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, Fairmont, Faribault, Red Wing, and Mankato among others. We have data for 6 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 | 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
92Origination Dollar Volume (All Markets)
$7,640,000Top 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) | 82 | $6,970,000 | $85,000 | $352 | 4.78% |
| Outside of Metro Areas | 4 | $460,000 | $115,000 | $554 | 4.49% |
| Fairmont, MN (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $315 | 4.50% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $117 | 5.09% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $129 | 3.50% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $123 | 4.59% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 92 | $7,640,000 | $83,043 | $350 | 4.75% |
For 2018, Heartland Credit Union's most frequently originated type of loan was Conventional, with 92 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 32 | $2,270,000 | $70,938 | $312 | 4.89% |
| Home Improvement | 31 | $1,805,000 | $58,226 | $257 | 5.15% |
| Refi | 29 | $3,565,000 | $122,931 | $492 | 4.17% |
For 2018, Heartland Credit Union's most frequently cited loan purpose was Other, with 32 originations. The 2nd most popular reason was Home Improvement, with 31 originations.
Loan Duration/Length
For 2018, Heartland Credit Union's most frequently cited loan duration was 10 Year, with 43 originations. The 2nd most popular length was 15 Year, with 33 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 92 | $7,640,000 | $83,043 |
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 92 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 31 | $3,985,000 | $128,548 |
| 5-6% | 27 | $1,155,000 | $42,778 |
| 4-5% | 24 | $1,870,000 | $77,917 |
| 6-7% | 9 | $565,000 | $62,778 |
| 7-8% | 1 | $65,000 | $65,000 |
During 2018, Heartland Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 31 originations.
Loan Sizing
2018 saw Heartland Credit Union place emphasis on $100,000 or less loans with 61 originations, totaling $2,505,000 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? $75k-100k, with 20 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? <20%, with 21 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.60%
Heartland Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination78.26%
Heartland Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 92 | $7,640,000 | $83,043 |