Heritage Federal Credit Union Mortgage Rates, Fees & Info

Newburgh, IN

LEI: 254900YPMNKIA6O0HC78

Tax ID: 35-1155006

5 stars - Updated: 11/17/24 - out of 5 stars, based on 24 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Heritage Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Heritage Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Evansville, Owensboro, Jasper, Madisonville, and Minneapolis among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Heritage Federal 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. 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 relatively high 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.86% 11/17/24
    30 Year Conventional Refi 6.80% 11/17/24
    15 Year Conventional Purchase 5.96% 11/17/24
    15 Year Conventional Refi 6.25% 11/17/24
    15 Year Cash-out Refi 6.25% 11/17/24
    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.

    Heritage Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Heritage Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    558

    Origination Dollar Volume (All Markets)

    $62,340,000

    Awards

    Heritage Federal Credit Union 30 Year Conventional Loans gold Heritage Federal Credit Union 30 Year Conventional Loans silver Heritage Federal Credit Union 30 Year Conventional Loans gold
    Show all (3) awards

    Relative Rate

    Heritage Federal Credit Union's average 30 year fixed mortgage rate was 6.93%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.45%.

    Relative Fees (Closing Costs)

    Heritage Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $2,491.

    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 $9,089.

    Top 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
    EVANSVILLE, IN-KY (FHA|USDA|VA) 474 $52,500,000 $110,759 $1,232 7.88%
    Outside of Metro Areas 50 $5,970,000 $119,400 $1,432 7.73%
    OWENSBORO, KY (FHA|USDA|VA) 19 $1,725,000 $90,789 $1,129 8.02%
    Jasper, IN (FHA|USDA|VA) 7 $615,000 $87,857 $717 8.15%
    Madisonville, KY (FHA|USDA|VA) 2 $560,000 $280,000 $3,792 7.13%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $245,000 $245,000 $0 7.71%
    Washington, IN (FHA|USDA|VA) 1 $235,000 $235,000 $2,009 7.00%
    Richmond, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,573 7.38%
    Pontiac, IL (FHA|USDA|VA) 1 $145,000 $145,000 $2,423 7.38%
    Vincennes, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,232 6.13%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $45,000 $45,000 $556 9.50%
    Heritage Federal Credit Union's top markets include Evansville, Owensboro, Jasper, Madisonville, and Minneapolis among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    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.

    CRANE
    Similarity Rank: 63
    First Federal Savings Bank
    Similarity Rank: 90
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 132
    Heritage Federal Credit Union
    Similarity Rank: 154
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 182
    German American Bank
    Similarity Rank: 418
    Independence Bank of Kentucky
    Similarity Rank: 480
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 792
    FBC MORTGAGE, LLC
    Similarity Rank: 2496
    Old National Bank
    Similarity Rank: 4626

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 558 $62,340,000 $111,720 $1,256 7.87%

    For 2023, Heritage Federal Credit Union's most frequently originated type of loan was Conventional, with 558 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 179 $32,785,000 $183,156 $2,401 6.90%
    Other 138 $5,690,000 $41,232 $373 8.97%
    Home Improvement 106 $5,020,000 $47,358 $371 8.44%
    Cash Out Refi 76 $5,510,000 $72,500 $373 8.07%
    Refi 59 $13,335,000 $226,017 $2,641 6.96%

    For 2023, Heritage Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 179 originations. The 2nd most popular reason was Other, with 138 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 187 $37,955,000 $202,968 $2,491 6.93%
    10 Year 150 $6,360,000 $42,400 $386 8.81%
    15 Year 133 $12,065,000 $90,714 $893 8.11%
    5 Year 47 $1,525,000 $32,447 $344 8.15%
    Other 36 $3,460,000 $96,111 $816 7.74%
    20 Year 4 $960,000 $240,000 $2,284 6.41%
    3 Year 1 $15,000 $15,000 $336 7.25%

    For 2023, Heritage Federal Credit Union's most frequently cited loan duration was 30 Year, with 187 originations. The 2nd most popular length was 10 Year, with 150 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 543 $59,415,000 $109,420
    $1k-2k 8 $1,660,000 $207,500
    $2k-3k 2 $590,000 $295,000

    Heritage Federal Credit Union's average total fees were $2,491, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 543 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 195 $10,185,000 $52,231
    6-7% 175 $28,105,000 $160,600
    7-8% 170 $19,580,000 $115,176
    5-6% 17 $4,195,000 $246,765
    4-5% 1 $275,000 $275,000

    During 2023, Heritage Federal Credit Union's average interest rate for loans was 6.93%, while their most frequently originated rate bucket for loans was Over 8%, with 195 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 343 $15,605,000 $45,496 $632 8.40%
    $100k-200k 132 $19,470,000 $147,500 $2,049 7.08%
    $200k-400k 70 $19,080,000 $272,571 $2,482 6.95%
    $400k-600k 11 $5,555,000 $505,000 $2,987 6.85%
    $1MM+ 1 $2,005,000 $2,005,000 $5,433 6.25%
    $600k-1MM 1 $625,000 $625,000 $3,738 6.38%

    2023 saw Heritage Federal Credit Union place emphasis on $100,000 or less loans with 343 originations, totaling $15,605,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 151 $14,355,000 $95,066 $1,351 7.70%
    $100k-150k 115 $13,185,000 $114,652 $1,059 8.07%
    $50k or less 113 $8,345,000 $73,850 $1,378 7.45%
    $75k-100k 98 $8,930,000 $91,122 $933 8.44%
    $150k-250k 61 $11,725,000 $192,213 $1,545 7.92%
    $250k+ 9 $4,335,000 $481,667 $2,171 7.01%

    Heritage Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 151 originations. The second most popular income band? $100k-150k, with 115 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 118 $12,930,000 $109,576 $1,114 7.89%
    30-36% 117 $13,085,000 $111,838 $1,408 7.93%
    <20% 71 $5,625,000 $79,225 $864 7.49%
    38% 27 $2,925,000 $108,333 $1,473 8.10%
    41% 25 $2,955,000 $118,200 $1,360 8.24%
    40% 24 $2,800,000 $116,667 $1,279 8.18%
    36% 23 $2,075,000 $90,217 $889 8.59%
    39% 21 $1,885,000 $89,762 $1,024 8.02%
    43% 19 $2,755,000 $145,000 $1,687 7.14%
    42% 16 $1,810,000 $113,125 $1,262 8.18%
    37% 16 $1,600,000 $100,000 $1,040 7.91%
    44% 14 $1,580,000 $112,857 $1,309 7.90%
    47% 12 $1,430,000 $119,167 $1,108 7.90%
    48% 11 $2,235,000 $203,182 $1,904 7.30%
    46% 10 $1,120,000 $112,000 $1,358 7.31%
    49% 9 $2,075,000 $230,556 $2,118 7.72%
    50-60% 9 $1,025,000 $113,889 $1,543 7.71%
    45% 8 $1,490,000 $186,250 $1,914 7.55%
    >60% 3 $265,000 $88,333 $2,462 7.33%

    Heritage Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 118 originations. The next most common DTI ratio? 30-36%, with 117 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 520 $55,960,000 $107,615 $1,209 7.91%
    Black 17 $2,795,000 $164,412 $1,604 7.93%
    Not provided 17 $2,755,000 $162,059 $2,293 6.75%
    Not applicable 3 $525,000 $175,000 $0 7.27%
    Asian 1 $305,000 $305,000 $2,511 7.50%

    Approval Rates

    Total approvals of all applications
    82.30%

    Heritage Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.87%

    Heritage Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 558 $62,340,000 $111,720

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    558 $62,340,000 $111,720

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 109 $7,015,000 $64,358 $634 8.48%
    40-60% 51 $6,815,000 $133,627 $1,463 7.25%
    60-80% 75 $14,065,000 $187,533 $2,018 7.19%
    80-100% 138 $28,370,000 $205,580 $2,470 6.85%
    Under 20% 185 $6,075,000 $32,838 $359 8.72%