Heritage Federal Credit Union Mortgage Rates, Fees & InfoNewburgh, IN
Tax ID: 35-1155006
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewHeritage Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Heritage Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Evansville, Owensboro, Indianapolis, Jasper, and Clarksville among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)
Heritage Federal 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. Heritage Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.83%||3/19/23|
|30 Year Conventional Refi||6.61%||3/19/23|
|30 Year Cash-out Refi||6.09%||3/19/23|
|15 Year Conventional Purchase||6.21%||3/19/23|
|15 Year Conventional Refi||5.85%||3/19/23|
|15 Year Cash-out Refi||5.85%||3/19/23|
|15 Year VA Purchase||5.68%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$142,230,000
Heritage Federal Credit Union's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.05%.
Relative Fees (Closing Costs)
Heritage Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,207.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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|
|EVANSVILLE, IN-KY (FHA|USDA|VA)||846||$116,430,000||$137,624||$1,661||3.14%|
|Outside of Metro Areas||144||$22,350,000||$155,208||$2,028||3.03%|
|OWENSBORO, KY (FHA|USDA|VA)||10||$1,450,000||$145,000||$2,258||3.02%|
|INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA)||2||$620,000||$310,000||$2,022||2.75%|
|Jasper, IN (FHA|USDA|VA)||4||$540,000||$135,000||$1,744||2.91%|
|CLARKSVILLE, TN-KY (FHA|USDA|VA)||1||$285,000||$285,000||$2,796||2.38%|
|Washington, IN (FHA|USDA|VA)||2||$190,000||$95,000||$556||5.34%|
|WICHITA, KS (FHA|USDA|VA)||1||$135,000||$135,000||$2,275||3.25%|
|LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA)||1||$115,000||$115,000||$2,237||2.75%|
|LEXINGTON-FAYETTE, KY (FHA|USDA|VA)||1||$115,000||$115,000||$2,520||3.50%|
We use machine learning to identify the top lenders compared against Heritage Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Heritage Federal Credit Union's most frequently originated type of loan was Conventional, with 1,011 originations. Their 2nd most popular type was HELOC, with 1 originations.
For 2021, Heritage Federal Credit Union's most frequently cited loan purpose was Refi, with 643 originations. The 2nd most popular reason was Home Purchase, with 188 originations.
For 2021, Heritage Federal Credit Union's most frequently cited loan duration was 30 Year, with 371 originations. The 2nd most popular length was 15 Year, with 327 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Heritage Federal Credit Union's average total fees were $2,207, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 689 originations.
During 2021, Heritage Federal Credit Union's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 3-4%, with 403 originations.
2021 saw Heritage Federal Credit Union place emphasis on $100,000 or less loans with 417 originations, totaling $24,975,000 in origination value.
Heritage Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 251 originations. The second most popular income band? $50k-75k, with 242 originations.
Applicant Debt to Income Ratio
Heritage Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 327 originations. The next most common DTI ratio? <20%, with 200 originations.
Approval RatesTotal approvals of all applications
Heritage Federal Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Heritage Federal Credit Union has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|