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 and Other loans. Heartland Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Red Wing, Mankato, and Faribault 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 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
82Origination Dollar Volume (All Markets)
$9,500,000Top 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) | 76 | $8,750,000 | $115,132 | $420 | 3.76% |
| Outside of Metro Areas | 3 | $465,000 | $155,000 | $752 | 2.92% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $727 | 3.29% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $426 | 2.49% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $118 | 4.04% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 82 | $9,500,000 | $115,854 | $432 | 3.71% |
For 2021, Heartland Credit Union's most frequently originated type of loan was Conventional, with 82 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 38 | $5,380,000 | $141,579 | $521 | 3.01% |
| Other | 23 | $2,305,000 | $100,217 | $379 | 4.12% |
| Home Improvement | 21 | $1,815,000 | $86,429 | $329 | 4.54% |
For 2021, Heartland Credit Union's most frequently cited loan purpose was Refi, with 38 originations. The 2nd most popular reason was Other, with 23 originations.
Loan Duration/Length
For 2021, Heartland Credit Union's most frequently cited loan duration was 10 Year, with 38 originations. The 2nd most popular length was 15 Year, with 30 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 82 | $9,500,000 | $115,854 |
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 82 originations.
Interest Rates
During 2021, 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 23 originations.
Loan Sizing
2021 saw Heartland Credit Union place emphasis on $100,000 or less loans with 42 originations, totaling $2,400,000 in origination value.
Applicant Income
Heartland Credit Union lent most frequently to those with incomes in the $100k-150k range, with 21 originations. The second most popular income band? $150k-250k, with 21 originations.
Applicant Debt to Income Ratio
Heartland Credit Union lent most frequently to those with DTI ratios of 20-30%, with 32 originations. The next most common DTI ratio? 30-36%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.45%
Heartland Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination36.59%
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 | 82 | $9,500,000 | $115,854 |