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 Refi loans. Heritage Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Evansville, Owensboro, Indianapolis, Jasper, and Madisonville among others. We have data for 15 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.

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

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    1,554

    Origination Dollar Volume (All Markets)

    $231,030,000

    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 Heritage Federal Credit Union 30 Year Conventional Loans bronze
    Show all (4) 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) 1,388 $204,180,000 $147,104 $1,532 3.15%
    Outside of Metro Areas 105 $17,305,000 $164,810 $1,691 3.15%
    OWENSBORO, KY (FHA|USDA|VA) 19 $2,315,000 $121,842 $1,236 3.60%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 9 $2,285,000 $253,889 $1,601 2.58%
    Jasper, IN (FHA|USDA|VA) 14 $1,780,000 $127,143 $1,222 3.50%
    Madisonville, KY (FHA|USDA|VA) 9 $1,335,000 $148,333 $1,926 3.18%
    BLOOMINGTON, IN (FHA|USDA|VA) 1 $425,000 $425,000 $2,151 2.38%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $375,000 $375,000 $3,508 2.13%
    Washington, IN (FHA|USDA|VA) 2 $320,000 $160,000 $1,723 3.13%
    TERRE HAUTE, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,819 3.38%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $155,000 $155,000 $3,489 3.13%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $155,000 $155,000 $1,857 2.38%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $125,000 $125,000 $1,224 2.63%
    Richmond, IN (FHA|USDA|VA) 1 $25,000 $25,000 $340 4.09%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $25,000 $25,000 $2,028 2.50%
    Heritage Federal Credit Union's top markets include Evansville, Owensboro, Indianapolis, Jasper, and Madisonville among others.

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

    EVANSVILLE
    Similarity Rank: 60
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 126
    The Elberfeld State Bank
    Similarity Rank: 130
    United Fidelity Bank, fsb
    Similarity Rank: 165
    Heritage Federal Credit Union
    Similarity Rank: 180
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 360
    Independence Bank of Kentucky
    Similarity Rank: 1156
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1620
    German American Bank
    Similarity Rank: 2310
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 2400

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,554 $231,030,000 $148,668 $1,543 3.15%

    For 2020, Heritage Federal Credit Union's most frequently originated type of loan was Conventional, with 1,554 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,065 $177,745,000 $166,897 $1,696 2.88%
    Home Purchase 247 $39,595,000 $160,304 $2,044 3.25%
    Cash Out Refi 162 $10,230,000 $63,148 $345 4.15%
    Home Improvement 69 $3,035,000 $43,986 $337 4.45%
    Other 10 $400,000 $40,000 $353 4.64%
    NA 1 $25,000 $25,000 $340 4.59%

    For 2020, Heritage Federal Credit Union's most frequently cited loan purpose was Refi, with 1,065 originations. The 2nd most popular reason was Home Purchase, with 247 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 585 $113,475,000 $193,974 $1,990 3.15%
    15 Year 580 $77,900,000 $134,310 $1,487 2.83%
    10 Year 118 $8,740,000 $74,068 $661 4.25%
    20 Year 118 $21,140,000 $179,153 $1,889 2.98%
    Other 109 $7,885,000 $72,339 $457 3.44%
    5 Year 39 $1,285,000 $32,949 $341 4.32%
    3 Year 4 $130,000 $32,500 $290 3.13%
    30+ year 1 $475,000 $475,000 $3,064 3.50%

    For 2020, Heritage Federal Credit Union's most frequently cited loan duration was 30 Year, with 585 originations. The 2nd most popular length was 15 Year, with 580 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,139 $198,525,000 $174,298
    $1k-2k 49 $9,335,000 $190,510
    $2k-3k 6 $1,210,000 $201,667

    Heritage Federal Credit Union's average total fees were $1,990, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,139 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 520 $89,320,000 $171,769
    3-4% 467 $66,875,000 $143,201
    <2.5% 389 $64,715,000 $166,362
    4-5% 96 $5,820,000 $60,625
    5-6% 45 $2,675,000 $59,444
    6-7% 22 $840,000 $38,182
    7-8% 6 $140,000 $23,333

    During 2020, Heritage Federal Credit Union's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 2.5-3%, with 520 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 669 $95,415,000 $142,623 $1,739 2.91%
    $100,000 or less 531 $31,365,000 $59,068 $926 3.62%
    $200k-400k 314 $83,420,000 $265,669 $2,041 2.91%
    $400k-600k 30 $13,840,000 $461,333 $2,564 2.82%
    $600k-1MM 10 $6,990,000 $699,000 $2,222 2.91%

    2020 saw Heritage Federal Credit Union place emphasis on $100k-200k loans with 669 originations, totaling $95,415,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 369 $46,565,000 $126,192 $1,566 3.14%
    $100k-150k 357 $63,635,000 $178,249 $1,534 3.12%
    $75k-100k 338 $51,250,000 $151,627 $1,598 3.11%
    $50k or less 301 $27,005,000 $89,718 $1,404 3.20%
    $150k-250k 158 $34,550,000 $218,671 $1,628 3.28%
    $250k+ 21 $6,865,000 $326,905 $1,886 2.64%

    Heritage Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 369 originations. The second most popular income band? $100k-150k, with 357 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 513 $74,715,000 $145,643 $1,510 3.15%
    <20% 339 $44,165,000 $130,280 $1,443 2.98%
    30-36% 291 $43,685,000 $150,120 $1,592 3.15%
    36% 46 $7,280,000 $158,261 $1,451 3.37%
    37% 43 $6,925,000 $161,047 $1,658 3.47%
    39% 39 $5,455,000 $139,872 $1,513 3.32%
    40% 36 $5,530,000 $153,611 $1,768 3.22%
    41% 34 $6,000,000 $176,471 $1,741 3.03%
    38% 32 $5,090,000 $159,063 $1,603 3.31%
    43% 28 $4,040,000 $144,286 $1,723 3.36%
    42% 24 $4,600,000 $191,667 $1,971 3.01%
    44% 24 $3,890,000 $162,083 $1,767 3.14%
    45% 21 $5,235,000 $249,286 $1,954 3.16%
    50-60% 16 $2,470,000 $154,375 $967 4.04%
    >60% 15 $1,635,000 $109,000 $816 3.84%
    48% 14 $2,580,000 $184,286 $1,476 3.14%
    46% 14 $2,880,000 $205,714 $1,585 2.87%
    49% 13 $2,555,000 $196,538 $1,869 3.27%
    47% 12 $2,300,000 $191,667 $2,111 3.06%

    Heritage Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 513 originations. The next most common DTI ratio? <20%, with 339 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,449 $217,975,000 $150,431 $1,552 3.14%
    Not provided 56 $7,570,000 $135,179 $1,661 3.02%
    Black 18 $1,910,000 $106,111 $1,458 3.59%
    Asian 7 $1,695,000 $242,143 $1,702 3.01%
    Not applicable 16 $840,000 $52,500 $319 3.95%
    American Indian 5 $635,000 $127,000 $1,573 3.47%
    Asian Indian 1 $165,000 $165,000 $1,645 3.75%
    Filipino 1 $155,000 $155,000 $1,797 2.63%
    Native Hawaiian or Islander 1 $85,000 $85,000 $510 4.25%

    Approval Rates

    Total approvals of all applications
    91.49%

    Heritage Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    73.81%

    Heritage Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,554 $231,030,000 $148,668

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 11 $635,000 $57,727
    Single Family (1-4 Units):Site-Built 1,543 $230,395,000 $149,316

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 166 $11,230,000 $67,651 $685 3.64%
    40-60% 275 $34,655,000 $126,018 $1,407 2.87%
    60-80% 633 $111,175,000 $175,632 $1,727 2.90%
    80-100% 381 $71,075,000 $186,549 $2,015 3.15%
    Under 20% 98 $2,870,000 $29,286 $340 4.68%