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 Other, Home Improvement, and Refi loans. Heartland Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Faribault, Red Wing, Fergus Falls, and Fairmont among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Heartland Credit Union has an 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 | 14.09% | 4/16/25 |
| 15 Year Cash-out Refi | 14.09% | 4/16/25 |
| 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
101Origination Dollar Volume (All Markets)
$8,215,000Top 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) | 86 | $7,390,000 | $85,930 | $313 | 7.82% |
| Outside of Metro Areas | 4 | $230,000 | $57,500 | $151 | 8.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 4 | $230,000 | $57,500 | $194 | 8.13% |
| Red Wing, MN (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $774 | 8.23% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $114 | 8.59% |
| Fairmont, MN (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $176 | 7.89% |
| MADISON, WI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 8.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 79 | $6,575,000 | $83,228 | $306 | 7.60% |
| HELOC | 22 | $1,640,000 | $74,545 | n/a | 8.84% |
For 2024, Heartland Credit Union's most frequently originated type of loan was Conventional, with 79 originations. Their 2nd most popular type was HELOC, with 22 originations.
Loan Reason
For 2024, Heartland Credit Union's most frequently cited loan purpose was Other, with 49 originations. The 2nd most popular reason was Home Improvement, with 33 originations.
Loan Duration/Length
For 2024, Heartland Credit Union's most frequently cited loan duration was 15 Year, with 54 originations. The 2nd most popular length was Other, with 26 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 77 | $6,455,000 | $83,831 |
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 77 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 39 | $2,795,000 | $71,667 |
| 7-8% | 38 | $3,570,000 | $93,947 |
| 6-7% | 24 | $1,850,000 | $77,083 |
During 2024, Heartland Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 39 originations.
Loan Sizing
2024 saw Heartland Credit Union place emphasis on $100,000 or less loans with 80 originations, totaling $4,510,000 in origination value.
Applicant Income
Heartland Credit Union lent most frequently to those with incomes in the $150k-250k range, with 35 originations. The second most popular income band? $100k-150k, with 27 originations.
Applicant Debt to Income Ratio
Heartland Credit Union lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? 50-60%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.36%
Heartland Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination75.25%
Heartland Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 101 | $8,215,000 | $81,337 |