Heritage Federal Credit Union Mortgage Rates, Fees & Info

Newburgh, IN

LEI: 254900YPMNKIA6O0HC78

Tax ID: 35-1155006

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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, Jasper, Owensboro, Washington, and Bloomington among others. We have data for 8 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 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.

    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% 11/22/24
    30 Year Conventional Refi 6.80% 11/22/24
    15 Year Conventional Purchase 5.96% 11/22/24
    15 Year Conventional Refi 6.25% 11/22/24
    15 Year Cash-out Refi 6.25% 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.

    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

    657

    Origination Dollar Volume (All Markets)

    $75,925,000

    Awards

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

    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) 585 $66,235,000 $113,222 $1,886 4.59%
    Outside of Metro Areas 48 $6,530,000 $136,042 $2,198 4.62%
    Jasper, IN (FHA|USDA|VA) 8 $1,170,000 $146,250 $1,904 4.67%
    OWENSBORO, KY (FHA|USDA|VA) 9 $1,115,000 $123,889 $2,447 4.98%
    Washington, IN (FHA|USDA|VA) 3 $355,000 $118,333 $1,719 4.71%
    BLOOMINGTON, IN (FHA|USDA|VA) 2 $270,000 $135,000 $1,753 4.31%
    Vincennes, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,799 3.25%
    Madisonville, KY (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.25%
    Heritage Federal Credit Union's top markets include Evansville, Jasper, Owensboro, Washington, and Bloomington among others.

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

    Heritage Federal Credit Union
    Similarity Rank: 96
    EVANSVILLE
    Similarity Rank: 120
    First Federal Savings Bank
    Similarity Rank: 160
    FAIR WAY LENDING LLC
    Similarity Rank: 800
    Independence Bank of Kentucky
    Similarity Rank: 1170
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 1216
    German American Bank
    Similarity Rank: 1290
    GVC MORTGAGE, INC.
    Similarity Rank: 1827
    Old National Bank
    Similarity Rank: 2772
    EVANSVILLE TEACHERS
    Similarity Rank: 2886

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 657 $75,925,000 $115,563 $1,912 4.59%

    For 2018, Heritage Federal Credit Union's most frequently originated type of loan was Conventional, with 657 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 275 $39,905,000 $145,109 $1,906 4.57%
    Refi 222 $28,550,000 $128,604 $1,994 4.49%
    Cash Out Refi 94 $5,130,000 $54,574 $870 4.66%
    Home Improvement 52 $1,730,000 $33,269 $340 4.94%
    Other 11 $435,000 $39,545 $340 5.01%
    NA 3 $175,000 $58,333 $0 4.37%

    For 2018, Heritage Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 275 originations. The 2nd most popular reason was Refi, with 222 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 332 $50,890,000 $153,283 $1,938 4.64%
    15 Year 101 $10,035,000 $99,356 $1,810 4.28%
    10 Year 90 $3,880,000 $43,111 $1,222 5.03%
    Other 63 $6,325,000 $100,397 $2,424 4.22%
    5 Year 45 $1,255,000 $27,889 $340 4.56%
    20 Year 24 $3,080,000 $128,333 $2,077 4.43%
    30+ year 2 $460,000 $230,000 $2,467 4.56%

    For 2018, Heritage Federal Credit Union's most frequently cited loan duration was 30 Year, with 332 originations. The 2nd most popular length was 15 Year, with 101 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 412 $62,040,000 $150,583
    $1k-2k 11 $1,685,000 $153,182
    $3k-4k 3 $785,000 $261,667
    $2k-3k 2 $340,000 $170,000

    Heritage Federal Credit Union's average total fees were $1,938, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 412 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 380 $47,740,000 $125,632
    3-4% 133 $16,845,000 $126,654
    5-6% 108 $9,780,000 $90,556
    2.5-3% 13 $865,000 $66,538
    6-7% 8 $220,000 $27,500
    7-8% 5 $105,000 $21,000

    During 2018, Heritage Federal Credit Union's average interest rate for loans was 4.64%, while their most frequently originated rate bucket for loans was 4-5%, with 380 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 355 $18,575,000 $52,324 $1,677 4.68%
    $100k-200k 203 $29,115,000 $143,424 $1,908 4.51%
    $200k-400k 90 $24,060,000 $267,333 $2,274 4.44%
    $400k-600k 8 $3,450,000 $431,250 $2,935 4.55%
    $600k-1MM 1 $725,000 $725,000 $3,307 4.13%

    2018 saw Heritage Federal Credit Union place emphasis on $100,000 or less loans with 355 originations, totaling $18,575,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 149 $12,425,000 $83,389 $1,821 4.70%
    $50k-75k 134 $15,460,000 $115,373 $1,840 4.62%
    $100k-150k 110 $18,110,000 $164,636 $1,920 4.65%
    $75k-100k 109 $15,525,000 $142,431 $2,024 4.58%
    $150k-250k 33 $7,465,000 $226,212 $2,308 4.32%
    $250k+ 2 $580,000 $290,000 $2,649 4.25%

    Heritage Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 149 originations. The second most popular income band? $50k-75k, with 134 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 172 $18,930,000 $110,058 $1,885 4.59%
    30-36% 156 $20,070,000 $128,654 $1,995 4.60%
    <20% 73 $6,425,000 $88,014 $1,742 4.42%
    39% 26 $3,770,000 $145,000 $1,899 4.61%
    38% 24 $3,300,000 $137,500 $2,094 4.73%
    40% 21 $2,695,000 $128,333 $1,891 4.50%
    36% 20 $2,050,000 $102,500 $1,750 4.43%
    37% 19 $2,675,000 $140,789 $1,707 4.77%
    41% 17 $1,815,000 $106,765 $1,851 4.80%
    42% 15 $2,005,000 $133,667 $2,010 4.91%
    44% 14 $2,200,000 $157,143 $1,949 4.25%
    43% 12 $1,280,000 $106,667 $1,701 4.93%
    45% 11 $2,085,000 $189,545 $2,548 4.61%
    50-60% 10 $760,000 $76,000 $1,184 4.54%
    46% 10 $1,940,000 $194,000 $2,034 4.50%
    47% 9 $1,125,000 $125,000 $1,923 4.37%
    48% 7 $755,000 $107,857 $2,285 4.50%
    >60% 7 $465,000 $66,429 $0 3.89%
    49% 3 $395,000 $131,667 $1,658 4.13%

    Heritage Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 172 originations. The next most common DTI ratio? 30-36%, with 156 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 611 $72,245,000 $118,241 $1,921 4.59%
    Not provided 31 $2,505,000 $80,806 $1,421 4.48%
    Black 12 $970,000 $80,833 $1,948 4.68%
    Asian 1 $155,000 $155,000 $1,745 4.75%
    Native Hawaiian or Islander 1 $35,000 $35,000 $0 4.74%
    Not applicable 1 $15,000 $15,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    85.48%

    Heritage Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.39%

    Heritage Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 11 $455,000 $41,364
    199.0 3 $185,000 $61,667
    NA 643 $75,285,000 $117,084

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $90,000 $45,000
    Single Family (1-4 Units):Site-Built 655 $75,835,000 $115,779

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $1,650,000 $45,833 $1,359 4.58%
    40-60% 44 $4,420,000 $100,455 $1,862 4.37%
    60-80% 148 $21,550,000 $145,608 $1,875 4.47%
    80-100% 258 $41,220,000 $159,767 $2,025 4.61%
    Over 100% 1 $115,000 $115,000 $0 3.99%
    Under 20% 40 $1,050,000 $26,250 $520 5.03%