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Alliant Credit Union Mortgage Review 2024

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At a glance

Alliant Credit Union
NMLS: 197185
Editor's take

Alliant Credit Union doesn’t have as flexible membership requirements as some other major credit unions, but if you’re a member, you’ll have access to one especially attractive mortgage option: the adjustable-rate Alliant Advantage Mortgage for up to $500,000 without a down payment or mortgage insurance payments.

Bankrate Score
4.5
Rating: 4.5 stars out of 5
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Bankrate Score

Customer Rating
5.0
Rating: 5 stars out of 5

36 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

All U.S. states except Hawaii, Maryland and New York

Dollar Coin

Min. down payment

5% for conventional loans

At a glance

Alliant Credit Union

NMLS: 197185

4.5

Rating: 4.5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states except Hawaii, Maryland and New York

Credit Good

Min. credit score required

Undisclosed

Alliant Credit Union overview

Headquartered in Illinois, Alliant Credit Union has been in business since 1935, when it was founded as a credit union for employees of United Airlines. Since then, the credit union has grown into a major financial institution with more than 800,000 members. The credit union imposes eligibility requirements for membership, but it can be easy to join if you’re willing to become a member of the nonprofit Foster Care to Success. Notably, the credit union has tiered rate-locks: 120 days for new construction or end loans (mortgage once you complete the construction of a home); 60 days for refinancing; and 45 days for new purchases. There’s also an incentive to find your home directly through Alliant’s Home Rewards program, which can score you a rebate of up to $6,500 if you work with an affiliated real estate agent.

Pros and cons of Alliant Credit Union

Pros
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    Easy-to-use website with breakdown of customized rates and closing cost estimates

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    Low- and no-down payment options, plus a no-PMI product

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    Up to $6,500 back through the Alliant Home Rewards program

Cons
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    Doesn’t disclose minimum borrower requirements online

Our Editor’s Take on Alliant Credit Union

Alliant Credit Union doesn’t have as flexible membership requirements as some other major credit unions, but if you’re a member, you’ll have access to one especially attractive mortgage option: the adjustable-rate Alliant Advantage Mortgage for up to $500,000 without a down payment or mortgage insurance payments.

How Bankrate scored Alliant Credit Union

  • Affordability: Alliant Credit Union’s mortgage rates aren’t as competitive as those of other lenders (as of this review), but the credit union also doesn’t levy a membership fee or application fees on home loans.
  • Availability: Alliant Credit Union’s mortgage offerings are available to members in the majority of states, and it offers some flexible loan terms.
  • Borrower experience: Alliant Credit Union has an A+ rating from the Better Business Bureau. If you need assistance with your loan, you can expect to hear back from a loan officer within one to two business days.

Affordability: 9.6/10

Alliant Credit Union charges an origination fee between $995 and $1,350, depending on loan type. The credit union doesn’t charge an application fee, however, and there are no membership fees. It also displays mortgage rates on its website, including the interest rate and APR, and you can get an estimate of a personalized rate based on what you plan to contribute to a down payment and your credit score.

Availability: 8.6/10

Alliant Credit Union’s mortgage products include conventional and jumbo loans with either a fixed or adjustable rate and options to refinance. The credit union also offers home equity lines of credit (HELOCs) to borrowers in several states.While it doesn’t specifically disclose borrower requirements online, its rate tool does offer a glimpse into its application standards. You can apply for a preapproval and your mortgage relatively quickly through the website, in a process that takes 20 minutes, according to the credit union. Its website also features a simple tool to estimate your monthly payments and closing fees based on a few key points: the home’s purchase price, where it’s located, your down payment and your credit score. You don’t have to share your contact information for the customized quote, and the tool allows you to compare different types of loans, as well.

Borrower experience: 8.9/10

Alliant Credit Union was founded in 1935. It is accredited by the Better Business Bureau with an A+ rating. It has a “Bad” rating on Trustpilot, but that’s based on less than 50 testimonials as of this review. Borrowers can contact the credit union any time at 800-328-1935 or by email. Its website also includes contact forms for each of its loan officers.

Refinancing with Alliant Credit Union

Alliant Credit Union offers both rate-and-term and cash-out refinancing options. With as little as 5 percent equity in your home, you can also use the Alliant Advantage Mortgage program to refinance into a lender-paid mortgage insurance ARM. The credit union’s online rate quote tool offers a complete breakdown of refinance fees, closing costs and rates.

How to apply for a mortgage with Alliant Credit Union

You can apply for a mortgage with Alliant Credit Union online or by phone at 800-328-1935. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Compare Alliant Credit Union to other lenders

Alliant Credit Union
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
Old National Bank
Rating: 4.6 stars out of 5
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4.6

Bankrate Score
Read full review
Veterans United Home Loans
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing

Min. credit score required

Undisclosed

Min. credit score required

620 for conventional loans, 640 for FHA loans, 680 for VA loans

Min. credit score required

620 for conventional loans, 620 for VA loans

Down payment

5% for conventional loans

Down payment

Undisclosed

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states except Hawaii, Maryland and New York

Nationwide availability

All U.S. states

Nationwide availability

All U.S. states

Alliant Credit Union customer ratings and reviews

logo

NMLS: 197185

5.0

Rating: 5 stars out of 5

36 ratings

This lender has 36 recent reviews.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
100%
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100% of customers would recommend this lender.

10 of 36 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Rating: 5 stars out of 5

Great experience!

I recently purchased my first home in California and had the pleasure of working with Charles from Alliant Credit Union as my lender. Charles was absolutely awesome throughout the entire process. He was incredibly responsive, always available to answer my questions and provide guidance, which was especially important as a first-time homebuyer. Charles's expertise and helpfulness made the homebuying experience smooth and low stress. He took the time to explain every detail, ensuring I understood all aspects of my mortgage. His proactive approach and dedication to customer service were evident from start to finish. I highly recommend Charles and Alliant Credit Union for anyone looking for a mortgage lender. Their professionalism and commitment to their clients are truly outstanding. Thank you, Charles, for making my dream of homeownership a reality!

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

Kayla
Los Angeles (July 1, 2024)

Rating: 5 stars out of 5

Top-Notch Rates, Stellar Service: A Dream Mortgage Experience with Robert

Forget the online lender smokescreen nightmare! Working with Robert for my vacation home purchase was awesome. He got me the best interest rate, period. Plus, he wasn't like those loan officers who never answer. Robert either picked up the phone right away or called me back super fast. Robert explained everything in plain English, like he was teaching me, not bossing me around. This way, I actually learned a lot about mortgages, which is way more than any other lender ever did. Even my real estate agent loved Robert and said she's sending her clients to him because he's that good. If you get a chance to work with Robert, hold onto him tight!

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

WhitneyT
South Carolina (June 27, 2024)

Rating: 5 stars out of 5

Couldn’t be happier!

I have been trying to find a home for nearly 2 years with other lenders but because of Alliant I’m sitting in my new house writing this review! Their level of communication and commitment made all the difference in the world. I don’t think I’ll ever stop being thankful for Jeff & Amy!

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

Kelly
North Carolina (May 27, 2024)

Response from Alliant Credit Union:

Kelly - congrats on your new home!!! Thank you for the kind words and trusting Jeff, Amy and team Alliant!

Rating: 5 stars out of 5

Awesome Experience

Nick and the loan team were great throughout the entire process. This was my first VA loan and because of them, everything went great. Anytime I had any questions, Nick always responded quickly, even if on a weekend. He is extremely knowledgeable, professional, and helpful. I would highly recommend Alliant Credit Union and Nick to anyone looking for a loan!

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

DD
NH (May 14, 2024)

Rating: 5 stars out of 5

Securing a mortgage was daunting until I contacted David Matalon. Here's how my experience unfolded:

• Initial Contact: Reaching out to David was straightforward. Their customer service representative was accommodating and promptly set up an initial consultation. • Customer Service: I found his team exceptionally supportive throughout the mortgage process. Every person I interacted with was knowledgeable and eager to help, ensuring I understood each step. • Application Process: The application process was more streamlined than I anticipated. Thanks to the efficient handling by their team, my initial application was approved in just three weeks. • Terms and Conditions: All terms, conditions, and associated fees were laid out transparently. I particularly appreciated the detailed explanations, which helped me make an informed decision without pressure. • Closing Process: The closing was smooth and free of surprises. The lender maintained excellent communication, informing me of any requirements and next steps, leading to a timely closure. • Overall Experience: My experience with Alliant Credit Union was positive. I felt supported throughout the process and am pleased with the terms of my mortgage. I recommend

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

G T.
Berea, OH (May 6, 2024)

Rating: 5 stars out of 5

Level of Service

Jeff provided exceptional service to us. He was able to promptly give us a rate (the lowest out of 5 other lenders) and create a streamline process for us to easily close on our house. We loved our experience at Alliant Credit Union and with Jeff.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

Taylor F.
Denver, CO (April 29, 2024)

Rating: 5 stars out of 5

Exceptional Experience!

Working with Mike was an incredibly positive experience. His dedication to keeping constant contact ensured that I was always informed and comfortable throughout the process. He helped secure an interest rate that was unbeatably low, surpassing all other offers. He was a wealth of knowledge and provided prompt answers. His expertise in the mortgage industry was evident and made my home buying seamless and successful.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

Joan P.
Mineral VA (April 26, 2024)

Rating: 5 stars out of 5

Mike was a great resource and trusted Advisor

My wife and I had found the home of our dreams, and now we needed financing. I checked several places before finding Alliant and Mike. Mike is a veteran, and was a very knowledgeable loan officer, providing great insights and advice. I felt I could trust him, so we went forward with Alliant. They made the process easy throughout! The only thing I would change is to create a list of items that need to be inspected / certified by the VA, based on the house. We had a number of items that came up in the last week that I felt could have been handled earlier in the process, so that I wasn't quite as stressed trying to get those last 2 items done prior to closing. Great service and great knowledge throughout! Great team of people at Alliant.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

Steven B.
Stigler, OK (April 22, 2024)

Rating: 5 stars out of 5

Terrific Mortgage Loan Experience!

Our experience dealing with Mike and the Alliant team was fantastic. The overall process was transparent and smooth. Mike was incredibly supportive and responded with a high sense of urgency. It’s apparent they keep their customers in the forefront. All loan closing actions were scheduled and completed in a diligent, yet timely fashion. Not only will we rely on Alliant for future loan needs, we would highly recommend their services to friends, family, and the public. My hope is you find the review useful and consult Alliant with your bank and lending needs.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

RJ W.
Lexington, NC (April 20, 2024)

Rating: 5 stars out of 5

Easy and efficient process

Loved working with Jeff. He made the process easy. I would say though that the underwriting requirement is a tad more stringent than other mortgage brokers.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Rates and terms of loan honored?

Yes

Closed mortgage with this lender?

Yes

Closed on time?

Yes

Would you recommend this lender?

Yes

Dammy
Frackville, PA (April 11, 2024)