Alliant Credit Union Mortgage Review
Working with Alliant Credit Union
Membership at Alliant Credit Union is not required to apply for the bank’s mortgage products; however, prospective customers must join before their loans close. Alliant offers membership to the following:
- Employees or retirees of qualifying companies
- Immediate family members of existing Alliant members
- Members of qualifying organizations
- Individuals who live or work in a qualifying Chicagoland community
- Supporters of Alliant Credit Union’s partner charity, Foster Care to Success
The credit union issues mortgages nationwide, but its home equity products are only available in 28 states and Washington, D.C.:
- North Carolina
- New Jersey
- New Mexico
- New York
Alliant Credit Union provides financing for multiple types of properties:
- Single-family homes (existing and new construction)
- Multi-family homes
- Co-ops (with certain restrictions)
As a bank with no brick-and-mortar locations, Alliant Credit Union serves its members through four channels: online banking, mobile banking, phone banking and a nationwide ATM network.
Alliant Credit Union products
Alliant Credit Union does not offer the following types of financing:
Alliant Credit Union does not provide refinancing on other loan types.
Alliant Credit Union special mortgage programs
- Alliant Advantage Mortgage (AAM) Program. This program helps buyers who are putting down less than 20% or who want to refinance their homes before reaching 20% equity. First-time buyers can borrow up to $500,000 with 0% down and no private mortgage insurance (PMI) payments. Non-first-time buyers can purchase with only 5% down or refinance with as little as 5% equity without having to pay PMI.
- Alliant Home Rewards. Customers can get a cash rebate of up to $6,500 when they buy or sell their home with a participating local real estate agent. Customers who are both buying and selling through the program can receive up to $13,000. The amount of the rebate is dependent on the sale or purchase price. (Alliant Credit Union partners with Vast Real Estate Services for this incentive program.)
The mortgage application process
- How to apply. Customers begin the mortgage process by applying online. Next, a loan officer will contact you to discuss your application and the required documents. You may choose to lock in your interest rate when applying.Home equity loan or HELOC customers can also apply and track their loans through the bank’s digital platform, which provides the ability to upload documents. (Other steps listed below may also differ for home equity customers.)
- Disclosure process. After you discuss your application with your loan officer, Alliant will send you the loan disclosures via mail. You will then need to notify the bank of your intent to proceed.
- Submitting loan for approval. Once you let the bank know you want to move forward, the loan goes to underwriting. The bank uses an automated underwriting process.At this stage, you will be contacted by an appraisal management company to schedule your home appraisal. You will be required to pay the appraisal fee at this time.
- Final approval. When the underwriting and appraisal processes are complete, the bank’s closing department will notify you within 48 to 72 hours of the final decision. You will then be sent preliminary closing disclosures to sign and return. You will also need to provide proof of homeowners insurance at least 10 days before closing.
- Closing. Your closing can take place in your home, at the closing attorney or agent’s office, or at any agreed-upon location. A closing scheduler will contact you to finalize the details and confirm the final amount due and other documents required at closing.
Communication during the process
Your loan officer will be your first point of contact after applying and will assist you through to closing. Along the way, you will be contacted by an appraisal company and the closing scheduler as your loan moves through underwriting and closing. During the process, your loan officer will provide status updates via email.
Pros and cons of an Alliant Credit Union mortgage
- Accepts low down payments. Alliant Credit Union addresses the challenge of saving up for a home by offering low down payment programs to both first-time and non-first-time homebuyers.
- Fast loan application process. The online application takes just minutes to complete.
- Accessible customer service. As a purely digital bank, Alliant Credit Union provides 24-hour access to its customers.
- User-friendly website. The website is easy to navigate and has useful features, such as customized quotes and homebuyer resources.
- Robust digital tools. Alliant Credit Union has been recognized for its mobile banking app and digital platform.
- Competitive interest rates. Alliant Credit Union offers below-average rates on mortgages.
- Rate Watch. Customers can set interest-rate alerts based on their specific criteria.
- Low fees on home equity products. Alliant’s home equity products do not carry an application fee, appraisal fee or closing costs.
- Limited mortgage products. Alliant’s mortgage options are limited to conventional and jumbo loan products. It does not offer FHA, VA or USDA loans.
- Borrower criteria not available. The company’s website does not provide detailed eligibility information, such as credit score requirements.
- No physical branches. Consumers who want a face-to-face experience may not like a purely digital bank.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing