Heartland Credit Union Mortgage Rates, Fees & Info
Inver Grove Hts, MNLEI: 254900PUAN5SKAJB2J42
Tax ID: 41-0845601
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Mortgage Data
Review & Overview
Heartland Credit Union is a smaller credit union specializing in Home Improvement, Other, and Refi loans. Heartland Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Faribault, Mankato, and Red Wing among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Heartland Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Refi | 5.79% | 11/21/24 |
| 15 Year Cash-out Refi | 5.79% | 11/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Heartland Credit Union Mortgage Calculator
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Originations
117Origination Dollar Volume (All Markets)
$8,225,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 107 | $7,725,000 | $72,196 | $282 | 6.99% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 5 | $195,000 | $39,000 | $220 | 6.66% |
| Outside of Metro Areas | 3 | $175,000 | $58,333 | $136 | 5.86% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $811 | 5.99% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $116 | 5.79% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 95 | $6,625,000 | $69,737 | $278 | 6.64% |
| HELOC | 22 | $1,600,000 | $72,727 | n/a | 8.15% |
For 2023, Heartland Credit Union's most frequently originated type of loan was Conventional, with 95 originations. Their 2nd most popular type was HELOC, with 22 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 55 | $3,115,000 | $56,636 | $209 | 7.09% |
| Other | 46 | $3,350,000 | $72,826 | $286 | 6.90% |
| Refi | 16 | $1,760,000 | $110,000 | $424 | 6.44% |
For 2023, Heartland Credit Union's most frequently cited loan purpose was Home Improvement, with 55 originations. The 2nd most popular reason was Other, with 46 originations.
Loan Duration/Length
For 2023, Heartland Credit Union's most frequently cited loan duration was 15 Year, with 62 originations. The 2nd most popular length was 10 Year, with 22 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 94 | $6,510,000 | $69,255 |
Heartland Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 94 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 43 | $3,095,000 | $71,977 |
| 7-8% | 29 | $1,765,000 | $60,862 |
| 5-6% | 26 | $1,960,000 | $75,385 |
| Over 8% | 18 | $1,350,000 | $75,000 |
| 4-5% | 1 | $55,000 | $55,000 |
During 2023, Heartland Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 43 originations.
Loan Sizing
2023 saw Heartland Credit Union place emphasis on $100,000 or less loans with 92 originations, totaling $4,090,000 in origination value.
Applicant Income
Heartland Credit Union lent most frequently to those with incomes in the $100k-150k range, with 33 originations. The second most popular income band? $150k-250k, with 30 originations.
Applicant Debt to Income Ratio
Heartland Credit Union lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? 50-60%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.80%
Heartland Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination73.50%
Heartland Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 117 | $8,225,000 | $70,299 |