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 Refi loans. Heartland Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Faribault, Red Wing, Duluth, and Mankato among others. We have data for 11 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
156Origination Dollar Volume (All Markets)
$19,800,000Top 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) | 132 | $17,300,000 | $131,061 | $464 | 3.57% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 7 | $755,000 | $107,857 | $545 | 3.44% |
| Red Wing, MN (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $219 | 2.99% |
| Outside of Metro Areas | 4 | $340,000 | $85,000 | $148 | 3.70% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $1,266 | 2.99% |
| MANKATO, MN (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $241 | 4.31% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $150 | 2.99% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 2.99% |
| Shawano, WI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $166 | 6.74% |
| Willmar, MN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $166 | 4.84% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $425 | 3.79% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 156 | $19,800,000 | $126,923 | $445 | 3.59% |
For 2020, Heartland Credit Union's most frequently originated type of loan was Conventional, with 156 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 111 | $16,145,000 | $145,450 | $520 | 3.17% |
| Home Improvement | 28 | $2,380,000 | $85,000 | $260 | 4.85% |
| Other | 17 | $1,275,000 | $75,000 | $268 | 4.24% |
For 2020, Heartland Credit Union's most frequently cited loan purpose was Refi, with 111 originations. The 2nd most popular reason was Home Improvement, with 28 originations.
Loan Duration/Length
For 2020, Heartland Credit Union's most frequently cited loan duration was 10 Year, with 99 originations. The 2nd most popular length was 15 Year, with 39 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 155 | $19,675,000 | $126,935 |
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 155 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 85 | $11,685,000 | $137,471 |
| 3-4% | 45 | $7,145,000 | $158,778 |
| 6-7% | 14 | $510,000 | $36,429 |
| 5-6% | 7 | $315,000 | $45,000 |
| 4-5% | 5 | $145,000 | $29,000 |
During 2020, Heartland Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 85 originations.
Loan Sizing
2020 saw Heartland Credit Union place emphasis on $100k-200k loans with 71 originations, totaling $10,375,000 in origination value.
Applicant Income
Heartland Credit Union lent most frequently to those with incomes in the $150k-250k range, with 50 originations. The second most popular income band? $100k-150k, with 45 originations.
Applicant Debt to Income Ratio
Heartland Credit Union lent most frequently to those with DTI ratios of <20%, with 52 originations. The next most common DTI ratio? 20-30%, with 45 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.27%
Heartland Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination62.18%
Heartland Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 156 | $19,800,000 | $126,923 |