Alliant Credit Union Mortgage Review

Joseph Meyer
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Alliant Credit Union History

Alliant Credit Union Overview

Alliant Credit Union (Alliant CU) is headquartered in San Diego, California. Headquartered in San Diego, California, it currently has five branches. Since its inception in 1935, it has been owned and governed by its members.

Alliant CU is a full-service financial institution that provides personal, business, and corporate banking services. It offers checking and savings accounts, loans, credit cards, mortgages, and retirement solutions.

Alliant Credit Union Loan Specifics

Loans are big financial decisions. Before you decide which loan to apply for, there are a few things you should do to make sure that you get a loan that benefits your financial needs, is within your budget, and protects you from future financial troubles.

Ask yourself these important questions to help you decide if now is the right time to buy a new home, refinance your existing home, or take out a new home equity loan.

Fixed-Rate Loans

Advantages and Drawbacks

Fixed-rate loans are exactly as they sound: the rate on your mortgage is fixed — that is, it doesn’t change over the life of the loan. Fixed-rate mortgages make budgeting for your home purchase much easier because your monthly payment will remain exactly the same throughout the life of the loan. The interest rate on a fixed-rate loan will vary, depending on factors like the amount you borrow, your credit score and the loan term.

When choosing a mortgage, you will need to decide if you want a fixed-rate mortgage or a mortgage with an adjustable rate. The advantages of a fixed-rate mortgage include:

  • You will know exactly what your payments will be.
  • The interest rate is lower than on an adjustable-rate mortgage.
  • Your rate will not increase if interest rates go up.
  • The interest rate remains the same for the duration of the loan, rather than adjusting every year or so, as is the case for an adjustable-rate mortgage.
  • You can anticipate your payments and budget appropriately.

Eliminating these risks can help you sleep better at night.

Find your own lender today.

Adjustable-Rate Loans

Adjustable-rate mortgages remain with an interest rate that is directly linked to a secondary market index. As you know, the interest rates on the secondary market index are constantly changing. Indeed, that’s the underlying principle of these mortgages. They are based on the idea that the borrower can take advantage of variable interest rates, which tend to be lower than the rates on the more traditional mortgages that are fixed for five to ten years. The key advantage of an adjustable-rate mortgage is that when the interest rates on the secondary market index fall, the interest rate on the loan can fall, too. In other words, if you lock in a fixed-rate mortgage six months before the recession, your mortgage rate won’t change. But if you have an adjustable rate mortgage, you could still benefit from a drop in interest rates. It’s a way to help protect yourself against rising interest rates. On the other hand, if the interest rates on the index rise, so will the interest rate on the adjustable-rate mortgage.

Alliant Advantage Mortgage Program

Alliant Credit Union is a nationwide credit union that offers varied financial services to its members. One of the services they provide is mortgage financing. With over 4,000 branches in the U.S. and Canada, credit union membership is open to just about anyone who is either a resident of the U.S. or a student studying in the U.S.

When you decide to apply for a loan at Alliant, you will have the option of choosing from a number of Alliant Advantage mortgage programs.

There are Alliant Advantage mortgage programs for first mortgages, second mortgages, and home equity loans.

This article is going to focus on the Alliant Advantage review of the mortgage program for home equity loans. A home equity loan is one of the programs you can choose when you take out a loan through Alliant Credit Union. Here’s what you can expect to pay when you borrow money from the Alliant Advantage loan programs for your home and how to get started.

Jumbo Loans

If you need a larger loan amount than you would find in a conventional loan, because you’re buying a pricier home than you could otherwise afford, a jumbo loan may be your best option. It’s important to note that, historically, jumbo loans had higher rates than conforming loans, but the gap between the two has narrowed significantly in recent years.

Typically, jumbo loan requirements call for higher LTV ratios: often in the 80% range vs. 75% (or lower) for conforming loans. And, jumbo loans require higher credit scores than conforming loans.

Second Home Loans

How to Qualify

Second home loans are a type of a home finance which is generally taken for the purchase of a second home by individuals or families. Usually, such a loan is raised on the collateral of the second home to which a fixed value amount is loaned for a stipulated period of time.

Second home loans can be raised on both the borrower’s house and land. However, in the case of land, second home loans generally contract on the value of the land only.

The following are the steps that are involved in getting second home loans:

  • First, the borrower has to be a member of a mortgage lender. They are evaluated according to the set criteria.
  • The borrower must satisfy one of the following:
  • A complete a qualifying property loan
  • A completed qualifying investment loan
  • A a completed qualifying business loan
  • The loan must be sufficiently large enough to buy the second home. The presence of a full loan limit at the second home will raise the amount of the loan.
  • Once, the borrower has been approved for the loan amount, then the process for the final approval begins.

Based on the purpose of the loan, the borrower can have different forms of second home loans. These would include:

First Home Equity Loans: These are second home loans which have been taken on the equity of the borrower’s first home.

Alliant Credit Union Mortgage Customer Experience

May 20, 2016

After returning from a few years in Europe, we had the financial freedom to purchase our first home. Moving back from a different continent to the day to day stresses of work and living seemed like an insurmountable task. But we had some very specific goals we wanted to meet, and we were ready to make sacrifices and save our money in order to do so.

Like many people, though, we were wary of the banks. They had raised rates only a few months before we went overseas, and we just couldn’t imagine them extending us the same courtesy when we returned. Turns out we were right for the wrong reasons because, to their benefit, not ours, the banks were offering ridiculously low rates. In fact, they were offering to give us money if we agreed to take it.

This was our opening. We researched banks for days, garnering little knowledge but spending a lot of time. Then, we decided to go with Alliant Credit Union. They’re technically a bank, but they’re different in that they cater primarily to people who are financially responsible, progress-minded, and community-minded. This felt like the right fit.

Alliant Credit Union Lender Reputation

We started Alliant Credit Union Mortgage Review in order to help people get an unbiased opinion on the service they will receive from the lender they choose to work with.

Over the past few years, one thing has become very clear to us: there are an incredible amount of people satisfied with the service they receive at Alliant.

Recent online reviews have awarded Alliant Mortgage Review a 4.7 out of 5 rating, which places them among the top 20 highest rated mortgage lenders in the country.

As part of the investigation, we read hundreds of reviews. Did we find any negative reviews? Absolutely. But did we find enough to raise a red flag? No.

As with most financial institutions, some people were unhappy with their service. Much like some people were unhappy when they bought a car or stayed in a hotel. There will always be a small percentage of people who are unsatisfied.

That said, the vast majority of people who had used Alliant to finance their latest home purchase were extremely satisfied, as can be seen from the Alliant reviews we read.

Alliant Credit Union Mortgage Qualifications

Alliant Marketplace Lending is a division of Alliant Credit Union and many of the Alliant Credit Union mortgage requirements are the same as what you will find with most banks and credit unions.

· No More than Two Mortgages in past Two Years

Alliant Credit Union credit unions have mortgage programs that use these lending guidelines, and you’ll find the complete qualification chart on the Alliant Credit Union website.

Alliant Credit Union Phone Number & Additional Details