposit accounts, including savings and checking accounts, are federally insured by the National Credit Union Administration.
Based on our review of HMDA data, Alliant's mortgage rates are lower than average.
Alliant is a completely digital credit union, so you'll complete the approval process online or connect directly with a loan officer over the phone.
If you want to work with a credit union, you might also want to see if there are any credit unions local to you. Working with a local lender is often more affordable and may come with better support compared to larger lenders.
Why You Should Trust Us: How We Reviewed Alliant Credit Union Mortgage
For our review of Alliant Credit Union, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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