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, Menomonie, Mankato, and Brainerd among others. We have data for 9 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% | 11/22/24 |
| 15 Year Cash-out Refi | 5.79% | 11/22/24 |
| 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
167Origination Dollar Volume (All Markets)
$14,685,000Top 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) | 152 | $13,290,000 | $87,434 | $371 | 4.13% |
| Outside of Metro Areas | 5 | $505,000 | $101,000 | $254 | 3.79% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $517 | 4.58% |
| Menomonie, WI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,071 | 2.79% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 2.49% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.50% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 2.79% |
| ROCHESTER, MN (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $58 | 4.09% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $116 | 4.49% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 129 | $12,085,000 | $93,682 | $361 | 4.13% |
| HELOC | 38 | $2,600,000 | $68,421 | n/a | 4.01% |
For 2022, Heartland Credit Union's most frequently originated type of loan was Conventional, with 129 originations. Their 2nd most popular type was HELOC, with 38 originations.
Loan Reason
For 2022, Heartland Credit Union's most frequently cited loan purpose was Home Improvement, with 58 originations. The 2nd most popular reason was Other, with 55 originations.
Loan Duration/Length
For 2022, Heartland Credit Union's most frequently cited loan duration was 15 Year, with 87 originations. The 2nd most popular length was 10 Year, with 47 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 129 | $12,085,000 | $93,682 |
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 129 originations.
Interest Rates
During 2022, Heartland Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 61 originations.
Loan Sizing
2022 saw Heartland Credit Union place emphasis on $100,000 or less loans with 113 originations, totaling $5,675,000 in origination value.
Applicant Income
Heartland Credit Union lent most frequently to those with incomes in the $100k-150k range, with 62 originations. The second most popular income band? $150k-250k, with 40 originations.
Applicant Debt to Income Ratio
Heartland Credit Union lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.28%
Heartland Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.84%
Heartland Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 167 | $14,685,000 | $87,934 |