Alliant Credit Union Mortgage Review 2025

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 900,000 members. The credit union imposes eligibility requirements for membership, but you can join by becoming a member of the Alliant Credit Union foundation, which supports educational and digital inclusion.

Notably, the credit union has tiered rate-locks: up to 365 days for construction loans and up to 90 days for refinance and purchase loans. 

Pros and cons of Alliant Credit Union

Affordability: 5/5

Because of its competitive interest rates, array of affordable loan options and fewer fees than some other lenders, Alliant Credit Union earns 5 out of 5 stars for affordability. 

• Interest rates: Alliant Credit Union reports competitive annual percentage rates (APRs), compared to Bankrate's national average, at the time of this review. It also displays rate and APR information on its website and allows you to estimate a personalized mortgage rate based on your credit score, down payment amount and other factors.
• Down payment: Alliant Credit Union offers conventional loans for just 3 percent down, as well as FHA loans for 3.5 percent down. If you choose a VA or USDA loan, no down payment is required. The credit union also offers a no-down-payment loan for first-time homebuyers with no private mortgage insurance (PMI). 
• Fees: Alliant Credit Union charges an origination fee between $995 and $1,200, depending on the loan type. However, the credit union doesn’t charge an application fee, membership fee or escrow waiver fee.
• Closing costs: Alliant Credit Union takes a “no surprises” approach to fees, disclosing all closing costs upfront.

Availability: 5/5

Many lenders offer some mortgage types but not others; Alliant’s product lineup includes government-backed and conventional loans, as well as fixed- and adjustable-rate options. Robust product offerings and nationwide reach contribute to its perfect 5 out of 5 stars for availability.

• Products offered: Alliant provides its customers with conventional, jumbo, FHA, VA, USDA and construction loans, as well as refinancing and more. Fixed-rate loans and a variety of adjustable-rate mortgages are available.
• Footprint: The credit union lends in all U.S. states except Maryland.
• Where to find: Banking services, including mortgages, are online only. There are physical corporate offices, which aren't open to customers, but no branch locations.

To help you better understand what types of borrowers are interested in this lender, here’s more information about Bankrate users who submitted a form to this lender through our site:

Borrower experience: 4.2/5 

Straightforward access to rate estimates and a speedy online preapplication process contribute to a positive customer experience. However, the lender lacks some convenience factors and transparency about qualifying criteria online. For these reasons, Alliant gets 4.2 out of 5 stars for borrower experience. 

• Application and preapproval process: To apply for a mortgage through Alliant, you'll have a 10-minute phone call with  a loan officer. The credit union boasts mortgage preapproval times of 10-15 minutes. Once a seller accepts your offer on a home, you can complete an online mortgage application. However, the lender doesn't have an online dashboard to check loan status, and it doesn't offer remote notarization services.

• Transparency: While the lender doesn’t disclose specific borrower requirements online, its rate tool does offer a glimpse into its application standards. By inputting a few key details — including your property type, purchase price, down payment, zip code and credit score — you'll receive a quote for your rate and APR for several different loan types. There's no need to include your contact information. The website also has a calculator that estimates your monthly payments. 
• Customer service: 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.

Alliant Credit Union is one of the largest credit unions in the country, accredited by the Better Business Bureau with an A+ rating. However, it receives an "average" rating on the review site Trustpilot, based on over 120 customer reviews. Alliant was not ranked in J.D. Power's latest mortgage origination satisfaction study.

Two borrowing options stand out as unique to Alliant’s product lineup. One is the Home Rewards Program, which incentivizes buyers to work with a select network of real estate agents in exchange for a rebate at closing of between $350 and $6,500, depending on the home's sales price. The other allows first-time buyers to skip a down payment and private mortgage insurance.

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. The credit union’s online rate quote tool offers a complete breakdown of refinance rates, fees and closing costs.

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 application 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 whether you get preapproved and your 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, 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 a home appraisal. (If you’re refinancing, you might or might not need an appraisal.)